I'll ask my broker tomorrow about this. Could similar low down payment be available on construction loans if said construction turns into primary residence upon completion?

Miss my old agent and broker from Twin Cities, the rural good ole boys are terrible at their real estate jobs

From my experience construction loans aka 203k loans are typically 20%, but if you were looking to just buy a 2nd/new primary already built less than 20% could be an option.

A new “primary” home allows you to put less than 20% down. But you’ll be paying mortgage insurance. You can open a home equity line of credit on your current home to help pay for the down payment of your new primary home. It’s risky though. Interest rates are high. Eventually they might come down though, and you will be safe. New construction is going to be more expensive unless you have developers in the family.

would not do in ontario, canada. immigrants have destroyed our processing times for tenant disputes and basically can end up living rent free for a year, destroy your home, and have no repercussions. buy reits instead.

Decided against the construction route at this time as it would mean losing another summer to DIY construction projects and missing time with kids. Also, was having a hard time finding competent loan officers for construction loan projects. Most would not underwrite without a third party licensed contractor. Not much care about portfolio of construction done, family construction businesses, or Engineering CV. Was comical to say the least.

Going to pursue the new primary house and try to hit 20% no PMI. Hoping to sell a THOW in Spring to help add some extra down and keep from to relying on current equity for the gap.

This post was edited by RedFromWinter on Jan 26 2025 09:49pm

I posted in here recently about an issue with one of my properties. That issue is mostly solved (still need to go to court for finalizing everything).

Now, I’m having issues with another property… a tenant that has been with us for almost two years got sick recently. At least, that’s what I was told. I was told she was in a coma for 5 days and still can’t walk. I’ve communicated with her daughter about this all, albeit briefly, and that’s how I found out,

The problem is, there is no more communication from her or from the tenant. So idk if she plans on moving back in, coming to get her stuff, or if I need to get rid of her stuff. It’s been almost two weeks and rent was due on the third.

I’m starting to wonder if all of this is a hoax. Tenants do crazy stuff all the time, but she has been pretty good so far (just really messy with a lot of junk). The no communication thing is what’s throwing me off and makes it so bad. I’ve been asking for a follow up from her daughter, calling her, and calling and texting the tenant for days with no response from either. I get left on read by the daughter, I can literally see where she read the message.

I’m at a loss. I texted her and told her that if I didn’t hear from her in a week that I’m going to go over there and inventory everything and take pictures of everything, then send all of it to her. Tell her she has a week to get the rest of the stuff out or I’m going to assume she has abandoned the property and throw it all away.

Was this a good move? Any suggestions??