I have about 140k in cash available, and looking for guidance on the best route for funding the second half of constructing a duplex. A little background, I own about 9.4 acres in Hermitage, PA where I house hacked the property. I put about 60k down to avoid PMI, and it came with a duplex (I live on one side) and a single family netting me 2500/month with mortgage being $2,080. I have started to work directly with the city to get approval to construct multiple duplexes on the property, a surveyor/engineer, and an architect finishing the plans. I also personally know a builder who can construct them for about 250k each. My current plan is to get a construction loan for 125-150k, and once it's constructed do a cash out refinance to pay for it. Is this a good plan, is there a specific loan to use, or what is the best way to do this? Thank you
@James S. congrats on what looks like a great plan. I would probably borrow a little more than $100-$150k if I could to keep more reserves.
All I can do is mention my favorite fellow long-term operator and handyman in P-burgh @Jim K.. Hopefully he has a minute to chime in.
Best wishes on your worthy project馃憤
Sorry, James and Steve, Hermitage is another one of those "own little world" kind of places in Mercer County, PA. I know less than nothing about new construction loans for duplexes, let alone how to operate up there, in what is essentially a Pennsylvania suburb of Youngstown, Ohio. Good luck to you, James, because it does sound interesting, and I hope to learn from you in the future.
@James S. congrats on what looks like a great plan. I would probably borrow a little more than $100-$150k if I could to keep more reserves.
All I can do is mention my favorite fellow long-term operator and handyman in P-burgh @Jim K.. Hopefully he has a minute to chime in.
Best wishes on your worthy project馃憤
Sorry, James and Steve, Hermitage is another one of those "own little world" kind of places in Mercer County, PA. I know less than nothing about new construction loans for duplexes, let alone how to operate up there, in what is essentially a Pennsylvania suburb of Youngstown, Ohio. Good luck to you, James, because it does sound interesting, and I hope to learn from you in the future.
@James S. congrats on what looks like a great plan. I would probably borrow a little more than $100-$150k if I could to keep more reserves.
All I can do is mention my favorite fellow long-term operator and handyman in P-burgh @Jim K.. Hopefully he has a minute to chime in.
Best wishes on your worthy project馃憤
Sorry, James and Steve, Hermitage is another one of those "own little world" kind of places in Mercer County, PA. I know less than nothing about new construction loans for duplexes, let alone how to operate up there, in what is essentially a Pennsylvania suburb of Youngstown, Ohio. Good luck to you, James, because it does sound interesting, and I hope to learn from you in the future.
James--you'd be welcome to join our Youngstown (Boardman) meetup and see if you can get more feedback there. If you're interested, I can message you the details.
@James S. congrats on what looks like a great plan. I would probably borrow a little more than $100-$150k if I could to keep more reserves.
All I can do is mention my favorite fellow long-term operator and handyman in P-burgh @Jim K.. Hopefully he has a minute to chime in.
Best wishes on your worthy project馃憤
Sorry, James and Steve, Hermitage is another one of those "own little world" kind of places in Mercer County, PA. I know less than nothing about new construction loans for duplexes, let alone how to operate up there, in what is essentially a Pennsylvania suburb of Youngstown, Ohio. Good luck to you, James, because it does sound interesting, and I hope to learn from you in the future.
James--you'd be welcome to join our Youngstown (Boardman) meetup and see if you can get more feedback there. If you're interested, I can message you the details.