All Forum Posts by: Darlena Jones

Oh and, what ever estimate for time and money you come up, double both.  It will take twice as long and will cost twice as much.  I guarantee-freakin'-tee it.

I guess you'll need to ask your Hard Money lender that question.  I understand that HM was for quick/short jobs (less than 3ish months) - I didn't know they would go a whole year.   We get construction loans through a regional bank.  Have you talked with them?  The rates will likely be more favorable.

If you're going through with this, I would encourage you to visit your local REAI group and see if there's a person willing to partner with you; a person who has a construction background.  While I admire your moxy, I'm afraid for your checkbook; construction subs will take advantage of you if they think they can (apologies to any honest subs out there).  As a GC, we have seen more than our fair share of good ones and bad ones. 

As for your credit being poor, you might think about other ways to build your credit like a pre-paid credit card that will report to the credit bureaus.  

Good luck.

That house looks like it needs to be bulldozed.  The land is likely worth a lot more than the house.  Please reconsider this deal.

Any chance you can hold off leaving your W2 job until after the refi?  With self-employment income, the lenders will want to see 2-3 years of stable income.  It will be much easier for you to keep your W2 if possible for now.

Oh, and start listening to the podcast.  I take a walk at lunch and take Brandon and Josh with me everyday.

Have you considered joining your local REIA group? Most places have one. Meet someone you want to emulate and take that person to lunch :)

Welcome!  I'm in Springfield too.  :)  We build spec homes and just got into the rental game.  

A lot of hard money lenders are nationwide.  If you look in Marketplace and search for "hard money lenders", you'll find a list.

Have you listened to the BP podcast?  Go for a long walk every day and just listen.  You'll learn a lot.

You'll have an easier time finding a mentor if you bring something to the table.