I’m 20 and currently grossing $65k/year. In my area most homes selling for under $200k are single/double wide trailers. Townhomes and single family homes are selling for $230k and up.
I’m a union carpenter and have been building all sorts of things since I was a teenager. I am capable of doing most aspects of carpentry, including high-end furniture and custom cabinets. I have all the tools I’d need and a truck.
I have been extremely attracted to the idea of buying land, and building a small cabin capable of being lived in. I estimate a project like this would cost no more than $150k for everything, and would be leagues nicer than what I can buy at that price point. The area I am considering is off a main interstate, near a small town, an hour north of the cities, next to two lakes and a river, and thousands of acres of public land.
It is a very popular spot for recreation, and there are many cabins (both modest and very luxurious) like this already. I know as I have lived here my entire life. All this to say, I think building something like this will be easy to sell later on.
The area also is very permissive when it comes to building requirements. I would be allowed to do all of the work myself and would not have to conform to a building code (although I would anyway).
Ideally, I’d take a loan out for the land and cash-flow the build. This way I am not obligated to hire a GC by a bank.
I have a full emergency fund, no debt at all, 750 credit score, and can have an extra $80k saved by the end of 2024 due to a out of state work opportunity involving a lot of overtime. My plan would be to start this project early 2025.
I would LOVE to live in a property like this for the foreseeable future and not have a huge mortgage.
Is this a feasible plan? What are your thoughts and advice in my situation?
Submitted July 03, 2023 at 09:58PM by Green_Horn18 https://ift.tt/ziMP8dS
