Friday, May 21, 2010

How do I come up with enough money to buy some land and build a home & is it cheaper than buying or fixing up?

I would like to buy a piece of land and build a home, then sell it. The problem is I don't have the money. Do they give loans to buy property with no house? Eventually my plan is to profit enough money to eliminate using the banks.


Building is always more expensive then buying.

If you build you will be competing with huge very smart and efficient companies. Unless you can figure out a niche that they don't appeal to and has plenty of money then-no I wouldn't do that.

Buying and fixing up and reselling is also very hard to make a profit on- but you have a much better chance with that and it is easier to get a loan. I think the best way to get started with that is to live in the house for two or three years while you are fixing it up and the profit would be tax free and the loans would be homeowner occupied so the cost would be lower.

WORK. SAVE. BUILD your savings and your credit rating.

Need a down payment and good credit. Harder to get loans on vacant property than on home. NO loans today for 0% down, which is a Good thing as they are BAD idea.

Start by having a small set sum transferred from your paycheck or bank account directly into a savings account. It will grow, and you won't notice the missing money when it is done automatically.

Put any extra money that comes your way directly into the savings account. Year-end bonuses, any raises, tax refunds, any "found" money should go directly into your savings account.

You have to start small and grow your money and grow your investments. ACTION NOW>

You best bet would to buy a rehab home and fix it up for resale and yes banks do loan to ppl with the needed credit.

Try looking for investors

Note that in the U.S.A lots of homes are for sale but few are being sold

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