New to New Construction--looking for advice!
Hello BP!
I am a broker and investor in Charlotte NC. I have flipped several houses and have an STR here in the city, and my newest project is out on the coast in Ocean Isle Beach, NC. I purchased two lots side by side with cash and found a builder to build on them. My two biggest questions would be:
1) What's the best way to find financing for the builds themselves? Most lenders I've talked to are weary about lending because these are my first builds. I'm definitely open to private money if the numbers still work to make a decent profit. Does anyone have experience with this?
2) What's the best way to save on taxes when I sell the properties? My first thought is to 1031 the properties individually but I'm sure there are other strategies out there as well. Ideally I just recycle the profits into more builds in the same area, but expect that taxes will eat away at a lot of the profit that I'll be making if I go that route.
I would love anyone's advice/expertise if you have done this, or know someone who has! New builds are a whole different ballgame and I am excited to learn as we go. Thanks!
Most Popular Reply
Hi Madison! I know a great lender in Charlotte, NC who may be able to help you. His company is built specifically for helping investors even with little experience. They offer new construction loans and they have much more flexibility than a traditional lender. Might be worth getting in touch with him to see if he can help. I'm happy to share his info with you.