All Forum Posts by: Caleb Gerbrandt

First step would be, talk to the local building authority and ask about your zoning to make sure you CAN put a duplex there. Next, meet with a home builder and get a ballpark price to build it including well, septic, propane and electric. Then if the numbers look good and you are prequalified, get the architect to draw the plans and you are on your way.

You need a construction loan. Talk to a mortgage broker that has experience with those. You also need a general contractor with a good credit score, because the bank will vet him as well as you.

Hey, I'm a small potatoes GC and I recommend ask your family and friends for referrals. I haven't had any experience with connecting online but I guess just check their reviews. Make sure if you general it, write down the scope of work and the order of work progression. For example, don't let the electrician run wire until the plumbing and venting are in! Paint before flooring, etc. If you don't feel up to it, just get a general with good subs.

Leveling houses can be a challenge, just be sure to get a bid from a contractor who has experience (not just a handyman) preferably on a referral. Once my dad and I leveled a cabin on a hillside, and none of the doors closed properly when we came back up! Make sure the guy figures in his bid any repercussions like cracked tile grout, wavy siding, plumbing pipe extensions, etc depending on how much it needs to move.

Hey, I'm a new investor, too. You can always double leverage/get a money partner for your down payments. What Qs do you have?

If you have a good personal banking relationship with a bank (i.e. chase) just apply for a business credit card. They report to the business credit bureaus for that card to start up your business credit score.

Could you realistically find another tenant to pay $3500/mo? If you need $3500 and you don't think another business person would pay that, try sweetening the pot by signing him on a lease option $3500/mo with a $500/mo credit if he decides to buy after a year or two??

Rent an affordable apartment or small house. You will be able to focus on your house hacking goal and building a rental RE portfolio without the added stress of being in the basement and tension with family. God bless you and good luck!