I attended the genuine estate expo in San Francisco where the genuine estate representative was perplexing to sell preconstruction skill in Seymour, TN. I got the parcel in the mail as well as review which I have the choice to sell inside of 6-12 months after construction, franchise the property, or franchise it to the tenant. If I franchise the home, i’ll remove equity since the reside would compensate reduction franchise than I would owe upon the mortgage. The seductiveness rate is approx. 7.5%.
I could franchise it, though it’s the subject about the residue of the income due upon which mortgage. However, If i sell the home after building the whole inside of 6-12 months, the representative says I’ll have the profit. He pronounced which the initial home sold, the seller done $35,000. Does this receptive to advice similar to the scam?
Summary Illustration: standard lot(varies)=$42,000; standard indication price=$149,000; net home price=$191,000; shutting price upon loan=$9,000; building the whole interest=$6,000. Therefore: Total costs to build=$206,000. Total loan amount=$204,300 (90% LTV). Appraisal=$227,000. Total out of pocket=$1,000-$1,700
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For me, I wouldn’t do it. Sounds like you did your homework, just be careful…
Ed
Think about it… don’t ALL the best investments sell themselves without having to hold seminars or advertise at “expos”? Have you EVER heard Coca-Cola advertise their stock rather than their product?
This is a free country, but it sounds like a scam to me…
You might find some info on “average DOM” (days on market) at the link below, which will give you some idea of just how long it may take to sell the property that hasn’t been built yet!
It is not a scam… It sounds about right….BUT…. Now lets get down to “Brass Tacks” wrong area….
Seymour, although close to Knoxville, and Gatlinburg is not an ideal location. Look slightly south and east, there are many new developments in and around Rockwood, TN. Only 30 min. from Knoxville and lots of other things in the area.
Before you invest, check the area first and see what is planned for in the near future (all available on the internet as well as area Realtor knowledge) There is major growth in and around Rockwood with very few houses available, where-as Seymour has a ‘glut’ of houses available now. More than 200 times than in a growing area like Rockwood, and it is like a suburb of Knoxville so you are competing with ‘city’ housing.