Seeking thoughts on options for land acquisition
Thought I would ask the community -
My wife and I are currently saving to build a beach house. We are about half way through a multi-year strategy; our desire is to acquire land and build versus an outright purchase. We intend to do a construction loan with a wrap around for about $1.2-1.4M. Land is about $600K of that. We intend to come at it with 30% down.
Recently, we've been presented with some prime lots but aren't prepared to do a complete build for another 3 years based on our current plan. We've discussed seller financing option with a few of the current lot owners without much success.
I thought I would ask the community for alternative ideas and thoughts on acquiring a lot now with the intent of building in a few years.
Thanks,
Steve