My first house in 2005 was 5.75% new construction for an 80% 1st and 6.875% for a 15% 2nd and 5% down with no pmi.

BTW - we used to offer new-construction homes exclusively, but when the housing market "crashed", builders stopped building and new-construction dried up overnight.

Since you are doing some new construction - you also might enjoy this thread:http://www.biggerpockets.com/forums/48-general-real-estate-investing/topics/90068-diary-of-a-new-construction-projectAlso be sure to get some Keyword Alerts set up, perhaps for "new construction" or " Odessa" so you can jump into the conversations that matter to you!

I would like to buy it as-is, but potentially partner with the investor to provide construction financing to complete a 600 +/- addition to the rear of the structure that would have two or three bedrooms and at least one more bathroom.Here's my thinking:Prices have risen here about 30% since January 2012, so $110,000 + $33,000 = $143,000, but I don't want to pay the investor for the money he has shelled out for engineering and architecture work.

The trick here is that your purchase price will be found and your LTV adjusted, but you will receive the credit from your buyer at the contract price.

I had a new construction investment house within 10 minutes from my primary residence a few years back and I was over there every day.

:D3) The niche I choose will best suit the area(s) I intend on investing.Since I come from the construction and engineering field, I know/Seen the impacts of not having a plan to follow...crooked walls and warped floors are never good!

Anyone who will call a contractor to adjust a toilet floaty ball is not okay with me.I also like individuals, I can't stand property management companies.

Bruce, You may want to try a construction lender.

I cant estimate repairs, but i plan on have a friend that has been around the construction field for 20 years come with me.