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construction loan....who done it?

7K views 87 replies 31 participants last post by  Lousypirate 
#1 ·
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! :finger:
 
#76 ·
We just sold our house, took 6 weeks. Lost out on the place we were wanting to buy, by one day. However we found 11 acres with a new 26x36 garage on it and will be signing on it today. Going to sit on it for a year and pay it down as much as we can before taking out the construction loan, this will make for a great building.

We are building around our motorhome, 50x80x16 with living quarters at one end. This is the best option for us as we looked at everything for sale within a 50 mile radius, it was either over priced or under water. Having a building already on this piece made the sale for us.

Long story short, we did a vacant land loan with 20% down, throw a bunch of money at it for a year, take out construction loan and build what is wanted. And we get to camp all summer long!
 
#82 ·
Kerry and I bought just as things were going in the shitter around here. We ended up buying something for less than half of what we could have bought. Never once through my back problems and joblessness were we strapped for cash.

After hearing all of this talk of bidding wars and houses selling before they go on the market maybe its time to list it. :sonicjay:
 
#84 ·
the place we are in now was on the market for 3 days and they had 5 offers ! (this was 3 years ago) we got the hose for asking price and the only reason why is because we had cash down. someone offerd $8000 over asking but didnt have cash down lol
 
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