Building

[David Banville]

I live in York ME and have a possible chance to buy some land from family farm land. The land is in a great area where myself and wife want to live. High land value for a great deal coming from family. My thoughts- Build on the land (single family), when finished, refinance and use the equity for a down payment on a 3 family. Is this something that can be done with a brand new building? Estimates- $60k land, 240 new construction home, so looking at roughly $300k into bank financed construction loan. Homes near by go for 300-1m near by. Are there any pros and cons in this method? The land is still in debate between the family and nothing is set on paper and just all talk. The numbers are guesstimates and should be close. I just want to figure this out just in case, it differs from my current plan for owning real estate.