Land and new construction investment

[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? 

[Bryant Brislin]

I truly wish I had better news, but I don't know how you could do anything now until you have better credit for awhile.  Even once you get the mortgage current, your credit may still show the delinquent payments, so it could take some time before your credit seasons to a better score. I don't know what it means as far as your city bids the land banks.