I moved to Tennessee for work a few years ago from California and bought a small house. My house would be appraised at around 100k bought it for 83k I have around 35 in equity I’m assuming.
I want to refinance or do a heloc to buy another house in my town for around 100-150k range 3-4 bed as a rental,
But am very interested in potentially buying some acreage and building a house with a construction loan. In this scenario I would move to the country house and rent the original house. Less cash flow I know.. but what are your thoughts on profitability long term based on construction costs of houses. My credit is fine (750+) debt to income ratio is good .1
Guys this is my first post I’m 28 just trying to make it happen! Thank you!