All Forum Posts by: Account Closed

@Erik Estrada Thanks for the info :)) That makes sense. A lender wouldn’t want to put money in hands that won’t produce returns. I am considering building from scratch because the square foot cost of some of the existing homes I’m seeing is more than what it costs to build and what I would build for a cost of roughly 140k would be way better designed, desirable and stand out to buyers. I prefer this area to start because it’s my hometown and I know the neighborhoods very well. I would just need to prove the design, team and project to the right lender. Will see. If BRRRs show up in good spots, I’ll take those. If there’s a great piece of land - build. I want to be ready for both. 

@Andrew Postell perfect thank you!!!

Hi all,

Would like to get a general idea of which types of loan products work best for different scenarios. When to use bank, when to use private or construction etc… Which offer best terms, most flexibility, trade offs? I am looking them up one by one but I would like a summary from people who have used them, what you liked/didn’t like about the loan product you used etc. I am interested in loans for house purchase and rehab and others for land purchase and new home build. Thank you for your help!

Renee

@John Morgan 😂

Thank you @David M. this makes a lot of sense. Great way to put it :))

@Carrie Matuga thank you! Yes I like this idea to have a consistent income coming in from rentals to start and then flip or build every so often when there’s a good opportunity. Then provide tenants an option to buy in the future…

Thanks @Keigan Smith. I got a quote from gc here in SW AZ. $140 sqft single family. $220 sqft commercial. Working on design for 1000 sqft home to get "exact" or ballpark for that including concrete around house and pergola in back… (adding cushion for unexpected costs)- what percentage would you say I should add for that? I am way more excited about this than renting out but I may need to BRRR to start to increase my capital. Otherwise I need a loan for the land (private) and then loan for the build…I'm not closed to starting with this.

Thank you for the break down @Chris Rich and also for informing how other investors are feeling in your area. I appreciate it! 

Thank you @Danny Malina !!!

Thank you @John Morgan !