Updated about 5 years ago on . Most recent reply
Building A New Construction
Has anyone ever purchased a property just to tear it down to build a new construction? What’s your thoughts on this?
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@Tanikia Washington I just got a construction loan to scrape a trailer and build a new small multi-family. It is a local bank I have a relationship with and have borrowed from them for flips before. I have also done two "scrape to foundation and rebuild" projects before. One was my own nickel and one with a construction loan. In all cases I have a licensed GC pulling the permits and overseeing the projects. I don't know that it is "you" that needs the experience. You need the creditworthiness and a good team on board. Also, impact fees can vary here. If it is inside the city limits they are much higher. I still made a profit but outside the city limits would have been cheaper.