My 1 acre home and shop is under contract and scheduled to close 3-31-21. My cash out after fees will be something like $185k. I have a temporary lease for that will tide me over up to the remainder of the year.
Third quarter 2020 I purchased 30 acre with my close friend/small business partner 50/50 for around 300k on a 15yr 6.0% land loan. We both plan to build a shop house style dwelling with a small living area and large shop space (something like 50x100 with 30x50 being a 2-story living area).
I will be the first to build with hopes to begin in the next month or two. My current goal is to wrap the land loan into a mortgage to gain flexibility on term and rate while paying for most of the dwelling costs from house sale funds or a construction loan if that becomes available.
Constructive criticism welcomed and discussion encouraged.
