Updated over 1 year ago on . Most recent reply
Best way to find new construction
i was hoping to get advice on the best way to fund the next part of my real estate journey. I house hacked a property that has 9.4 acres, and has a duplex and single family home on the property. I current get $1,000/month for the single and based off local market expect to get $1,500/month for the other part of duplex (mortgage is $2,080/month after putting 20% down). I am working with the city for approval and have a cost estimate from someone I know of 250k to build another duplex on the property and eventually multiple duplex. With that in mind I have about $140k in cash at the moment and was hoping for advice on the best way to finance the rest/recommendations on who to fund the remaining amount through. I plan to cash out and refinance after completing the unit, and using the remaining funds to construct additional units. Is this a good plan? And advice is appreciated.