House Hack to Springboard a company

[Andrew Schellpeper]

Hello!

I was reaching out to this group to get help.  I know there is a way to get this idea done, but I'm hit with nothing but roadblocks.  

All I've ever done professionally is construction  (half my life, even have a degree from UNL if that makes any difference...but not)....  but I don't have any "builds on my record" only just done as a PM for others.  I have a great bubble of subs, just not the finance part!

I want to build a home for my family to live in and enjoy.  Found a great lot in a new subdivision on the East side of town. 

So then began the journey....

Sold our existing home in a week around the beginning of January 2024, used some of the equity for debts, but other for a down payment on this land.

Created an LLC to hopefully gain more business from this build. Drafted a plan, gathered estimates, created a budget, put together DTI sheets, even got an "as-built" appraisal, and also have it in a permit status at the Local Building and safety office.

Then I started to look into the construction loan and the permanent financing....to do it myself, and not through a builder.

I soon realized that there are sooo many companies out there that want to try to help...but cant  (some of them were even on this network of people):  don't have builds on record, won't allow for owner-built homes, my credit is less than 680, while carrying the construction loan, there may be a point at the end where because i have my rental house while building that it become hard to pay, and  I can't pull out a private loan to help start process because my credit cards balances are horrible...and my "business" has no show of income.

So, now we are here in the present time....   my land sits (with my beautiful sign on it), I am paying interest only on the land for now (since March 2024) and I can't get construction financing, and I am growing frustrated each and every passing day.   

Some days I even think about how maybe this was a bad idea to lead my family down this road??   Wanted to do a 1900 sf main with walkout basement house for my family instead of a 1600 sf home on a flat lot...that I would ultimately sell at some point.  (but I found the most perfect lot!)

Ultimately, would love to find someone who is willing to take a chance on me....help me...mentor me...  get over this hurdle. 

I know I can accomplish this...  I'm a ninja.  I also named my company "Phoenix Building Group"

(Look forward to your help if you can)

Then as I sat here today i thought....   maybe i need to do a fast flip or two....but I don't have the cash to throw at that.

One day it is my hope to have a business with three tiers:  Custom Homes, Rental/Flip, and Handyman