All Forum Posts by: Darcy Maiangowi

I don't plan on occupying the home. Sorry I wasn't very elaborate in my op.  I want to sell it once it's built.

My goal is to become a new home builder.

No I don't have a hml lined up. The point of my wife buying it then flipping it to me is to buy it off her at 15k more than she bought it for to get the equity out of the property to get it back to market value.

I want to build a home. I've spent the last year and a half building my credit up to 600 from 457. I want to be the general contractor and build my own house. My brother who has been a foreman building houses for 10+ years is going to work for me.

I've found a local company that offers a DIY service to help walk me through the entire process, from financing, hiring subs to permitting. They are also a home builder so they have many local relationships.

Now my problem is my down payment equity for a conventional build loan. I've found a bank sale lot that I can get for under market value. My idea is to have my wife buy it with a hard money loan, then turn it around and sell it to me with a hard money loan for 15k more bringing it to market value.

Then using that 15k as my equity / down payment. Thoughts, tips, advice?

I'm located in Baytown, Tx.

Baytown is in the midst of a boom despite oil being down. The refineries committed to a $50-60 billion dollar expansion prior to oil crashing. http://www.houstonchronicle.com/business/real-esta...

Here is another article talking about the upcoming housing boom in Baytown with recent approvals for close to 1000 units. More towards Mount Belvieu.

http://www.houstonchronicle.com/business/real-esta...

All this development had me horny to build our first home here this summer with the thought of flipping it if I can so I can take the equity and build more.

However as I've learnt more about the San Jacinto Toxic Waste Pits at the start of Baytown I-10 & San Jac bridge, I've been scared off. We've lived in Baytown for 3.5 years and just found out about the dump in the past 3 months. It is gaining a lot more media attention now than other has in the past as its in the EPA review phase. It is in the top 10 National Priorities lost for the EPA as there are known cancer causing dioxins leaking from it.

http://www.fox26houston.com/health/healthworks/596...

https://www.epa.gov/tx/san-jacinto-river-waste-pit...

It is slowing gaining more attention, the recent floods and social media have been raising awareness about it.

Crisis is also a factor in Baytown. People seem to think there is a crime boost in Baytown right now, people complaining on social media but I spoke to an officer last week and he said it's always the same, just some stories get more attention.

Hi Jordan ,

I'm new to BP as well. What do you do in O&G? What part of Houston do you live? I'm in Baytown.

I'm a truck driver, a little over a year ago, I changed industries and went to work for a paving company so I haven't been affected by the down swing as much as other people.

@Charles Fisher

I'm new to BP and live in Baytown, is there a driving for dollars app? I seen someone was posting about the idea. If not, we're you just doing research for yourself?

Have you moved to Houston yet?