All Forum Posts by: Adam Nessen

Bob, do you know who you spoke with through ODB?  We talked to them, but they didn't like the property.  It is partially in the flood zone.  Not a problem for where we are placing the house on the property.  It's a 230k .4 acre lot in Myers Park.  The bank has no idea what we have.  It appraised for 320k yet the banks are only going by actual cost to build.  Not giving us any credit for the equity that will be in the lot. 

update:

We scratched the JV idea, and we are just buying the lot outright. We are still looking for financing for this. We have 2 banks that want 30% down based on actual cost, and not appraised value. Looking for something better than this. The bank in Locust is a possibility. We are having a little trouble getting them to respond to us though. Anyone else have a bank in NC they recommend?

still trying to find some lenders for this.  We have had 3 or 4 say they will do it, but soon after we get into serious conversations, they flake out.  

Trying to work a deal with 2 partners as a JV. We have a builder, and want to see if financing a construction load as a JV is even possible. I was already told by 1 lender that no one in the area with lend any money to builders, or investors. Thoughts?

I have an investment opportunity that I need some help figuring out how to get started. I have recent experience in flipping houses on a small scale in Maryland. I currently live in Charlotte. I atttempted to buy a .4 acre lot in town (to build my personal residence), and the deal fell through, as I learned it was in the flood zone/no build zone. It actually needed a dry land access variance to be able to build. The land owner lives out of state, and is basically clueless. She just wants to be paid for this land she inherited. I was at the point where I was going to try and get the variance myself, and put many hours into this already. I have a set of plans that were used on another house I buillt, that would work. The homeowner got a lawyer to help with the variance, but has since fired him, after he ran up a few K's worth and did basically nothing. So now she has come back to me desperate. Most of the variances that are passed in Charlotte for this, were done with builders help. They seem to know the people at the city, and can get this done. My plan, which the land owner has agreed to, would be to get a builder to get the variance, build a spec home, and sell it. Then, the land owner would be payed. My question is how I would work the deal. I would need a loan for the construction costs. I have a partner on some other deals, that is interested in splitting this, depending on if I need that or not. The problem lies in the land being in the owners name, and the land would have to serve as the collateral/down payment on the construction loan. Assumming I can even get a loan for a spec house. Obviously, this is in the early stages of an idea. I want to first see if the whole thing is possible, and see how someone else would go about it. The land is in a great location, and the comps would not be a problem. I was willing to pay 320 for the land before I knew about the no-build zone/variance. Obviously, that would have to be renegotiated as part of the deal. Thoughts?