Wanted to buy a house but sh** has gotten too expensive in NY. Would it be wise to purchase a plot of land and lock down the interest rate until I can save up to build a house on it (pretty much when I get a higher paying job)? Example case: there is a 1 acre plot of land selling for $425K. If I build a house on it I think it would be worth $1 million given neighborhood comps (and this is conservative). Can't afford construction costs now but the land will be there at its locked down interest rate for when I am financially ready to build. I currently rent a house from a family member on the cheap (less than $800), and I can theoretically continue this way of life indefinitely (very grateful). TC 100K YOE 3.5
Step 1: leetcode and increase your TC wtf is that
The sad TC of a mechanical engineer :(
This. Step 1: get a real job in tech. Step 2: Make π°π°π°π° Step 3: buy a house anywhere you damn please Also F defense jobs. Leave while you can. Market is supernova hot right now.
Search BRRR methods to invest in Rehab
Checkout ARM loans
If you want to look in the southeast I have lots in Alabama and Georgia. If you want to stay up north I can reach out to my network for sellers. Lmk.
Land loans are higher interest, otherwise I'd do this too