All Forum Posts by: Kwanza P.

Is there such a thing as a secured hard money loan ?

Also, can I trade equity for a fast loan ? 

Is there such a thing as a secured hard money loan ? If so, where do I apply ?

Also, can I trade equity in return for a fast loan ?

Hi Hiren,

I am also interested in land and building. I’m new at this and haven’t made a purchase yet. I don’t think you can do all of this alone and you will likely need to build a team of experts. Get referrals but I get that’s hard to evaluate when you’re just starting out. So you may have to go with your gut at times.

Being new to this , I think at minimum you need: 1) an experienced agent who knows how to buy land and has a network and is familiar with all of the above that you’ve listed 2) a real estate lawyer who has partnered or at least supported these kinds of deals and partnerships and can review documents before you sign 3) an experienced builder or contractor who knows the LOCAL area and has built in the area you’re targeting, has contacts at the planning office, knows the regs, pitfalls and workarounds and can give a trustworthy estimate of costs and timelines (this is where a lawyer can also come in handy so they can build in safeguards before you get started on the build) 

Most ideally, I think you’d want an architect who already has all these people on their team or at least in their network. And research their credentials in addition to speaking to past clients.

Some tips I got in identifying land for builds :

1. Avoid trees because removal can get costly and timely regarding permits 

2. Avoid slopes as this makes the build more costly 

3. Avoid septic and if possible, only build where utilities are already established (I’m still lending exactly what this means)

4. Prefabs are actually better quality than stick and take less time to build at a lower cost 

Best strategy I’ve heard is to find an old house that is already connected and either build on top of the existing structure or demolish and build a new. You might even explore hazards or distress. Like a house that burned down (but just that house because you want to avoid high risk zones) This way you avoid lost time and dollars chasing permits and municipalities or utilities. 

Would love to hear more once you find something. Again, Im at similar stages. 

Researching land acquisition for new builds in Texas and Northern California.

Kwanza

Anyone a pro in using Bigger Pockets' STR calculator (excel spreadsheet) who'd be willing to look over numbers with me ?

I've used the calculator 5 times and each property (diverse asking prices) are showing negative COC ROI. Wondering if I'm doing something wrong or missing something.

Would love to get a second pair of eyes  !

-Kwanza 

I’m interested in buying land to build. Based on my research, these are the assessments that I’d want to get as part of my due diligence.

Anyone know if ONE company can do all this in-house? Or any referrals for any companies (types or actual companies) that could at least do parts of the work below ? States I’m interested in buying land are : California, Texas, Ohio, Alabama, Virginia. 

1. Topographical Survey:
- Land Surveyor: Licensed professionals who specialize in measuring and mapping land.

2. Soil Analysis Report:
- Geotechnical Engineer: Experts in soil mechanics who can assess soil suitability for construction.

3. Environmental Impact Assessment (EIA):
- Environmental Consultant or Specialist: Professionals trained in environmental science and regulations who conduct impact assessments.

4. Zoning and Land Use Regulations:
- Land Use Planner or Zoning Attorney: Experts who understand local zoning laws and can interpret land-use policies.

5. Infrastructure Assessment:
- Civil Engineer: Engineers who design and assess infrastructure such as roads, utilities, and drainage systems.

6. Flood Zone Determination (or fire for California)
- Floodplain Manager or Environmental Engineer: Specialists who assess flood risks and compliance with floodplain regulations.

7. Development Costs Estimate:
- Construction Engineer or Quantity Surveyor: Professionals who estimate construction costs and budget for development.

8. Historical Use and Land Features:
- Environmental Historian or Land Use Analyst: Experts who study the historical context and features of the land.

-Kwanza

Thanks all. I learned that a percolation test was done in 2022. Grade is A. The lot is not serviced by water main but there is a well. Septic system will need to be added.