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Real Estate
Reply to "Walk me through the process of buying a tear down"
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[quote=Anonymous]We bought a tear down in Arlington five years ago, and we have several friends who did the same and I can tell you that the landscape now is different than it was back then. We had a bridge loan at one point, and in addition to that we had to carry the mortgage on our old condo while the new place was being built. Also, we needed cash when we wanted to "upgrade" from the builder's package. And our custom builder, while generous, still had us pay "out of pocket" for a lot of things. So, in addition to paying for the land (which was over $1M), the current condo, and the builder, we also had to put aside about $150k in cash for the upgrades.[/quote]
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