Random MsState Fan

Are the same people who buy :
Botox, Gucci, LV, first-class plane tickets, guns, cruises, spending thousands on dance lessons and brag about staying at the most expensive Disney hotels really arguing over …

grocery costs?

From the looks of these vacation photos, I’m perplexed.



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:rotflmao:

The tears are delicious:lol:

Road to the CFP

Well the good thing about it is the friend still owns the other half of the land. So he does still have an interest in the property.

Either way. This is about to be one big headache

Here's where the messy situation gets even more messy....

I bought the land from a friend (I know, I know)... Well actually I bought half the land. We split it into two parcels and he still owns the other one. Our transaction was private sale. No attorneys. BUT When he bought it from the OG last December, they did things the right way :lol:
So I think we will be covered legally. I am just trying to get this cleared so I can start building.

MS

Some great info in here and I really appreciate it. To circle back to my original post- Am I correct in assuming I won't have to put anything down to obtain the construction loan but would have to pay out of pocket for any work after the 153k (example number) is used up?

Yeah I have about $25k cash just wasn't sure if I'd have to tie that up to close on the construction loan. Thanks

This will probably make me sound like an idiot but I am new to the game and trying to figure it all out.

I've asked my LO but was not satisfied or didn't completely understand her answer so rather than asking more dumb questions to her, thought I would throw some "dumb" questions on here. :lol:

Okay here's the deal. I'm about to build a spec home that should make a nice profit. Fwiw, I own the lot I'll be building on already. this bank offers 85% financing and payments would be interest only during construction.

What I am confused on is-
Will I have to put 15% down to get this construction loan, or would that be due when it converts to a mortgage loan? Or neither.

This was her answer-
we can allow you to borrow 85% of the appraised value, which will include the value of the land and the estimated cost of your construction.

So to those with more knowledge- Is this just like a line of credit and rather than me putting anything down to get it, I would simply pay out of pocket if construction costs run over? And if we can build it with the amount that the bank gives me, I'd essentially not be out of pocket any money?

quote:

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You can parlay a finance or accounting degree into a nice law degree. Keep gpa up - also, if you like accounting, go into forensic accounting or specialize in audit / review work.

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Now that sounds interesting.

Yeah I will def keep my job while doing school. I worked while going thru community college so I should be able to manage it.