Funding for Duplex/ADU in Backyard.
Hello all! First time interacting with BP. I have been listening to Podcasts and reading a few books since the start of the year and I have been hooked. So I decided to start planning my journey. One of my best options is to build a duplex on my current primary residence. We have a big enough backyard and a few of our neighbors have two homes in the same property already.
What I need is more information on is funding. I have spoken to my neighbors, but it seems they have paid for it all, or taken out equity from their home. In may case, I just bought the home 10 months ago so I may not have that option (although I am not entirely sure). Does anyone know what options I may have to fund this project? I have heard about new construction loans, but was wondering what alternatives I have.
Thank you all for your time!