Updated over 7 years ago on . Most recent reply
New member from Maryland/ Delaware area
Hi, I just got out of the military after 6 years, during which I saved enough money to get a house built in a nice area in millsboro, Delaware. It rents for 1200 a month currently and after expenses I pocket 1000 a month. My advantage is the land that I put the house on is from family and is free or cheap compared to having to buy it at 50 k an acre. There is three more acres that I can put three more houses on and all I have to do is find out how to get the cheapest financing and get the houses built to rent. The first house I got built was 130k for 3 bed/2 bath and the rest would be the same price, may even get a deal from contractor for cheaper prices. I plan on doing decks myself in the future to add value or increase rent a little as well. I don’t know what kind of financing I could get to try and do all three at once. I’ll have about 60 k saved in a few months but not sure how I could get a loan if I wasn’t working and just using the GI bill. I can get a co-signer as well. Is there any option that wouldn’t have crazy interest rates? Thank you
Most Popular Reply
@Chase Stephens, thank you for your service. Congrats on your success with the rental. If you PM me I'll send you a name of a lender in Rehoboth who specializes in real estate lending. You could probably qualify for a line of credit or construction loan. That would be cheaper than a HELOC as you'd only be paying interest.