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Updated over 10 years ago on . Most recent reply

Alex Jerome's profile image
Alex Jerome's profile image
Alex Jerome
  • Real Estate Investor
  • from Birmingham, Michigan
  • Member since Oct 5, 2012
Connect

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Alex Jerome's profile image
Alex Jerome's profile image
Alex Jerome
  • Real Estate Investor
  • from Birmingham, Michigan
  • Member since Oct 5, 2012
Connect
Alex Jerome
  • Real Estate Investor
  • Birmingham, MI
0
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4
Posts
Land & New Construction

Construction Financing

Alex Jerome
  • Real Estate Investor
  • Birmingham, MI
Posted

Hi All:

I own a property that is currently a rental. I am interested in tearing it down to build and sell. Currently, I owe approximately $170,000 on the loan. I estimate construction costs to be around $250,000. I was curious what insight you might have on the best way to finance the construction. I can use cash to pay off the loan, and will have access to about $80,000 extra. Therefore, I will need approximately $170,000 more. Thanks in advance. 

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