I need some new ideas

[Justin Pierce]

I am an investor, a realtor, and a developer. The real estate world is changing and I want to stay ahead of it. I need some help breaking out of the box of my old thinking. Here’s the deal:

I have a new log home under construction right now in Utah. I started it for a family member but it didn't work out so now it’s a spec home. However, the market isn't great anymore for people getting conventional loans. I have many interested people but they don’t seem to have a down payment. In the past I would have used down payment assistant programs to get around this but apparently those have been shut down, at least for now. My fall back plan was going to be just to refi the home and rent it out on a rent-to-own. However, it is now tough for me to qualify for a conforming loan because I already own 4 homes and Freddie has just changed the rules there.

This home is probably worth around $300,000 and I am willing to sell it for between $200,000 and $240,000 depending on the terms. I was thinking about a land trust were I partner with a buyer who doesn't have so many homes on their credit and then have them refi me out in a couple of years. Currently I have about a $130,000 hard money loan and about $70,000 line of credit tied up in this home, so a refi is a must if I am going to hold it.

The home is in my profile. It's great, check it out. Things are changing rapidly. Does anybody have some creative ideas or contacts for this situation?