Buy or Build?
I am nearing pay off on my first property and am considering all of my options for acquiring investment properties. I think most of you will say tap into the equity of my first home and buy four more.
The other thing to consider is that I have a vacant residential lot that is paid for. The lot costs me 360 dollars per year to own with tax and HOA.
Should I build (SFR) on my lot or should i just buy a used SFR?
If I build it would be a modest 3 bed 2 bath with a detached car port. Im thinking it would cost around 75-80k and would command 800-1000 per month rents.
If I buy a sfr im assuming the cost to be 90 -110000. 100 percent financing. with an interest rate around 4%.
What are your thoughts? Ask away if you need anymore data.
Thanks so much.