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Old May 4th, 2013, 08:11 PM   #1
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Default construction loan....who done it?

Thinking about saying f' it with buying someone else's property and dealing with bidding wars and having someone else fix crap or remodel so the idea of getting a construction loan came to mind however I don't have the slightest clue where do get info or advice. Who's done it? Can you roll in a property purchase, house build and say a pole barn along with house mechanicals? Just exploring the thought.

And no I won't be doing a damn thing with building, that is for the professionals so don't even start with that crap!
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Old May 4th, 2013, 08:15 PM   #2
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Bidding wars in michigan?
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Old May 4th, 2013, 08:19 PM   #3
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Pretty sure you can't get cuntstruction loans anymore
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Old May 4th, 2013, 08:27 PM   #4
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When I got one ......90's...........just went to a savings and loan with a set of plans and a building contract, signed, contingent on financing.

Today?..........don't know.
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Old May 4th, 2013, 08:38 PM   #5
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Pretty sure you can't get cuntstruction loans anymore
huh?
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Old May 4th, 2013, 08:59 PM   #6
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http://greenstonefcs.com/

They will loan you $$ for land, building, equipment, farm, barns....
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Old May 4th, 2013, 09:06 PM   #7
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Awesome. This could be crown jewel in your line of failure to complete projects.
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Old May 4th, 2013, 09:08 PM   #8
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Awesome. This could be crown jewel in your line of failure to complete projects. :sonicjay:
Ouch
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Old May 4th, 2013, 09:18 PM   #9
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Bidding wars in michigan?
yes its happening. i bid on a house that had 6 bids on the first day on the market. i was second highest bidder. -5k from asking and highest bidder was over asking price. people are eating up houses.
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Old May 4th, 2013, 09:21 PM   #10
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yes its happening. i bid on a house that had 6 bids on the first day on the market. i was second highest bidder. -5k from asking and highest bidder was over asking price. people are eating up houses.
This
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Old May 4th, 2013, 09:24 PM   #11
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I'll sell ya 6 acres in Metamora, Skoots..
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Old May 4th, 2013, 09:26 PM   #12
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yes its happening. i bid on a house that had 6 bids on the first day on the market. i was second highest bidder. -5k from asking and highest bidder was over asking price. people are eating up houses.
I don't see what is so hard about buying a house. I wasn't even house shopping and I bought one. My neighbor stopped by the day before I left for Colorado and offered me his absolutely beautiful, fully furnished house for about 60k less than what it was worth so I bought it that day. Too bad I cant live in it til I get home in November.
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Old May 4th, 2013, 09:29 PM   #13
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I don't see what is so hard about buying a house. I wasn't even house shopping and I bought one. My neighbor stopped by the day before I left for Colorado and offered me his absolutely beautiful, fully furnished house for about 60k less than what it was worth so I bought it that day. Too bad I cant live in it til I get home in November.
most houses ive found in the areas im looking in are gone in like a week or 2.
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Old May 4th, 2013, 09:34 PM   #14
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most houses ive found in the areas im looking in are gone in like a week or 2.
This house wasn't even on the market. He was thinking about putting it up for sale and decided to stop by and tell me about it. The best part of it is it butts up to my property, barns and piece of shit house I was living in. I was planning on building new but this worked out waaaaay better.
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Old May 4th, 2013, 09:45 PM   #15
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How is having your neighbor come up to you and offer to sell his house to you the same as someone out searching for houses on the market and competing with every other person looking searching for a house?
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Old May 4th, 2013, 09:48 PM   #16
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Awesome. This could be crown jewel in your line of failure to complete projects.


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Old May 4th, 2013, 10:08 PM   #17
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Awesome. This could be crown jewel in your line of failure to complete projects.
Sad to say but I can't argue with you on this I've seriously tryed to buy 2 houses so far and put in probably 6 offers on other houses and failed.

However it would be very difficult to fail at paying someone to build a house for me. I would almost have to assist in causing the f' up lol. Unless the builder was a complete pos like what they show on mike Holmes show
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Old May 4th, 2013, 10:26 PM   #18
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Originally Posted by chadcooper55 View Post
I don't see what is so hard about buying a house. I wasn't even house shopping and I bought one. My neighbor stopped by the day before I left for Colorado and offered me his absolutely beautiful, fully furnished house for about 60k less than what it was worth so I bought it that day. Too bad I cant live in it til I get home in November.
Its difficult when what your looking for is in short demand. I want a little bit of land with a house in good shape that already has a pre existing pole barn. I want to live in a particular area so I can be close to a major freeway but far enough away so I don't hear road traffic. That can be a small pond.

Case in point: Google: 2735 north latson rd. Howell MI. I looked at this property today, its been on the market for less then 15 days I think? 10 acres, modular home built in 1994, has a pond and a huge pole barn. On the market for $199k. Its already sold, foreclosure. Here's the kicker it was a wreck! Had major foundation and house issues, was completely trashed. Id estimate at least 50k just to make the home habitable, probability closer to 100k for the entire property to bring it back to a slightly nice place.

What you don't want is in high availability. What you Do isn't.
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Old May 4th, 2013, 10:33 PM   #19
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Quote:
Originally Posted by Skooter_Built View Post
Its difficult when what your looking for is in short demand. I want a little bit of land with a house in good shape that already has a pre existing pole barn. I want to live in a particular area so I can be close to a major freeway but far enough away so I don't hear road traffic. That can be a small pond.

Case in point: Google: 2735 north latson rd. Howell MI. I looked at this property today, its been on the market for less then 15 days I think? 10 acres, modular home built in 1994, has a pond and a huge pole barn. On the market for $199k. Its already sold, foreclosure. Here's the kicker it was a wreck! Had major foundation and house issues, was completely trashed. Id estimate at least 50k just to make the home habitable, probability closer to 100k for the entire property to bring it back to a slightly nice place.

What you don't want is in high availability. What you Do isn't.
I see what you are saying, I was just talking shit. I just got increadibly lucky. He had it for sale a few years back for 180 and didn't get any takers because of the market at that time. I think he was just discouraged. He bought it for 200k 7 years ago and put 30k into it since. I stole it for WAY less than 180. He is even leaving it fully furnished. I can say it was the deal of a lifetime.
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Old May 4th, 2013, 10:50 PM   #20
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I hear Wes Ternsky offers loans....
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