All Forum Posts by: Daniel Keren

I've come across a house I really like that's been on the market for a bit. This seller also owns a really beautiful parcel of land next door that they're willing to include in the sale. I don't have a realtor representing me yet, so just trying wrap my head around the idea.

If I were to acquire this house + extra parcel of land. I'd Airbnb the 1st home & would do new construction on the 2nd lot.

Am I able to bundle the purchase of both the house purchase and 2nd undeveloped parcel into one mortgage?

This is my first time in the real estate world I somehow found myself developing raw land and building anew construction home. Still don't know what I'm exactly doing, but I'm learning quickly haha. Things feel like they're going extremely well. Own the land, utilities checked out, the permitting is almost done, have a contractor lined up, and about to break ground in 1-2 months. My $330K build looks like it's going to sell for around 775K-850K once completed and sold (6-7 months away)

Here's my situation. I have a 50/50 partner so I will be receiving 50% of the profits. My partner likely wants to do a solo property next go around, so I'm afraid I might struggle to get financing by myself as I had to rely on them to secure this project's construction loan. I'll be receiving anywhere from 150K-250K of profit pre tax once the house sells. I have little to no debt, cash in the bank, but the negative is that my current taxable income is only around 35K a year... I feel like my income is where I'll struggle. 

Any strategies/suggestions on how to properly use my profits from this first property and secure financing to build or buy more properties? Do I need to claim my profits as income, get taxed heavily, just so banks will look at me seriously?