All Forum Posts by: James Brown

Personal Guarantor? I don’t think that’s an option. Not interested in the risk.

 No at max a 4plex. I wish it was that easy, when I told them my builder has the experience needed, they wanted me to have completed the GCU projects.

 .6 acre lot that can hold 2 duplexes or 1 4 plex. 30k for the lot. 250k for duplex. 2 bed 1 bath. Rent 1200/unit should produce 4800 total rent income. Another duplex few houses up the street. Credit score about 600 currently. 
First project renting at 1700/month.

4 units. If Loan amount cant cover will settle for a duplex.  

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?

Greetings BP,

I'm looking for any direction on finding a lender for my first GUC for a multi-family project. I've rehabbed before but lenders want construction experience on 1-2 builds. I will own the land free and clear so that won't be an issue. I have my builder ready to go. Just need the financing. I considered just doing an FHA One-Time close loan for a SF just to get a project under my belt. I would much prefer to use the land for a mfh to produce max return though.

Anyone know of any products that will lend with no experience?

@Kevin Sobilo good information! 1. In this instance, I chose not to include those since I replaced everything in the home, almost a gut out. 2. I will definitely be putting the sewer utility in my name. Good call out.

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First time rehabber here, looking for any helpful information. I used a HML for this project. Purchase price 100k. Estimated rehab about 44k but may be less ( I wanted to be conservative). 12.99% annual interest rate, Originator fee, 2.99 points, closing fees $990. Loan term 6 months.

Thanks a lot Tim. I needed this type of guidance to navigate it. Hopefully it will produce some good leads.