Hard money loan flip to myself to get equity out
I want to build a home. I've spent the last year and a half building my credit up to 600 from 457. I want to be the general contractor and build my own house. My brother who has been a foreman building houses for 10+ years is going to work for me.
I've found a local company that offers a DIY service to help walk me through the entire process, from financing, hiring subs to permitting. They are also a home builder so they have many local relationships.
Now my problem is my down payment equity for a conventional build loan. I've found a bank sale lot that I can get for under market value. My idea is to have my wife buy it with a hard money loan, then turn it around and sell it to me with a hard money loan for 15k more bringing it to market value.
Then using that 15k as my equity / down payment. Thoughts, tips, advice?
I'm located in Baytown, Tx.