Advice for buying a “family compound” somewhere in eastern Pennsylvania capable of housing 5-7 adults and 4-6 children within the next 5 years?

Currently own a 5br 3ba 2kitchen house in Northern NJ, have a $350k mortgage left on the $815k home. I work in the center of northern NJ and want to commute an hour or less each way, and want to buy a property for under a million. I make about $235k base with a 25% bonus, so decent income, plus the goal is to have other family contribute.

Advice?

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Step one get an attorney to define how equity will be split with multiple people contributing

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Hire a buyers agent who specializes in the areas / types of houses you’re looking for

You need to think about how you want to structure it. Joint amenities with equal contribution? ROFR on the houses so no one can sell to a 3rd party?

If you mortgage through an LLC you will have to get a commercial mortgage on the property which will be more expensive.


As for sourcing the land you can look on Zillow or any other site. I would find a commercial real estate agent since youre basically acting as a housing developer

You could find a new housing development and buy multiple contiguous homes.

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