New Construction Duplexes-Panama City Beach

[Jodey Rifenburg]

I am an experienced investor builder here in the panhandle of Florida. Currently I am completing three spec duplexes that will be listed next week. I'm moving to the 4th on this project and will continue to the next three in the same area. If you are interested in more information please let me know. Great area STR/LTR potential less than 2 miles from the beach.

[Jodey Rifenburg]

@Simmy Ahluwalia I’m going to detail this out for beginners and for seasoned investors to possibly critique because we are all here to learn. When I first started building spec homes I personally financed them as if it was going to be my primary home. That allowed me to put 3% down and when I sold it (because they offered me more money then I could pass up) the bank loaned my next “primary residence” but I had to increase my down payment to 5% but then that was as far as they would let me go. I then used a credit card and cash for a “50/50” with a partner (I won’t elaborate on how that went), after that sale I had three successful builds and successful profitable sales so I took that to the first bank I’ve ever used through my business name. Since then I used that bank for my next 11-12 builds and moved over to a credit union that had a more favorable rate and draw schedule. Now, I have two going with the credit union in my business name and LNH Capital as a bridge loan for the third. I wanted to try to push myself to the next level and a bridge loan was suggested. This product has been added to any training I personally conduct as something to be aware of. If I was a new builder and did not have existing capital they would have already forced me into foreclosure because they do not fund if they interpreted the line item as “something different” or they need clarification because they will not fund the clarification items until your next draw. At certain completion times within three congruent builds they funded $98,000 behind the other two loans and so I just finished their build ahead of everything else so they did not cause a significant delay due to funding. I will complete these and will stay in funding circles I am familiar with until I find a product that convinces me otherwise. I personally do not believe beginners should use bridge loans unless they have a significant credit issue or are using their funds while you could have used your capital instead. My credit score is over 780-800, I’m a certified residential contractor in Florida and I am able to use aprox 2 mil of bank money as long as I have 25% down and they pre-construction appraise where I need them. I teach others strategies that I have learned to allow them to have knowledge to make the decisions that fit best in their mind for their business.