Gut job purchase for primary residence!
Hi all! My wife and I just recently purchased a home for our primary residence. We will live in our current home while remodeling the new purchase (Hopefully not more than 6). My plan is to add a 2nd story to the home. I will do as much as the work as possible myself, but I will need to hire subs for sure!
I recently completed a flip that was a total remodel that I used personal cash to fund.
However, with this project, I would prefer not to use my own cash. What I have learned on construction loans is that I am not able to do the work myself. I do have an insured general contractor company but I do not have any tax returns to submit to bank as I have not used my company in its 2 years of existence.
My question is if anyone has any recommendations on funding the construction costs while being able to do 40- 50% of the work myself? Again, this will be our primary residence but we will not be able to live in it due to the amount of work needed. Any recommendations is greatly appreciated!!
Jason