What to do while waiting to close on new construction

Question

So, I’m under contract for a new construction quad with a VA loan. It’s a great situation except I’m advised not to do anything else until we close Q1 2021 and it’s killing me! The financial portion is less important waiting that the fact it’s VA and not to worry the underwriter I’m told.

Any way to invest off the books in the meantime even with some down (15-20k)? Owner financing?

Thanks in advance!

Teri Feeney Styers · Answer

Speak to your lender - @Chris Rowland. If you remove $$ from an account and then put it back within 60 days of closing (shows on bank statements) it may raise a red flag. The lender will want to know where the money came from to make sure there isn't some side loan or "gift" that is getting you the funds needed to close. As a realtor I have seen deals tank for less... be patient. Work on your ironclad leases, research the materials, colors, finishes and other choices you are allowed by the builder, draw landscaping plans, make this 4plex the best it can be in your budget range.

Frank Hinck · Answer

@Chris Rowland

Invest with a partner.  Form an LLC you’re 50/50 legally but the partners name is the only that appears on the mortgage.   Or be a hard money lender to another local reputable investor.

Chris Rowland · Answer

@Frank Hinck thanks for the input!

Chris Rowland · Answer

that was supposed to read "financial portion is less important than waiting due to the fact that it's a VA -- and not to worry the underwriter, so i'm advised by the lender"