All Forum Posts by: Rhett Stephen Lowe

My wife and I are planning to build a house this spring, We have been pre approved by GreenStone for up to $400,000.00 and our loan officer has been extremely slow and unresponsive. The house will cost around $200,000.00 to build, estimated time to complete the build is one year. We originally wanted to break ground Fall 2020 but due to lack of response from the agent, we weren't able to. We put the process on hold for the winter as we weren't going to be able to start with the cold weather - we are also expecting so we prioritized baby over house for the time. We're shifting our focus on getting the loan and starting the build but are having the same issue with the agent. Our next step is to speak to Greenstone and get a new agent but I've started to think about approaching a hard money lender or private lender vs. Greenstone. We went with Greenstone initially because they are the only lender in our area that will provide DIY loans but since it's been such a disappointment so far, I'd prefer to go with a private/hard money lender. Does anyone have advice on initiating contact with a private/hard money lender in my area? We are in SE Michigan and own a 2.5 acre plot. We've done all of the legwork for the build, received quotes and sworn statements for material and labor. We perked the land and found out that we have to do an engineered field and have those plans paid for and ready to go.  Our plan after the build is complete is to refinance with a mortgage company, with 30 year mortgage. We are new to the process so any tips on how to get started working with a hard money lender are greatly appreciated.

@Jaysen Medhurst Thank you for your reply and the helpful insight. I got pre-approved for a loan and am looking for a house to buy in Michigan. I have looked in my area for a MFR on all of the major real estate websites like Realtor, Zillow, etc.. and have not found anything, How would you go about finding a deal when there is not much on the MLS.

There are a few single family houses that have caught my attention, Maybe a possible Live in Flip

Hello everyone, I have been stuck trying to figure out which route to start my real estate investing. My fiance and I currently live in my parents basement so we have little expenses. We are getting married august 15th 2020 and my parents are gifting me 2.5 acres in Howell Michigan. I have been drawing blueprints for our house that we will be building, we will only be subcontracting a few things out like the foundation and septic field. We will be doing everything else our self's. My plan is to fund the build with greenstone's D.I.Y loan then after the build get it appraised and do a Cash-out refinance so we have some money to buy a Duplex or single family house. 

or..

Hang onto the land and purchase a duplex live in one side rent the other..

Thank you!

Congratulations! Do you have any tips and tricks for the new investor? How did your first deal go?

Thank you everyone for posting on the forums, I love reading what everyone has to say. I am finding my self reading on bigger pockets more and more, and reading less on social media and other pointless websites. I look forward to networking with like minded individuals. This is a great opportunity to learn, thank you.