All Forum Posts by: Ryan Sweeney

@Jim Thomas The builder would actually be the architect who designs it OR another local company OR a JV between the two...both who is familiar with the product.

@Tim Swierczek Thank you.  I own the land already, but I understand what you are saying.  Thank you for your time!

@Jim Thomas, yes but would this stock plan cover the use of SIPs?  Not to say anyone can throw a drawing together, but as @Carini Rochester discussed, what that drawing crossover/take into account the construction with the material?

@Tim Swierczek.  When you say gut check, do you mean simply call without them without my portfolio (floorplan, project cost, anticipated income, etc) and just see if someone like myself would qualify given my general background data allowing me to see if this is even a course of option? 

The builder wants a drawing before proceeding.  He recommended two designers that he has worked with and would be knowledgeable on SIPs.  One, said just the design would be $14k.  The other, who is a home builder as well, I know has used the product before as seen in his portfolio, is asking for 4% (which at 2x $200k- deducting the material I will bring- is around $16k.  He asked if I wanted to hire him to build as well.  I prefer the original home builder, but could get a cost from both.  The dilemma still remains about who do I get to do the design first before I get quotes from the builders, before I present to lenders.

Thanks @Carini Rochester, about what I figured, just needed a sanity check.

The construction company, who builds net-zero homes and has used SIPs, recommended the two architects.  One, actually builds environmentally friendly homes (to include SIPs) here and there, but mainly focuses on the drawings these days.

Hello Everyone,

I have scrubbed through several threads and haven't seen anything that could help me.

I am going to build my first two (investment) homes on empty lots that I own.  I am looking for general guidance for the journey (good updated book, website, etc.) which I can reference.

The overall concept is in my head. I have read the POA ACC rules, know what I can and cannot do, have a general checklist to move forward on that end (albeit slower than someone with experience).

I am planning on providing my portfolio to local banks (cost of projects, estimated ROI- short term BnBs, etc) to get a construction loan followed by a refinance to mortgages (ideally with the same bank).

I am stuck on how/where to begin the floor plan...The home designer vs Engineer vs Architect.

I am leaning on 1 of 2 companies to do my custom home builds.  I want them to run the project, but want to be deeply involved so that I can learn along the way (development is going to be my path forward in Real Estate).  This is in short of having a mentor in development/home building.

The plot thickens a bit because I own the materials, SIPs panels, and need a designer who understands how to generate a legitimate floorplan for these eco-based home builders.  

Two local quotes (with knowledge of SIPs) came out similar (~$14k and $16k).  It seems very steep to me, but my gut is telling me that going with a drawing off FIVERR or UPWORK will end up being a waste of money given the uniqueness of the home/materials I am building.

How would you proceed?  Is the price fair for such a unique project?  What are experiences getting cheaper home designs online?

I am located around Austin, Texas

Thank you

Ryan

@Brian Eastman

Makes sense. Thank you for your input.

@Fabio Marciano

I haven't. Staying with quest trust for now and looking at maybe IRA financial or uDirect in the future.

Trying to balance keeping the cost low, having that checkbook control, and still having a team to help educate me.

I am not turning enough over at this moment to warrant a change...and I am still figuring out how to partner with my LLC if at possible.

@Brian Eastman

Thank you Brian.

I thought have read that you could partner with your LLC On initial purchase, it was when it came to the project you arent allowed benefit.

So could my IRA own say 20% and my LLC own 80% and then my LLC hires my partner instead of JVing?

I am pretty confident your answer will be NO, but still just trying to wrap my head around this with all the stuff I have read and understanding how and when it is ok to partner.

My LLC is in a JV on a build (LLC owns the lot) Provided this goes well, my partnership will expanded to include a build on my next lot (owned by my IRA). I want to flow money into my IRA, but want to flow money into my pocket so I can gain financial independence here and now.

The JV is working on a 50/50 split on construction lending.

What is the best bet for the future 3 way partnership with my SD IRA (if any)?

Does it have to be profit sharing 1/3 each (Ira gets approved for loan)?

Or can you my LLC cover the entire loan and my IRA recoup its percentage of the profit (which if it only purchases land, should be around 8-10%).

Is best/legal/safest to split evenly? My partner is open to whatever really, it is mostly about leveraging my capital via my IRA and legally putting as much money into my pocket.

Thank you

Ryan