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Need advice on property
Posted on 1/13/21 at 8:41 am
Posted on 1/13/21 at 8:41 am
Was thinking of buying this property i want outright and using the land as equity on a down payment to build my house. Would thay be the best play or should I finance the land and save my money for the house?
1
Posted on 1/13/21 at 8:54 am to lsufreak337
It won't really matter which way you do it because the bank is going to want all of your equity in up front during the construction. So even if you finance the land and have money saved for the construction, that money will be put in on day one of construction.
are you planning to hold the land for a while before starting construction? in that case there might be some value to financing the land in order to put that money to use elsewhere.
are you planning to hold the land for a while before starting construction? in that case there might be some value to financing the land in order to put that money to use elsewhere.
This post was edited on 1/13/21 at 8:56 am
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