Building a houseby your self????

Question

If you want to start but credit does not allow you to get a house in credit, but you have some savings and land and would like to build a house is it a good idea???

I'm thinking to buy a house and maybe qualify to get one property but not sure if they will credit for a conventional to use as an investment,  should I start building a house on my own land??? or any other idea how should I invest do not having to wait for years to gain credibility, without using  hard money lenders

Alexandr Balan · Answer

I have friends who did it by their self without a builder, but to sell you will have to wait 2 years or have someone with a license.

But the whole point is if it worths to spend 1,5 year to build a house to make maybe 50-60k profit may be more depends on the market when you could buy rental and make less if you get one property but in two years you can get two or three units a duplex or triplex and you would have the same amount in cash flow and equity? and you don't have to be daily on the property to manage construction, so you can do what you do, I just consider it as an option, because I will have to wait until I get that credibility to get more property for rent and I can build a house for my own and get some knowledge in construction.

Mike Reynolds · Answer

You just need to price it out. I am a builder by trade but work full time as a PM for a large construction company. I could build a house from the ground up reeeaaalll cheap . I have a chance to build on a beach lot in Galveston county which is 3 hours from me right now. I would have to have a builder do it all as I would use a solo 401k. I am still not sure I can come out on it because I am paying retail. I will post here later when I find out. If I can do maybe you can too. Not so sure I can though.

Just saying

Frank Geiger · Answer

Up to you. Might take just as long to build a house using your own cash as to build your credit to finance one. Seller financing is a good option to look into. They may charge you a higher interest rate but you can pay it off quicker to own it free and clear.