All Forum Posts by: Tyler Merrell

So should I call several lenders and get pre qualified? How else would I know their expectations. When I remodeled my current house, I didn't have an issue, but I understand that each lender has their own way of doing things. 

Ok I have a similar question. I am about to build a second house. The great thing about this is I am doing all the work so I am getting a 1800 SQFT house for have the cost. Meaning it will cost me about 45K and should appraise for about 110-120k. Here is my dilemma......I am essential going to get a 30 fixed FHA loan for this house, and since my family and I are doing the work if it cost us 45K to build we are paying ourselves the remainder of the money. So I will have 50K to invest. Should I pay off my surrent mortgage which is 50k, and then take out a HELOC (current value of my house is 100-110k) so I could get enough money out to build 2 more houses, or should I take the extra 50K and just build one house.

I am scared of having 2 mortgages, and feel better about paying my house off and getting a HELOC? What do you think, what would you do? @Michael Barbari@Mark F.

Here is my situation. I want to start investing and have land and time to do so. 

I currently am looking at too options. 

1) Build a new home that will appraise for about 110-120k with an FHA loan and live in it for a couple of years. I will be able to build this house for about 45 k (My family doing all the labor and using our connections and getting materials at cost) then with the money that we would have paid a contractor build a second home to rent.....

2) Build said home^ and pay off my existing mortgage on my house. I owe about 50 K Currently. I then will be able to tap into my mortgage and get an equity line and can possible build 2 homes. 

Which option, and if I go with option 2 what type of equity loan is best for this? LOC?

My bank offers a construction loans for remodels and such activities. My bank allows me to use this money to purchase/ remodel so that I can find a mortgage company. Perhaps your local bank will do this. 

The land development wont be to bad here. All properties will have Septic tanks, and wells... The rest is just cosmetic (Lucky for me my mom has a 15 acre yard with a variety of trees and plants) so we will just take the sprouts and trans plant them. Roads are county maintained. What am I overlooking? 

Any one had luck with multifamily houses in South Georgia or rural developments? Whats the pros and cons? Do SFH work better?

My target population is actually illegal immigrants. RIght now they are renting in the slums for more money than I am asking and they keep their places clean. Yes screen them, but you should do that to all of them. I am bilingual and have learned to love and respect their culture. For the most part they are here to better their lives, but yes some do cause problems, but I believe every race, and nationality has a few bad apples. 

I am in rural south Georgia, the nearest community college is about 20 mins away. My target is more families, and older couples. My property is 16 acres on a dead end road. Every house will have about 1 acre lots and, eventually we will over some amenities. Being that we are in a rural area, the Internet is High $100 bucks per house, but I have it worked about for about 20 bucks per house. We are building horse stables for my family, and will offer that as well. In my area there is a ton of land, but non for sale. So people that want access to these things can't due to now owning the land. By me offering things like this it will help in the marketing. 

Yes, in most areas MHP are nicer than in the South East. They are rough here. Yes I think the money may be easy but, I personally don't know if I want to deal with the quality of people that occupy them, here in the south east anyway. And to build a new nice one, I can build sfh for cheaper than I can buy a nice trailer. I can build a sfh for about 35k that has about 1300 sqft. New home verses used trailer for that, plus sfh will make my property more desirable.... or at least those are my thoughts. Which route would you guys go 

I know for FHA loans you must live there a year, i believe, is that the same for an RD loan? This is really sounding like a good Idea, and my town is 7k or less population.