5/24/2023
6:19pm
So everyone, I am just about out of hope and motivation. And I swear I must be cursed because let me tell you a little about other things in my life before 2012 it was all self-inflicted, but every five years something outside of my control comes to crushed me and sent me back negative steps, so 2012 I stop being stupid I start my business, I do a bunch of flips and have eight units at that time 2017. I got stage be 3B melanoma…had three surgeries, but luckily I didn’t need chemo but I immuno therapy, which is not covered by insurance cost 80 grand around twice a year so I had to sell two of my rentals, which were great to have but after all, my bills wasn’t much anymore I couldn’t save and this is what led to this project
Four years later I’m stagnant I got no money to grow and land. I’ve been waiting to get a call to buy because it was my ex girlfriends back in 2014 the first thing I ever said to her was if your parents literally when she got in the car, I said your parents on that lot. If they’re ever ready to sell you, let me know her and I broke up soon after it was mutual just no chemistry, but I kiss *** for the past nine years . She has a little business. I helped her turn it into something great, and I just been helping her for the past 10 years to stay in her. Good Grace.
Finally 2021 comes around and I get a call and it’s for the land so I sell my house and buy it so now I’m renting rates are real low and the location is gold. I knew if I could get funding I making a profit there’s no doubt about it. Well, guess what happens right as we’re about to close on my first attempt at a loan rates skyrocket, and that loan disappeared , Call Him is not doing bad, but there is inflation. I finally got somebody to lend me at 18% then Bank started to fail and everyone got nervous so that loan fell apart so what I’m trying to get that is every five years it’s like attempted suicide 2011 what is this is my hell the devil lets me get inches away from success and rips it away who knows right
Point being everything I’ve ever had to accomplish in my life I have to work 20 times harder and frankly I’m tired
2 weeks ago my lender calls..Let me back up, they said all I need to get the loan to closing was have my partner who’s builds all over the country with this lender to sign on the loan for his experience, so I got him to agree…
3 week before this call , they wanted a letter of explanation about my past criminal charges from over 15 years ago….
Back to the start….They set up a call and told me they were dropping the loan amount which came to about 200k per loan (2 homes to seperate loans.) closing cost went from 89k to 303k . I told them I have a 10a% contingency but they added one too which took money away from paying off the land to take first position and put it into the budget…
We were set to close in 2 weeks…they use the reason of experience bc my partner is in FL but he used these lenders and builds in Cali while in Florida…so it had to be my background .
Right now , my builder who I work for now, is calling all the wealthy people he’s been building for and still getting turned down. We have both homes pre sold , I am confused out of my mind. So there’s risk but way less than a spec home.
To top it off the current mortgage holder of the land, wont release one lot at a time (claiming the lot not built will lose value) which is a flat out lie, they were the first we went to fund it at a very high rate , one day they backed out, they want to me fail, I know the guy well, I used to be friends with his son.
It looks like I am going to go out the box and try buyer financing as a last resort. She wants the second lot as a yard and I havnt signed the AOS with the 2nd buyer.
Back story, with the loan and partners my bet profit was 430k from both homes.
So I’m good with anything above 400k. I can offer a good deal on the land as incentive . I got it for 360, I give it to her for 400k it’s worth 500k…She finances the build I make over 400k goal more
Or real out the box and see if she just will buy the deal for 1.3M . I still build but it’s hers to do whatever…It would cost her 1,180,000 using 10% contingency …so she’s all in for $2,480,000. She bought the house from me for $2,250,000 , so she gets the land for 330k 40k less then I got it for but I walk away with a approx 700k. I owe 630 on the land…1,300,000 -630,000= 670k . The buyer is loaded , in the big picture it’s a great deal
Unlikely when we do approach with buyer finance, we’re going to say the developer stands to lose a lot of profit if you build a house here so if he doesn’t build it, it’s giving up a big opportunity so he’s willing to do it if you finance the build of your house because I don’t wanna show that I don’t have the money to fund that you know she would jump ship right away
all that said, said I am scared, my hope is the dwindling by the day, and it looks like the probability of being screwed is high and I screwed I mean unable to recover. I can’t get a job because I have a felony so I can’t save up and start over. Wow this is bad never been this word in my life but if both homes sold if I sign that AOS, I’m just gonna have to hustle and find a bunch of people or one person I get this invested wish me luck. It’s been real tough guys and mostly because number one rates skyrocketed ruined a lot of chances of getting a loan number to my experience banks would’ve let me the money if I had built before I can’t believe it though because I mean why is my builders experience who builds million dollar homes all day not matter I ****ing hate red tape but yeah it’s tough guys real tough
if there’s anyone interested in this it’s a ****ing low risk I reward both homes sold you don’t find that that’s a oxymoron. What investment vehicle can you put money in and 12 months receive about 26% on your body and I get that number from $2,990,000 which is the cost to build Bottas that’s about $1.2 million profit I need 400 grand so there’s 800 left that’s 26% you can’t make that in anything right now in 12 months yeah these buyers come back out some .8 months it but number one they lose $300,000 each , number two he gets $600,000 still build and it will sell because the cops these houses don’t stay on the market for more than 10 days the location is gold, so yeah if you’re interested message me cause I’m about to be living with my parents after all my hard work
