Investing In SubDiv Lot - Financing Help!
Have placed a deposit on a lot in a hot coastal subdivision. Have no real intention on ever building there and expect about 5 years b4 buildout and maximization of profit. How would you finance this??? Have the cash and could buy outright however this would tie up about 120K. $ is now in a lousy 1.2% MMkt fund. Banks are offering balloons with lower rates and Conv 15yr mtgs. What would be best way to buy this. Interest only ballon? cash or something in between. Appreciate ALL opinions!!
Thanks - TIM
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