Originally posted by @Manolo D.:
@Lucero Sanchez I assume you paid for everything cash, don't have a GC license, and all insurances associated with it, you probably didn't even document the whole thing, i hope you pulled the permit and all that. The bad thing is, lenders MIGHT see you as a risk (not a lender), due to the undocumented build, I do hope they will give you some credits for it. Here is from a legal view, you built a house, and you don't have workman's comp, that will only mean that you and your husband is the ONLY ones doing the work, which is unbelievable or close to impossible. You can take a loan 75% of your house, then use the funds to start building, now IF you are unsuccessful, that will mean you lose both houses. Try to see if you have the home-builder option, but that will mean you will have to live IN the house a year or two after it is built. I could not imagine it in any other way. Good luck.
Hi, Manolo like I mentioned before we built the house in 2008 and since than we have learned a lot like workmens comp insurance and all that good stuff so we are prepared for that in this new project. The house we built in 2008 was not just built by my husband and I if you read my post I did mention that we gathered all the workers, we did simple things like sheet rock painting and since my husband is an HVAC tech he did all the AC work and yes Manolo we did get city permits they came and inspected the house every time we finished something in the house, everything passed inspection and we lived in it for 3 years that house was sold in 2011 and the money we made from the sell we have since made it grow even bigger in RE so now armed with capitol and all the knowledge we have absorbed through out all this time in RE we are ready for a bigger challange.
What we want is for people to see that even if you don't know much or have much money but you badly want it and are not scared then you take the RISK you put all your strength and the little you know into it, that is a leap that we chose to take and it was totally with it.
I wish you success ;)