WolverineFW wrote:
Any updates....or did you fall off the grid completely?
Thanks Wolverine for checking in. We just finished mowing the property a few weeks ago. The plan is to look at installing a few hoop houses on the property so that we can grow food and nectar/pollen producing plants in the colder months. There are still a few few acres that I need to remove pine duff, stumps, and other organic debris before I can start cultivating the ground. We're making some transitional changes to our overall operation. We sold the utility trailer and will be replacing it with a larger and more heavy duty dump trailer. Additionally, we're thinking about selling our gas powered John Deere Riding Mower and purchase a diesel powered John Deere Compact Tractor. I'm trying to decide if I want to purchase a tractor next summer or wait until the house is built first. I certainly could benefit from a frontend loader and numerous other attachments.
Due to my organization and level of involvement, the bank has agreed to let me be my own contractor. This should cut the overall cost by 10% - 15%. But this also means that I will have to find my own subcontractors, get price estimates, and be very detailed in the cost analysis. Financially speaking, we need to have some money set aside before we start the building process. My goal is to have $20K saved up before we finalize the loan. The loan officer said the bank will be more at ease knowing that we have a safety plan in the event that we go over budget. On a positive note, we already have a substantial amount of equity into the property. Equity + Safety Reserve = Happy Bank.
I don't know how long it will take to save up $20K. We've been paying $1,000 per month towards our investment property. That property will be paid off in 5 more months. Once that's paid off, then we can start putting $1,000 into a safety reserve account. If nothing substantial changes in our lives, we should be able to build in two more years and keep our second home.