Financing (Preparing for a Deal)

[Lauryn Meadows]

QUESTION:

Okay guys, here is my financial plan. I'm currently selling my home residence. We have about $38k in equity. When we sale we plan to build a 40x60 pole barn garage with a living quarters on land that we acquired. The pole barn garage will have 2 beds/ 1 bath, 1200 sq ft living space, and another 1200 sq ft garage space. My husband is going to build it himself. We plan to put $35k-$40k in the structure itself. The plan is to use all cash and not have a mortgage. We will live in it until we have enough money to build our "dream home." (Side note: we plan to never sale this property or the building/ house we build.) I spoke to a local appraiser and she said she would not discount the building for being a metal structure. Once we have the building complete I want to refi and pull out the equity in a HELOC and use it as a down payment on a multi. I'm not exact on how much equity we will have but with the land and all I'm guessing $50k-$60k. What are your all's thoughts?