All Forum Posts by: Cory Gerlach

Thanks Jon, I understand.   When do you have to start making payments on the construction loan?

Jon, thanks for the information.  Can you elaborate a little more on the operating capital that will be required?  What do you mean the bank won't fund draws until the work is completed?  Do you mean each phase of the work or completion of the total project?  How does a construction loan work.  I apologize for my ignorance with all of the questions.

Should I pursue a construction loan?

For the last 2 years, I have been trying to determine the best strategy for me to get started in real estate investing.  I have strongly considered flipping, buy & hold, and spec home building.  I have finally determined that spec home building would be the best option for me and I want to get started with the first home.

I now need to determine how I am going to finance the project.  I own a primary residence with around $180K equity and have >$50K in the bank.  I am looking for some advice on how to finance this project.  I really don't know where to start.

Can't wait to get it.