All Forum Posts by: Khang Pham

Thank you kindly!

Hey everyone, I have my 2nd property under contract in 77051 and I am thinking about making this SFR conversion to a duplex as well. The lot on this property is a massive 9900sqft! This has a lot of potential. I am looking to network, connect, share, and throw some ideas around regarding budget and time on this project.

I did my first BRRR in the Thirdward area next to UH and it's been wonderful seeing all the great changes.

@mark sewell do you mind connecting me with your friend who did that third ward conversion? Also I see that you're a lender mind I ask what kind of loan products that you provide?

Thanks everyone!

I know I am late to this party. However, I am still interested on getting the answer for how to acquire financing to purchase a lot of land and build a new construction duplex on it.

Anyone have suggestions on how to approach building a new construction duplex in Houston TX? Is there a certain name to these type of loans?

Experience: I've completed my first BBBR property with a 800sqft addition to the existing structure. My partner has 5+ years experience in building $400k-3m new construction townhomes and SFR flips all over Houston. He works for his builder company but he is not very savvy when it comes to financing.

We want to build some rental property of our own since that would be a new challenge for the both of us. Also, majority of BRRR prospect properties are quite a struggle since they require the same amount of effort, but the reward of a new construction duplex can provide a better return.

Cash $40k

New construction cost for the duplex: $160k

ARV: $250-260k

Land cost: 5,000sqft and 10,000sqft, $35k and $60k respectively

-No I do not own the land out right, I want to know if there are loan options out there to acquire the land and pay for the new construction. If not, do I have to do 2 loans- one for the land and the other for the new construction?

-I am low on capital, I can't put all of my money to purchase the land and not be able to front the funds for the construction process 

-I've spoke to 6 hard money lenders and it seems that all of them only lend if I own the land

-Anyone have any referrals on lenders that offers this kind of financing?

Thanks in advance!

Anyone have suggestions on how to approach building a  new construction duplex in Houston TX?  

Experience: I've completed my first BBBR property with a 800sqft addition to the existing structure. My fiance is my partner and has 5+ years experience in building $400k-3m new construction townhomes and SFR flips all over Houston.

We want to build some rental property of our own since that would be a new challenge for the both of us. Also, majority of BRRR prospect properties are quite a struggle since they require the same amount of effort, but the reward of a new construction duplex can provide a better return.

Cash $40k

New construction cost for the duplex: $160k

ARV: $250-260k

Land cost: 5,000sqft and 10,000sqft, $35k and $60k respectively

-No I do not own the land out right, I want to know if there are loan options out there to acquire the land and pay for the new construction. If not, do I have to do 2 loans- one for the land and the other for the new construction?

-Anyone have any referrals on lenders that offers this kind of financing?  

Thanks in advance!

Hey I am game looking to network, network, share, and learn more.

@Matthew Gullo

Awesome! Please keep us informed when and where. Thanks a bunch!

Hello, are you guys planning to have more events in 2021?

Thank you so much! Let me know if there is any way I can help. Where are you investing in?

@Sandy Sawyer

Thank you Sandy! Please message me your email :)

@Brendon Brooks

About cash flow, I have a roommate that stays with me and we are splitting 50/50 on the mortgage basically cut my rent expenses by 60% vs living by myself in an apartment.

If I were to rent this property out, I would net $600 cash flow.