All Forum Posts by: Lupe Arredondo

I need some insight and opinions. My partners and I are trying to decide on building house that will be affordable to end users $100K-$130K, but "easy" on the pocket.

We are currently think of building multiple small modest homes that we can build on the cheap without giving up on Square footage. In your guys opinion, is 1200sq-ft to small? The neighborhood has a lot of old houses at 900 sq ft or smaller, but it has a great community of people. 

Size is my primary concern. Money is not really an issue, Just size.

The over size lot has all the utilities in them, and the road are already paved. Last improvement where made 15 years ago. I don't know why the owner did not go all the way. We checked the County records and it shows there is five individual lot and so does the city, but from some weird reason, it shows up as one large lot. I don't know. Worse case scenario, we can put 2 muti-family. 

We  have a large vacant lot under-contract. We did a little due diligence on the lot before signing and we have 4 more days to finish research on this property before the contract locks us in.

So, my question is. Since we plan to subdivide the lots, does each lot has to have their own survey done to complete the subdivision?

I would start at speaking with hard money lenders. I attached a link to a lender I used to work with a while back. They are decent. They are featured lender on this site as well. Good Luck.

http://www.shermanbridge.com

You can do it, but it will require PMI and a strong FICO score.

The lending firm is on the level. Never had any trouble with them. I rarely use them because sometimes, they have terminology I never heard of. I used lending firms for 3 years and never- ever heard of a loan bio. I already turned in the LOE for a cash-out. When they threw this at me. I was kinda taken back by it. Its just going to be a short term loan anyway. Just cashing out a new construction project to move on to the next one.

I do need to find a new lending firm. I don't want to work with a bank. They are worse.

My name is Lupe and I kinda left scratching my head trying to find out what is a "loan bio"

I am in the process of doing a cash out refinancing on one of my properties. One of the conditions I have to meet is to provide a loan bio. I asked my lender what a "loan bio" was. He just told me to google it. Not much help there. I pasted the condition below.

"7. We need a ‘Loan Bio' for Subject Property (This should be a detailed itemization about the property's back yard, T-Pole in the backyard, kitchen appliances, lighting fixtures in all rooms, etc.)"

Does anyone know what he means?  

Oh! I see. How can I get a good start in networking with people?

Hi everyone. My name is Lupe. Any ideas on what to do next?