Divorced dad needs ideas

[Joel Daugherty]

Hey guys and gals! Quick question for you ...

I'm recently divorced and living with my sister while I save money for new place. My good credit is still intact, and I figure I could get a loan up to $250K. My brother-in-law has some great building skills (he built their house) and lots of extra time on his hands. The housing market where we live is booming. I've got the credit line, he's got the skills, what's the easiest way to make some extra cash? Thanks for the input!

[Richard C.]

Personally I would find the best-quality three or four unit I could find.  As an owner-occupant of a building with 4 or fewer units, you will be eligible for pretty much all of the standard residential mortgage programs.  

Find a four unit, with one unit for you that has an extra bedroom for your kid(s), and put a relatively small amount down.  Then look around for what to do with the rest of your funds.