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Updated about 3 years ago on . Most recent reply

User Stats

11
Posts
2
Votes
Jabari Seabrook
  • Realtor
  • Charleston, SC
2
Votes |
11
Posts

FHA Loan for New Construction in Charleston SC

Jabari Seabrook
  • Realtor
  • Charleston, SC
Posted

BP Community,

I bought a lot in West Ashely area of Charleston, SC with seller financing. It is valued at $105k and I have a $65k loan. I’ve spent $20k removing an old house and clearing the lot. I’m working with an architect to design a triplex- $450k to build. My plans are to live in one unit, rent one unit as a furnished executive apt @ $2500/month and rent the 3rd unit through Airbnb @ $3500/month. My background is in long term and short term rentals. What does the BP community recommend as possible financing with a low down payment?

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