Who can explain to me how borrowing against equity works for this situation please.
How would equity work for a $140000 loan
How much would one need to pay it back and how long would it take
If it would be used to build a unit that might rent for $400 a week how soon would the unit pay for itself if we also allowed time for the unit to be built
Would it usually take 6 months to build a 3 bedroom unit possibly 2 storey?
what kind of clauses can be in the contract to stop the builder stalling or going over time, eg that there is a discount if he goes overtime
what other clauses in the contract would i want to help it go smoothly and protect myself
what professionals can help me with these questions please .
Many people built wealth using their equity but i worry as i have hear about banks deciding suddenly to close the loan and sell everything and so i want to make sure its foodproof that i will be able to pay it back and risk what i have.
Thank you.
How would equity work for a $140000 loan
How much would one need to pay it back and how long would it take
If it would be used to build a unit that might rent for $400 a week how soon would the unit pay for itself if we also allowed time for the unit to be built
Would it usually take 6 months to build a 3 bedroom unit possibly 2 storey?
what kind of clauses can be in the contract to stop the builder stalling or going over time, eg that there is a discount if he goes overtime
what other clauses in the contract would i want to help it go smoothly and protect myself
what professionals can help me with these questions please .
Many people built wealth using their equity but i worry as i have hear about banks deciding suddenly to close the loan and sell everything and so i want to make sure its foodproof that i will be able to pay it back and risk what i have.
Thank you.
Building contracts and equity loan questions please.
