Updated 2 months ago on . Most recent reply
Guidance from people with experience
Hi everyone, I’m a registered nurse and have been wanting to get into real estate for a while, but I’m not really sure where to start. Here’s my situation: I own a home with about $68,000 left on the mortgage, and the houses around me are selling for roughly $280,000. I also own the two lots right next to my house—the only free lots in my subdivision—both just under 1.5 acres each. I don’t have cash saved up to start anything, but I do have the land. I’m not sure if I could go to a bank and use the land as a down payment for a construction loan, or if there’s a better way to go about it. Also, I’m not sure if it would make more sense to build and sell right away, or build and rent the house out.I’d love any advice or guidance from people who have experience with this. Thanks!