All Forum Posts by: Trevor Davis

I am planning on building a rent house in a small town about one hour east of OKC. I am going to use cash and small lines of credit to fund the build but would like to go permanent financing after the build. I can build it for $100 a square foot and it should appraise at $145-$150 a square foot based off the latest comps in the area. Local rent would be $1300-$1350. I would like to keep at least 25% in the deal and cash out the remaining so that I can pay off accrued debt and use the remainder of the cash to reinvest. Should I use a DSCR loan for this or pursue a local bank for long term financing? I am hoping to avoid a very long seasoning period since I will own the property. Just looking for advice or help seeing anything that I am missing. Thank you.

I bought a 5 acre property through the tax sale in June and finally getting title work finished. The property had an a small house that was falling in but the well and septic on it are all good. The land by itself appraised for $60,000. I am wanting to build a spec house on it but am curious about financing options. I have worked as a commercial project manager, have done live in flips, and have built my own house but I have no record as a builder. What are the chances that a bank will finance my project? What other options do you suggest. Thanks for the input.