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re: Building a new house while living in your existing house
Posted on 3/3/20 at 3:28 pm to Zachary
Posted on 3/3/20 at 3:28 pm to Zachary
Sister & Bro in law just did. Started building out of pocket a year and a half ago. Put their house on market a year ago, it didn’t sell until October. Moved in a rental until 2/1 when house was complete.
1
Posted on 3/3/20 at 3:30 pm to Zachary
quote:
Current home is in a good market, but, of course, you never know.
One of my homes is in the DFW area. My neighbors home was on the market almost 48 hrs before it sold. They bought in 2010 and sold a month ago for 140K profit. In this instance, you absolutely know.
Posted on 3/3/20 at 3:31 pm to Donkeypunch
quote:Pics of her for reference?
Sister
Posted on 3/3/20 at 4:57 pm to Zachary
Sell current house, Buy a cheap camper or mobile home to put on site during the build, then sell that and remove it from property once home is built.
This is if you can’t attain a bridge loan
This is if you can’t attain a bridge loan
Posted on 3/3/20 at 5:56 pm to Zachary
Your realtor should help you answer these questions. If not they are terrible and consider finding a new one.
Posted on 3/3/20 at 6:10 pm to DirtyMikeandtheBoys
quote:
Why not take that equity and mutual fund it and generate avg 7-8% compounding interest growth/yr to severely out gain the 4-5% interest you'll be paying on the mortgage?
Don't give the bank any extra cash now
I may do that now because the interest rates are so low. I just had an idea of where I wanted my mortgage and the recast would get me from around $3000 to around $2500.
Posted on 3/3/20 at 6:12 pm to Zachary
I once built my new house inside my old house while I was living in it.
When I was finished, I knocked my old house down. Surprise bitches, new house inside. Neighbors were all like "that's a bad mother humper right there."
When I was finished, I knocked my old house down. Surprise bitches, new house inside. Neighbors were all like "that's a bad mother humper right there."
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