All Forum Posts by: Gregory Wesley

I'm currently finishing up a rehab and my partners and I want to keep the home. We own the home free and clear. Our hope is we can rent the home and tap into the equity to use on another project. The home value is ~$250K(I'm a broker and I pulled comps). The home is owned by the LLC and there are 3 partners. One partner is employed and has over an 800 credit score. The other 2 partners are self employed and have scores in the mid 600 range. What do you guys think is the best way to tap into the equity? DSCR, Cashout, HELOC, Conv Mortgage, Hard Money. I've looked at all of these.

I'm finishing up my 3rd new build and I have managed the subs on each of these.  I have a GC who did the frame on all 3 of my projects.  I'm considering having him be my GC so that I can free up time.  Managing subs uses up all of my time.  What's the going rate for bringing in a GC?  I'm building outside of the Houston area in an unrestricted area.

Thanks @kevin 

@Kevin Romines Both of the first 2 builds have been VA loans. I have a VA builder id. What are the lenders looking for during their due diligence? Do I need to put something together to show for my completed projects?

I’m currently finishing my second single family spec home(under contract) and beginning construction on the third project.  So far my partner and I have used our own cash to acquire the lots and build the homes.  I have someone who wants us to build on their lot.  We would like the buyer to obtain her own financing and then we build her home.  I previously had a bank tell me that they require builders to have 3 completed projects.  Does anyone have ideas on how we should structure this deal?

I am preparing to break ground on a single family home in Rosharon and I need to get some bids for scrapping the pad and adding dirt. Please let me know if you know any contractors who can get this done.

@Kevin Goodsell gotcha thanks 

@Roger Crooks I will reach out to them.  Thanks for the info.

@Kevin Goodsell that’s awesome.  I own my lot free and clear so I may be able to use that equity for a down payment.  I have an friend who’s interested in investing.  I just keep going back and forth on whether I want to do financing or investors to fund the project.

@Kevin Goodsell thanks for the reply. How did you come up with the equity you have?  Is that based on comps?

I have purchased a 2 acre lot in a neighborhood that's been subdivided already. I am looking to build as an investor. I'm a broker and have working knowledge on the construction process but I've never done my own project. I have investors who are interested in funding my project. I'm looking to get a budget, detailed plans, and a schedule. I'm thinking that I can take this info to my potential investors or to a lender if I cannot secure the funds privately. Can anyone point me in a direction of where to start on getting my budget, plans, and schedule?