All Forum Posts by: Daniel I.

I've been trying to find a new construction loan for a primary residence here in Southern California, but the last mortgage broker I talked to said new construction loans had been temporarily discontinued. I was told between uncertainty with COVID and low interest rates keeping lenders backed up with paperwork, they often remove products from their offering. 

I've reached out to many banks and have had a hard time even getting responses and when I do, they tell me they don't offer new construction loans.

If anyone have any lenders they've worked with recently on a new construction project and would share that with me, that'd be super helpful!

My wife and I are looking to purchase a non-owner occupied property and turning it into a high-end vacation rental. 

It'd be a $300k purchase price and likely $200k-$300k in rehab to give it what it needs to be competitive in the market and demand a high nightly rate. The returns on this investment have such potential that it'd cover even a high-interest loan, so we are trying to find a way to make it happen. 

We were thinking of getting a mortgage on the property and then secure funding for the renovation, but then that only provides a second position on the property for whoever lends the rehab money. Since we can only afford a down payment on the house itself, we're not sure how to go about getting the rest of the money. 

We also have a separate business with good revenue and were wondering if our other business could get a loan to help fund the rehab, but not sure if it'd be enough. We're just curious if there are any other strategies outside of raising private money to make this happen. 

Any thoughts would be greatly appreciated. 

I've owned a piece of vacant commercial land down near College Park off Roosevelt Highway for about a year and a half and finally got a buyer for it. He wants me to pay for a survey and so far the only quote I received was $4,600. That sounds absolutely insane to me, so I was hoping someone might have a solid recommendation for me. The property is only an acre, but has split zoning, where a back section is zoned residential. I have no idea why a boundary survey would cost this much, so I'd love a recommendation from someone!

Hi @Chad Bowman. I've done a little land flipping and would definitely recommend you  check out Seth William's site, ReiTipster.com for a wealth of free resources to help you get started. Feel free to hit me up with any questions as well.

 I'm actually looking for an agent in the Atlanta area. Thanks, though.

 Thanks for the recommendation. I have a call out to Billy.

I currently own a vacant, commercially-zoned lot off Roosevelt Highway near College Park and am looking for a phenomenal agent to get it sold for me! If you know anyone, please let me know.

I have a wooded residential lot located in the water-oriented community of Placid Bay Estates in Colonial Beach, VA. Public sewer and water is available. The lot is 60'x150' (9,000 sq. ft.).

Placid Bay Estates has 4 lakes, and access to the Potomac River via Mattox Creek. Private facilities include 2 fresh water lakes for swimming and fishing, a boat ramp with parking, and a beautiful community center with a full kitchen overlooking Mattox Creek (available for rent) . It is a planned community with some covenants. Voluntary membership in the association is $50/year.

Easy drive to Colonial Beach, Dahlgren, and Fredericksburg.

Asking $4,500.

Flipping raw land in general can be a good business. A lot of people focus on more rural areas where they can get a lot of acreage for a small price. You can target tax delinquent properties (and can obtain a list of them from the county) and start a direct mail campaign. I personally flip land nationwide and it certainly is time consuming and has a lot of intricacies to figure out, but can be a good way to get started in REI.

Check out Seth William's episode on the BP podcast here and his blog on land investing here which contains a wealth of free information on the subject.

There are a lot of buy-and-hold investors in Indy as well as turnkey providers. If you're serious about it, set up meetings with local investors and make a trip out to Indy. A lot of turnkey providers would be glad to give you a tour of some of their properties and you'll really get a feel for the neighborhoods that you can't over the web. It can be a great rental market as long as you educate yourself about the market. At what rent rate does your tenant quality drastically improve? Is a duplex in Bates-Hendricks a good investment? What about a SFH in South Fountain Square (is South Fountain Square just an agent term for another not-so-desirable area?)? You'll want to know answers to questions like these and many more so you know what you are investing in, what the area is like, and what type of tenant it will attract.