All Forum Posts by: Miles Viant

Quote from @Don M.:

@Miles Viant
Do you mind me asking who your builder is?  I'm glad things seem to be moving along for you.
Their permitting system update definitely has had some pros and cons.  Throw into the mix all the emergency permits after the storm, and that definitely slowed things down for some contractors.

I listen to On the Market pretty religiously and caught that episode.  I also follow the Cape Coral market pretty closely and New Construction continues to be in demand and move quickly.  A lot of price decreases, days on market increases, and inventory increases can be attributed to some of the damaged properties that have been listed.  With that being said, Cape Coral inventory is on the decline again, which bodes well for continued demand.

Good luck; Hopeful for success at the end of these projects for both of us, despite the challenges and barriers!

That’s right, it’s probably total Mayham in the permitting department in Lee county right now.
I’m right there with you, love on the market, very informative. 

 I appreciate it Don. Thank you for the market insight. Best luck to you as well! I am using Delta build services inc.

Quote from @Don M.:

Quote from @Miles Viant:

Quote from @Don M.:

Quote from @Miles Viant:

@Carlos Julio @Rong Tan
hey y’all, sorry for never getting back to you. But I’m still waiting for them to build, the permitting process is what’s dragging out the process. The process of obtaining the land is simple and straight forward and relatively fast. But they should be building any day now which is exciting. Will definitely post once the product is complete! Based off comps in my surrounding neighborhood, this was an incredible investment already and I thank RTR for the opportunity 

 Did you get this project completed, Miles?  Appreciate any insight.

So I closed on the construction loan in July 2021 and the slab has finally been poured, two draws have already been released to the builder so progress is finally being made. Completion date right now is late spring early summer.

during this time, my flood insurance went from $700 to now $2100 (July 22)

 Definitely appreciate the update.  So if things go as (now) planned, you are looking at about 2 years from start to finish?  Were most of your delays related to permitting, or other material/labor issues?

Fortunately, the home values and rents still look very good.  Of course, mortgage rates, insurance rates, and taxes have all increased, as well.

I purchased my lot/sent deposit in Feb 2022, Permits approved in August 2022, and lot work/fill dirt/ compaction has been done, but awaiting fees to be paid and slab to be poured.

Thanks again for the insight.

Anytime! So yeah, the biggest delay was the permitting. I did not get out of permitting until I believe sometime in October 1922. I am waiting to get an update from them so if I hear anything about materials, I will let you know, but it seems that everything has been moving forward since they have received the permits. I also want to add that I know they were working on creating a system to expedite the permitting process, however, I’m not sure if that’s in place or if it’s making a significant difference.

but yes! I really thought after the hurricane, rising interest rates are we with see a significant decline, but so far so good. And in one of the bigger pockets podcast, I believe it was on the market, they actually were talking about markets recovering after a hurricane, and how well they actually do down the road historically speaking. 

 Forgive me, if there are any typos, I am talking to text on my phone

Quote from @Don M.:

Quote from @Miles Viant:

@Carlos Julio @Rong Tan
hey y’all, sorry for never getting back to you. But I’m still waiting for them to build, the permitting process is what’s dragging out the process. The process of obtaining the land is simple and straight forward and relatively fast. But they should be building any day now which is exciting. Will definitely post once the product is complete! Based off comps in my surrounding neighborhood, this was an incredible investment already and I thank RTR for the opportunity 

 Did you get this project completed, Miles?  Appreciate any insight.

So I closed on the construction loan in July 2021 and the slab has finally been poured, two draws have already been released to the builder so progress is finally being made. Completion date right now is late spring early summer.

during this time, my flood insurance went from $700 to now $2100 (July 22)

thank you all so much!

Quote from @Eliott Elias:

I know a lender doing lines of credit on equity, has to be a 5 property minimum though 

Hey Eliott, what would this product look like with 5 properties? LTV of the 5 properties, terms? Do the properties have to be in specific states/areas?

Thank you for your time! 

Hello, looking for some recommendations on my situation. Would love to connect with an attorney to represent us in this case.

I went under contract on a new construction townhome in a new development in Palm Bay, Florida for a purchase price of 220k in May 2021 and with our 20% down payment required in escrow in July 2021.

In April I received a letter about the price increase from 220k to 290k with the letter being dated on March 3, 2022. We had 10 days to accept the price increase or the builder would assume buyer would not agree and the builder would cancel the contract and give down payment deposit back + 6% OR as the buyer wanting to cancel, we would initiate the cancellation of contract and just receive our 20% back. 

I ended telling my agent, who is the one who presented and put my under contract on this property, within a day or two of receiving that letter that we would like to cancel and not go any further with this property. After no response from the seller to emails, cancellation contract, or voice messages, the agent stated that the builder is most likely holding onto the funds until the project is completed , then will cancel the contract and give the 20% back. To add, I am 1 of 46 buyers, and that there are 40 clients going through the same thing, just waiting. 

It is now Dec. 2022, they have moved the completion date multiple times. Now it will be completed in Feb. 2023, I am still under contract for 220k technically, but my agent, builder and myself all know I am not getting the property for 220k.

Is there anything I can do to get my deposit back, get the seller to answer/their attention, and/or secure my 20% that I am 100% getting out of this contract and getting my 20% back? 

Seller: D32

Buyer Agent: Realty Doctors 

incase anyone is already familiar with this situation with other clients.

Thank you all! I do have emails of timely communication with my agent , initiation of cancellation contract, letter of price increase, and purchase contract available if needed to represent me.

@Carlos Julio @Rong Tan
hey y’all, sorry for never getting back to you. But I’m still waiting for them to build, the permitting process is what’s dragging out the process. The process of obtaining the land is simple and straight forward and relatively fast. But they should be building any day now which is exciting. Will definitely post once the product is complete! Based off comps in my surrounding neighborhood, this was an incredible investment already and I thank RTR for the opportunity 

that is really odd... I assume things have changed then. I was able to secure conventional financing with lake michigan credit union @Khanh Nguyen

Starting with hard money on your first deal can be a gamble/a big bite in my opinion... I suggest you looking into Fund & Grow to obtain business line of credit if you have a good credit profile to be a cash buyer. Check them out

fundandgrow.com 

Although it costed you an additional 4K because of the contractors, you still have a home under your belt for only 4k out of pocket! Well done and congrats!