We are based in Tampa, FL and are sick of the god-awful heat and influx of luxury apartment construction.

I am a bit hesitant to buy in a rental knowing that the value of homes may stabalize or begin to go back down soon.I would be willing to wait on a new construction to complete.

Hi BP Family,If I were to purchase a plot of land zoned for multifamily and then build a duplex, will the bank require a cash closing on the land and then a construction loan to build?

That's why I came here to get some feedback on it- we are still constructing our deal and the details of that deal.

If you have construction knowledge, that may be a plus for a value-add deal.Without any capital or experience, it is going to be hard to lock up a property, so my advice is to partner with someone.We do this occasionally with talented individuals who want to add value to the sponsorship.

One thing that I haven't done yet but I think will be beneficial for me is hopping in a plane for a few hours and flying a predetermined path noting new growth, infrastructure construction etc.

He works on residential, commercial, new construction and rehabs.  

Unless you have some experience with construction or real estate, I would probably stay away from flips in Dallas for your first investment.Basically whatever budget you have and however long you plan on the project taking, double both.  

I’ve been involved a couple of construction related suits, it’s never fun, and you’re not likely to be happy with the outcome.  

I am familiar with his work, families know each other the whole nine.I financed it with hard money, front loaded the construction contract (So we could get ahead concerning draws) and spotted contractor 15k out of pocket to get through soft cost and get the project rolling.