All Forum Posts by: Lamont Chen

@John George

Call banks in your area to see if they offer "construction loans". You will need to find an architect and builder to determine what you want to build is up to the zoning code.

@Jay Roh

Welcome Jay. There is a ton of information on these BP forums and podcasts for you to get started learning. If you speak with a lender as well they can give you a picture of what you may be able to afford for the areas you are looking at.

@Danny Lee

Are you planning to live in the home in JC and do you need to commute to Manhattan ? Seems about equidistant from Brooklyn but if you need to be close to or foresee yourself needing to be close to another location that can be a factor too.

@Account Closed

Depends what you are comfortable with but with rates so low already it seems like there is more chance to go up than downwards.

@Davonn Youngblood

Nice! You can check with your realtor if there is an architect in the area familiar with the set back and build requirements to tell you what kind of duplex could be possible on your land. From there if you decide to proceed you can contact a couple builders for bids and either the architect or your realtor should know some reputable ones in the area.

Good luck!

@Michael Graham

Congrats on deciding to starts.

Lots of great materials here on the forums, podcasts, and books published by Bigger Pockets hosts. Those are great resources to learn a lot of the foundational ways of investing.

Based on where you want to invest you can speak with investor realtors and lendors in your area to further see what options you have based on your scenario.

@Chris Signo

Interest rates are so low now you can try to calculate what your return will be vs the added interest and PMI you may incur from putting less down payment.

@Nigel Ford

The MLS is not a great of a source but occasionally I find a good deal here and there. Lots of times I find myself working with other realtors so that they know to contact me before listing on the MLS if it may be something I can potentially have a buyer for.

@Rachel De Villava

Calculate if the equity from selling the condo will yield you more return vs keep it and having to manage it yourself or a PM (8-10%).

Condos also do not appreciate as much as single or small multi-family homes so that is something to potentially consider as well.

@Michal Wisniewski

Atomic Habits by James Clear