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How do I get a construction loan and pay myself to do the work?
Hi All
I am a contractor and real estate investor (single fam and multi-fam). I am trying to pull the 2 businesses together for greater focus.
My goal is to find a way to build an addition onto my house to act as an in-law suite / airbnb rental but I will need to pay myself over the several months that it will take to build the suite.
Second note is that my house is up for refinance in about a year and a half so it would be great to wrap both loans into the refi with a little cash-out if possible. (I have about $200k equity in the house but at 75% LTC is wont be enough to finance the addition.)
Does anyone have a great hack on getting a constrution loan that you can pay yourself from as the GC? Any good contacts for loans is appreciated also.
Thanks in advance