I am new to this board, so pls be gentle...
I have a vacant lot on a nice corner in surburban Chicago that I am
trying to decide what to do with. I could probably sell the lot for
about $40,000 outright. I will have about $50,000 from the sale of
another residence that I would like to invest somewhere.
I have some home repair skills, but not rough carpentry. Is it very
likely I can make a 10 to 15% return on my money if I sub contract
building a semi finished home on the lot ? I foresee problems because
of my inexperience perhaps eating up any pricing advantage of home+lot
versus lot only sale.
Has anybody done a DIY home strictly for resale and made money like
this ? I do not anticipate rising values bailing me out of this if I
don't keep it under budget, due to circumstances beyond my
Will banks or mortgage brokers be willing to finance at reasonable
rates, so interest & closing costs don't eat up my capital ?
What experiences, both good & bad have you had with this sort of