Leverage a family house builder to start my journey
A little about me (bullet points for brevity):
- Brand new to investing
- Watching BP YouTube podcasts
- Live in NY (upstate and downstate regularly)
- Full time job as iOS developer (I plan to continue this)
- $50,000 initial investing money
- $1500 monthly income to add to investing
- Real-estate goal: single, multi-family, and apartments to get to a $3000-$6000 monthly cash-flow
- House Hacking applicable (can move around)
- New to BP forums, so tell me if I should do this in a different format (or in intro forums)
My unique situation: I'm (obviously) looking for ways to make the best out of my situation. Important details that could be problematic are definitely welcome, but I'm looking for a general blueprint of plans which I could further research as well as problems with my plan.
I'll give my initial plan as a means to tell you the situation:
I have a friend who can build houses in the Albany, NY area. I take out a mortgage to buy land and the supplies + some labour money for the multi-family house, helping out all I can on weekends. After it's built, I move in, and rent out the other 1 or 2 rooms (FHA loan). I'll probably compensate my friend monthly for a while. I imagine the total cost of supplies to build will be around $150,000 - $300,000 and 8-10 months to construct
Some Questions:
- What sort of deals could I work out with my builder friend?**
- Can buying land be bought with money from FHA loan?
- How, or can I even use the fact I have a friend who can build a house, work to my advantage?
Thank you all for the help! I haven't seen much on Buy vs. Building!