All Forum Posts by: Andrew Wicks

Has anyone used cost estimating software they would recommend.  I came across this Resi-Cost Instant while researching a different topic and thought it might be useful but when I searched for reviews I found a number of other offerings as well.  

Wondering if anyone has seen financing for this type of scenario. Looking to take advantage of cleared lots and build multi-family ( duplex-quadplex) for long-term rental. In some research I saw that FHA has one-time close construction loans and I'm wondering if house hacking would reduce the required down payment. After talking to a couple banks, they didn't seem to be aware of the program. I'd definitely be willing to house hack to increase the LTV/LTC %. I started researching thinking I'd have to get the construction loan and refinance out hopefully before the 12-month interest only period is complete but of course the construction loans require higher down payments and there is the issue of additional cost for closing two loans. Any thoughts greatly appreciated.

My partner and I are looking to build townhomes to hold as rental units.  We will need construction financing for the builds and want to do cash-out for the mortgage.  My question is should I spend the time hunting for conventional financing or is something like this only available through hard money lenders? We have located a couple prospective lots and intend to put an offer within a week and I want to get moving as quickly as possible.  My partner will handle the financing is retired, has excellent credit, and available funds for deposit.  Any input would be appreciated.