Got some good news today

[Matt G]

The wife and I decided it was time to add another room onto the house in case we have another kid. So we went to the bank for a home equity loan. I drew the plans when I was 19, started building when I was 20, and moved in at 21 so we built it fairly. It's only a 2 bedroom 2 bath metal building. We were worried that the value wouldn't be in the house to take out what we needed for the addition and today I was pleasantly suprised when the appraisal came in. For the house, which is only 1,400 square foot under roof and the almost 3 acres it sits on, it appraised at $175,000. Taking into account that it only cost me $50,000 to build I'm freaking pumped! I want to sell this one and build another house now. I see how that whole flipping houses can be addicitive.

[MarshRat89]

Sweet!

[Lake Chuck Duck]

Wow that impressive. Is the land in a desirable location?

[Matt G]

Originally Posted by Lake Chuck Duck

Wow that impressive. Is the land in a desirable location?

South Lafayette kind of between Duson and Scott. Not a bad area, I just don't have frontage. I have a right of way to get to my property. That was one of my biggest concerns for the appraisal.

[lilrab1989]

sweet congrats!!!!!!!!!!!!!

[speck-chaser]

new house and a new boat.lol

[simplepeddler]

Pull out equity in a HELOC..........build another on side of this one.........rent to two bedroom to pay the bill.

Seems like you can build a whole new three bedroom for 75K........