All Forum Posts by: Manish A.

@David T.

Your advice is appreciated!   In this market a "really good deal" doesn't last long, so we were trying to meet with lenders in advance to get a pre-qualification / pre-approval.  Is this thinking wrong?

Is this the template you were referring to?

Thanks!

@Jerry Padilla

No the lenders I have spoken to did not run any credit info, they basically turned me down over the phone because of lack of experience without inquiring about anything else.  

Yes we have a good amount of cash reserves and credit score 800+

Miz

A friend and I are looking to do some investing in single family homes - involves rehab or new construction.  

I've spoken to a few bank lenders, once they know we have little to no experience, it ends there.  They're not interested to even consider lending, or in most cases even meeting.   One wanted to refer us to "hard lenders" and basically said come back when you have a few projects under your belt.

What should we do?

Michael I like your approach.  

Any specific examples of questions to ask?

Hi

Looking to do some investing in single family homes.  I know the realtor is a very important part of the team, any advice on how I go about choosing the right person?

Miz

A friend and I are considering buying, demolishing, and building a home from scratch. We live in a pretty hot and competitive market. We have a moderate amount of cash reserves.

We are both new to the lending process. Which of the following is a better approach?

1) Using up our cash to purchase the home without financing, and then taking a equity loan on the property (if needed) and obtaining a residential construction loan. Would taking an equity loan on the property even be possible if the plan was to demolish it?

2). Assuming we qualify, obtaining a construction loan to finance both the purchase of the home and the construction costs?

Can anyone mention a couple of advantages / disadvantages of the above 2 approaches? Wouldn’t using the first route give us a competitive advantage in being attractive to the seller to be able to buy quickly all cash, or does that not matter so much?

Would a reasonable next step be to meet a lender and discuss possible future plans, or is it too soon to meet a lender? 

Thanks in advance for any advice!

Miz

Hello

I've seen many books on buy and hold, buy and rehab.  When I search for building a new home I get a lot of books on how to physically build a new home (framing, electrical etc).  Not exactly what I'm looking for.

Can anyone recommend any good reading material on how to buy an old home for the purpose of demolishing it and building a new one from scratch?  (ie hiring a builder to do the work).

Thanks

Miz

What about hiring a company to do a marketing study / analysis?  Can anyone recommend such a company?

Also would anyone mind explaining what would be the difference between that and using a commercial appraiser w/ MAI designation?

Thanks!

Joel thanks for your response!  Would you mind answering a couple of the questions in my previous post?  (about 3-4 posts up)

Thanks

the properties are zoned CSC (commercial shopping center).  They do not need to be rezoned.