I’m also a real estate agent and investor in Florida and I work mainly with investors. I have a program that allows us to use the equity in the new construction home (appraisal vs. purchase pruce of land+home) as our 20% down payment. I have built one myself and roughly 10 more for my clients…using a local builder. We pay closing costs, so it’s not a no money down deal, but most deals are put together with roughly $5k out of pocket.
I have just begun to advertise this program and the interest is astonishing. We’ve done 5 homes in May and 3 homes in June. Are they any other financing programs out there similiar to this…I am always open to new avenues…
Development funding for spec building - Posted by Cork Horner
Posted by Cork Horner on July 04, 2003 at 17:16:29:
Hi Ed,
I am on a team investigating residential spec home building in southern Cal in the " mojave high desert" vicinity. i.e. Apple Valley, Victorville, etc.
I would like to hear from you; and other creonline investors, their knowledge and experiences in the present suitability and construction funding for single family spec projects in the high desert. It has been undergoing a boom—when will it stop?
At what level would you want to fund our project[s] in that vicinity?
A quick update. My house in San Diego ready for final insp after a long trying year.
Many issues had to be resolved.
I still have an interest in ‘Barstow Commercial land’ we had discussed.
I look forward to answers and input from you and others.
You think by now you would have learned something about me.
First of all for the record, I returned or attempted to return answers on both your e-mails and returned phone calls with no success of reaching you.
I left messages all 3 times on your voice mail and now have decided that if you really want to reach me, you know my number and that I work long hours into the evening.
I?m not hard to reach Cork and keep my self accessible to my students both current and previous. You know how to reach me.
Co-incedently, I’m a Real Estate Broker/developer From San Diego and am also looking to develop SVRs in Apple Valley. It’s come to my attention that Apple Valley is a hot bed of growth and development. Since Apple Valley is essentially flat, I would like to hear from people in the area who know the more desireable locations.
If you own a lot but don’t want to build yourself, or if you have started building (like poured the slab) and run into problems that seem insurmountable to you, I’d especially like to hear from you.
I would also like to hear from “Angels”, “Elephants” and others who would fund a SFR project that would build as little as one house every 3 months or as many as 3 houses a month.
BTW, Cork, since you are from San Diego, Maybe we could hook up.