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House buying advice/planning for the future
Posted on 2/27/15 at 11:19 pm
Posted on 2/27/15 at 11:19 pm
I have a family member who wants to sell me a house. The house is small and old and needs about $6k of work to be "nice", but it's on a big chunk of prime real estate. I want the land more than the house. The price is good considering it has a livable house on the property.
I'm a single guy and what I would like to do is buy it and build a new house in a year or two.
Would I be able to finance the new house on property that isn't paid off yet?
I'm a single guy and what I would like to do is buy it and build a new house in a year or two.
Would I be able to finance the new house on property that isn't paid off yet?
2
Posted on 2/28/15 at 8:01 am to DownshiftAndFloorIt
Yes
Posted on 2/28/15 at 2:56 pm to DownshiftAndFloorIt
of course if you continued to pay the note
while at the same time tearing the house down and building a new one
i doubt the bank would ever know.
However this would mean that you would be building the new one for cash out of you own pocket.
while at the same time tearing the house down and building a new one
i doubt the bank would ever know.
However this would mean that you would be building the new one for cash out of you own pocket.
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