All Forum Posts by: Brittany Smith

We would be building multi family.

Hello,

We have a property that has potential for a 56 unit development. We have general contracted a similar size development ourselves in 2018/2019. I currently manage those units. We have continued to build and flip properties but are now at the point that we would love to build a rental development for ourselves to long term hold. 

I've spoken with a lender about a HUD refi program that sounds incredible for the long term financing but as he said, the hardest part is getting the construction loan and getting the units on the ground. So my question is what is the best way to go about getting the construction portion covered with minimal amounts of cash? What's a realistic outcome to expect? Is there anyone out there who has done this before who could guide me through it? Or suggestions on where to start. Thank you!

I've never gone through this process and it seems a little too good to be true scenario. So I'm wondering what a more realistic loan usually ends up looking like. Or what people have experienced in the past when getting a construction to permanent loan on a multi rental project. 

Hey Michael,

The local bank that we have worked with before (although nothing this big) has said again yesterday that it would be 20-25% down and I can use the land and another property I own. So that will help significantly. 

And yes, we price things weekly. We have 6 houses under construction right now and while the prices are painful, we are being creative and making it work. Hoping for some relief in the fall and next year, hoping anyways. 

Hey all,

I have 7.5 acres in Texas in a fast growing community. We have been through all of the engineering and permitting and are approved for 30 homes. We are in our 4th year of general contracting so we have built around 40 homes at this point so I feel fairly confident in our abilities and pricing. The local bank seems to be interested in the project but that's tbd. 

We are looking to build small homes (lots of retirees) to hold as rentals. Total project is estimated to cost $2,900,000. I've been told I will need at least 20% down. My personal credit is good but not great. I'm 31 years old and I kind of feel like this is a long shot/pipe dream. But I'm hopeful. Any advice or tips related to financing projects would be wonderful and greatly appreciated! 

What are the odds of my bank or another actually funding this project