Updated about 1 year ago on . Most recent reply
New Construction Build
Good Morning,
I'm looking for some insight on new construction builds. We currently are building a SF with the financial help of a family member. This is for a long-term hold, STR concept. No bank involved just yet.
After we build the structure, is there an general estimate of how much the property/house will appraise for when said and done?
I've researched that some individuals will build, put the build in a 30-year mortgage with a bank, pull out the equity and repeat the process in another build.
First, has anyone here heard about others moving on this process?
Does anyone have experience in this process that they can shed some light on how to go about this.
If you have experience in this, what are the cons/pros about doing a deal like this?
I know a lot of variables have to be taken into account. We are in a highly sought after vacation spot that is growing.
Thank you for any advice you can share!
I'm looking for some insight on new construction builds. We currently are building a SF with the financial help of a family member. This is for a long-term hold, STR concept. No bank involved just yet.
After we build the structure, is there an general estimate of how much the property/house will appraise for when said and done?
I've researched that some individuals will build, put the build in a 30-year mortgage with a bank, pull out the equity and repeat the process in another build.
First, has anyone here heard about others moving on this process?
Does anyone have experience in this process that they can shed some light on how to go about this.
If you have experience in this, what are the cons/pros about doing a deal like this?
I know a lot of variables have to be taken into account. We are in a highly sought after vacation spot that is growing.
Thank you for any advice you can share!