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Updated about 2 years ago,

User Stats

54
Posts
13
Votes
Shannon Vistisen
  • New to Real Estate
  • Michigan
13
Votes |
54
Posts

Building for our Short Term Rental

Shannon Vistisen
  • New to Real Estate
  • Michigan
Posted
We will be building our STR this spring. The property is 4 hours north of where we currently live. We're planning on relocating up there this summer. In the interim, we're selling our house downstate before we pull our construction loan for the build.

My question is; will we have to pay 10% down or 20% on the construction loan if we don't have a primary home anymore? I don't know how the process works or if there is any information I need to know to help us out with this process (loopholes, information that would benefit the transition or the smart way to do it to maximize our money to fullest extent, etc.)

Has anyone dealt with this before?

Thank you for any information you may share!

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