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Started By
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Construction Loans and being your own general contractor?
Posted on 7/21/13 at 1:42 am
Posted on 7/21/13 at 1:42 am
Anybody know which companies allow you to do this?
7
Posted on 7/21/13 at 2:07 am to vettegc
Small town banks may be your best bet. I am building a house right now and am the contractor. No real issues so far. The bank we are using is real easy to deal with. Just call and tell them how much I wrote the check for and it's done. We owned the land free and clear. We also had approx 1/3 of the total in cash upfront. It's been a pretty straightforward process so far.
Posted on 7/21/13 at 7:16 am to pdubya76
I know the bigger banks like BBVA will not loan you money due to the risk that you aren't a licensed contractor. I went to a local smaller bank and didn't have a problem getting my construction loan.
Posted on 7/21/13 at 8:05 am to vettegc
As the others have said your best bet would be with a smaller local bank. I built 2 years ago using a construction/interim loan from Citizen's National Bank in Bossier City. Never used them before as I have always banked with Capital One/Hibernia.
Posted on 7/22/13 at 10:01 am to vettegc
quote:
vettegc
how do you suppose you're going to be something you're not? how are you going to purchase a builders risk policy?
Posted on 7/22/13 at 10:06 am to vettegc
whitney bank will but the terms are different than if you have a general contractor.
Posted on 7/22/13 at 11:15 am to Chad504boy
quote:
how do you suppose you're going to be something you're not? how are you going to purchase a builders risk policy?
People do it successfully all the time.
To get a builders risk policy just call your insurance company and tell them your building a house. Its not hard.
Posted on 7/22/13 at 2:01 pm to vettegc
I'm doing this now.
Saving prob around 30-40 sq ft.
Smaller bank.
Saving prob around 30-40 sq ft.
Smaller bank.
Posted on 7/23/13 at 5:44 am to ScottieP
Mine is insured through State Farm.The builders risk policy converts to the normal homeowners once its complete.
Posted on 7/23/13 at 9:06 am to pdubya76
quote:
Mine is insured through State Farm.The builders risk policy converts to the normal homeowners once its complete.
Exactly what I did. Not really sure why this was questioned by a previous poster. Was actually one of the easier things I had to deal with to get construction moving.
Posted on 9/16/13 at 11:06 am to TIGRLEE
quote:
I'm doing this now.
Saving prob around 30-40 sq ft.
Smaller bank.
Sorry for the old bump
Didn't realize one could save that much by contracting it yourself. Seems like a no brainer for anyone who is looking to build like myself.
Posted on 9/16/13 at 12:57 pm to vettegc
I went through Trustmark a few years ago. Didn't have any trouble back then, but their regulations may have changed since. I'd just send them an email on Thursday morning telling them how much I needed put into the account, and it was there on Friday for me to write checks.
On builder's risk, the only issue I had is my homeowners and auto policy is with Alfa. Their builder's risk wouldn't cover theft until locks were on the doors. Not sure if that is standard or not.
On builder's risk, the only issue I had is my homeowners and auto policy is with Alfa. Their builder's risk wouldn't cover theft until locks were on the doors. Not sure if that is standard or not.
This post was edited on 9/16/13 at 12:58 pm
Posted on 9/16/13 at 8:00 pm to slapahoe
quote:
Saving prob around 30-40 sq ft.
Not a guarantee, just depends on if you want to risk it.
Also, quality could take a hit. Home builders do not typically make a 40% profit (based on average of 100 a square)
Posted on 9/17/13 at 5:51 pm to vettegc
I'm going through local bank and doing this.
I'm trying to sell my house now wich is taking lot fricking longer than I anticipated.
Glad I decided to wait on starting to build.
I don't need a 4k month mortgage.
I'm trying to sell my house now wich is taking lot fricking longer than I anticipated.
Glad I decided to wait on starting to build.
I don't need a 4k month mortgage.
Posted on 9/17/13 at 6:47 pm to TIGRLEE
I am my own general contractor but hire a builder to oversee everything. I just pay the subs directly instead of a contractor taking a percentage.
Posted on 9/17/13 at 7:45 pm to saderade
That's what I'm doing.
Plus picking out colors and brick and doors and cabinets and bathtubs and toilets ect ect ect.
Plus picking out colors and brick and doors and cabinets and bathtubs and toilets ect ect ect.
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