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Updated about 10 years ago on . Most recent reply

Do i need a New hard money lender or partner?
Hello everyone. Am Will and i have a problem here and need help on what do next. For the last several months i have been looking in my area for the right deals and lender to pursue my career as a developer. I graduated with my bachelor degree in Energy Technology Management in hopes of developing green housing. i have had a hard time of achieving this plan and my career.
I finally found a property that is suitable to doing this type of development in sustainable living. I located this property in the market and its been there for over a year now without any serious buyer to step up (a lot of inquiry stated by agent). The price was at one time $65k and reduce to $54k and now its at $38k my offer. i jump in and made an offer on this property which is a pre-construction home meaning about 60-65 percent completed.
I did the research on what it would take to bring this property update to standard of living condition roughly $68k in repairs making it completely off-grid home without needed to used energy from the grid . The power company stated that in order to run electric to the home it would be $50k that's why no one purchase the property. I figure it would take to run on solar and battery bank system $30k. I feel that this would bring a higher price in the marketplace due to the fact its the only one of its kind being offered. My estimated would be $208,000 once its done.
It was build in 2004 w/o occupancy ;sf: 1553; 3bedroom/2 bathroom . I feel that if completed it should be stated as a new home built in 2015 standards and energy efficient.
My Issue:
I place my partner as the buyer on this deal to qualify for the loan from a hard money lender that request to 1. fill app credit pulled 2.) DL copy 3.) 2 months Bank statement 4.) 1 mo pay stub
And require $950 for appraisal and $500 for the deposit.We're closing at my title company.
The only problem is that the agreement was sign on the 19th and my partner is in the middle of purchasing another property which he want to delay sending in the application and other requirement until this is finish. I'm at a lost right now on what to do next??The closing is on 15th of June. What should i do next??? My hard money lender can close in 10 days but that is after all the information is in and that we qualify for the loan.
Most Popular Reply

How well do you know your partner? The contract is in his name, but its your earnest money? Or you're waiting for his $950?
I dont know Florida, but in Georgia you've got a 7 day unilateral extension. Your seller hasn't had much action on this thing, you may want to call them and say you want to close 3 weeks later and see what they say.
Depending on the lender, the two loans shouldn't be a big deal as long as the cash reserves are there, assuming both loans are Hard Money. If he's worried about doing both at the same time with Hard Money, I'd be worried he can do both at all...
Neat project, btw, I'd love to own a house off the grid. Check the laws on it, though, I think I read somewhere that there was a problem with doing that down there.