All Forum Posts by: Dustin McGee

 Hey Kingsley, Short-term rentals are allowed in the county. =)

Hey everyone! 

I bought land from my parents using owner financing. I owe about $26k on their loan and the lots next to it are selling for $75k-$85k which makes me think ours would be worth the same. I would like to build a house on it but I am having issues finding financing that works. I am going to build the house myself (I have a background/experience) which will save a lot of money. My plan is to build for as little as possible and get it refinanced after it is finished. In hopes to be able to pull some equity out to invest in another deal later in the future. Would really like some feedback on how I can finance paying off the land and the construction cost.  Thank you! 

Thanks for your input! We actually have services at the property. Even though it is nearly in the middle of nowhere, there is still an HOA which won't allow tents or campers. =( Great idea though!

Hey everyone! I have been a fan of BP for years now but just recently got back on the site and listening to the podcast again. Wife and I bought property from my parents through owner financing. Property is worth around $75-$85K and we owe $26k on it. We are thinking about building a small (1200sqf) house on it and either doing a short term or long term rental. It is in the mountains of Virginia overlooking the Shenandoah Mountains. It is about an hour away from DC which would make it a great getaway rental, especially in the Fall and Winter. I plan to do all of the work myself ( I have building experience ) which will save us a lot of money. 

Looking for some feedback on the best way to finance with little money down, possibly using some of the equity in the land? My thoughts were to get a construction loan, build within a year, refinance, and hopefully have some capital for another deal later down the road.  

Would appreciate any feedback on how I can use this property as my first real estate investment. Thank you!