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Updated almost 7 years ago on . Most recent reply

User Stats

17
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8
Votes
John Lamb
  • Rental Property Investor
  • Phoenix, AZ
8
Votes |
17
Posts

New home construction

John Lamb
  • Rental Property Investor
  • Phoenix, AZ
Posted

My brother (general contractor) and I are working toward buying land and building new homes to then sell. I've done a few fix and flips to where I used a HELOC and hard money to purchase those properties and sell them for a profit to where I can now purchase the land. My brother has the knowledge and skill to build the new home, but I'm curious as to the best way to get the money for the construction of the new build. I've looked at a few banks that do construction loans, but they will only do that type of loan if the property was for a primary or second home (this would be an investment). I don't think hard money lenders will do "construction loans", and the few private money options I know of have their money tied up right now. Any suggestions or advice from any individuals who have done new home construction before?

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