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Land and new construction investment
Hi - I’m interested in purchasing land and then build and use for rental. What are the pros and con? How do I approach it in a financially smart way?
I’m currently in a new home myself but I’m delinquent with my mortgage due to the huge layoff impact last year. Will this affect my chances of finding lenders? If I’m able to get a source of income (🤞🏾) will I still need to have 2yr minimum work history to get money to buy both land and build?
I’m fine with buying land first if approved for a land loan. My spouse is the only one with an income and he’s military. But I also know it might be a risk throwing something like this on him. Any thoughts?