Land buying & Build

[Esther Kamga]

Hi - I’m interested in purchasing land and then build and use for rental. What are the pros and con? How do I approach it in a financially smart way?

I’m currently in a new home myself but I’m delinquent with my mortgage due to the huge layoff impact last year. Will this affect my chances of finding lenders? If I’m able to get a source of income (🤞🏾) will I still need to have 2yr minimum work history to get money to buy both land and build?

I’m fine with buying land first if approved for a land loan. My spouse is the only one with an income and he’s military. But I also know it might be a risk throwing something like this on him. Any thoughts?

[Deborah Pyburn]

Hi Esther! My in-laws live in Hope Mills and college bestie lived down the street from Bragg. There’s nothing wrong with your plan even with the delinquencies, it may just take you a little longer than you would like. The land purchase you could acquire out of pocket. Look into “land banks” and tax deed auctions for the areas you’re considering. You’ll spend more on surveys, permits, and building which is where you’ll need the financing or to pay directly over time. I’d be happy to discuss more with you whenever you’d like.