All Forum Posts by: Account Closed

Lisa, when did you rezone it?  What is the conditional on the rezone?

Gotcha, prob  too far south for me, but good luck!

@Lisa Hoover, where in south charlotte?  

It depends on each bank. Most likely though, they want a good DTI (debt to income ratio) and clean credit. That being said, sometimes there are mitigating circumstances (a great deal, a larger downpayment, maybe a credit partner that signs on the loan with you, etc). There are other options besides banks of course as well.

If I'm not mistaken, the development there is spurred by government grants.  I do not think any of that is true, market driven development, though I could be wrong.  

Will try to make it again.  @Emery Johnston, see you Tuesday :)

Wow, @Bill Gulley, good to see you on here still.  That was a relatively short post by your standards :)

Definitely, a HELOC is the way to go in my opinion. This way you're maximizing your spread between payments. Unless they're wanting to lock in 30 year fixed money for something else, your HELOC rate goes up, and that's a sign you can charge an extra point or 2 on the loan as well. If they want to stay hands off, Don mentioned Wendy Sweet with Carolina Hard Money. She pays her investors very well from my understanding. Both Don and I know her well if we can help with the connection. As far as rates in Charlotte, for hard money, I've seen anything from 2-5 points, and 12-15 percent interest. Should give them a good spread. I think the hardest thing will be finding solid deals and investors with a track record with 100k to lend. Honestly, given that, I think it'd be worth a call to Wendy, as she already has the deal flow. Good luck!

If Scott's not interested, please PM me the details as well.  Thanks 

@Adrian Becoat, My advice would be to get a set of plans and shop it out to several builders to get an idea of build cost.  A good way to inch into this is partnering with a builder instead of wholesaling the deal to them.  Instead of a 20k (or whatever number) assignment fee, bring the deal at your cost, the builder builds at his cost, and you split profits according to whatever split you all agree to.  Now, you've created a relationship with a builder, and you know approximately heir costs to build.