All Forum Posts by: Account Closed

Sorry about the long title. 

Hello fellow bigger pockets members. 

I own a property clear and free on lake Tulloch CA. The improvements have been made. Water, sewer and power pole. 

The land is good to build on and is zoned R2 multi residential. 

I plan on building a humble two story duplex pair of flats. Under $400K

I have a architect/structural engineer working on basic house plans. 

I want to do long term rental in the property once completed as it looks as though Airbnb has flooded the market of late and there is a shortage of long term rentals in the area. 

The property has a excellent neighborhood and is surrounded by lots of wonderful homes that all have lake access. 

So here is the rub. I’m a part time shop teacher and metal worker. On paper I don’t look like a good investment. I own the land I’m building on and my family owns the house I live in. So my bills are low. But my monthly income take home is about 3k a month. I’m a dad and sole provider for my family and I’ve got about 15k in debt. My credit is about 610. Not so good. 

So how do I get this investment built and working for me. I’m open to all suggestions. Please lay some knowledge on me. 
There must be a creative way to get the duplex financed so I can get a return on my investment. 

Here is a link to some information on the location. 
Link

Thank you. Dan

https://youtu.be/TsZl6nxYjkkHello,

My Names Dan. 45 and a blue collar guy with a small family. 
I had a dream of building a compact 3 unit multi family building to house hack on lake Tulloch in CA. Beautiful lake close to the Bay Area SF. I purchased the land, paid it off. Its got sewer, water and power set up. It preciously had a house on the land that was demolished prior to my purchase so the land has most of the first time taxes paid and has a proven viability. I’ve had soil reports and surveys done. The land is zoned multiple residential R2 and is right by the lake with access to a boat club. But this is as far as I have gotten. I live rent free in family accommodations but I am a part time school teach and have a modest income. I also have about $15k in credit cards that’s killing me after Covid happened. My credits about 620 and so here I am unable to get traditional loans to get the construction done.   I know if I can get the project built that I can get it rented and paying for itself right away. 

 I plan on doing a 3 story set of appartments. 3 compact two bed, one and half bath. All with the same floor plan. 

I’d love to get financing from a hard money lender or someone who can help me get this first investment in the bag. What options do I have?