Moving to Hendersonville NC, Live in Renovate Old Cabin & Barn

[Sam Barrett]

Hello Fellow investors! I'm Sam, I got into REI a year ago when I found out about Clayton Morris on a Twit podcast, and my mind clicked, I always wanted to own some sort of rental, but didn't think it was possible in my situation. Later on found BP and have been studying ever since. I now have inherited 25 acres from my mom who needed to get rid of her assets. The land has an ancient cabin and a semi modern barn that I want to live in / Renovate / Hold . These two building will need some serious rehabbing plus some utilities, septic,electric to barn ect. Right now I plan to borrow 70k by using the land as collateral. I could borrow more, but the term is 10yr@8%. So 70k would be cost $850/mo which I'm comfortable with. Then I could cashout refi and pay off the lot loan off assuming the cabin or barn is valuable enough. I'm struggling with borrowing this much, and considering just moving there and getting a better idea of how much $ is needed. I'm going to be moving there in June, I wont have a 9 to 5 job anymore and instead do 1099 work. I'm concerned that if I don't get the loan now than I wont be able to get it without a W2 job. Another approach is I could cash out on the farm and just buy a different property in the area.