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Owner Builder Loans: Financing Your Lot and New Home

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  • Опубликовано: 17 авг 2024
  • This video is all about owner builder loans. With the supply of homes available for sale right now being so low, many people are seriously considering becoming an owner builder, essentially taking on the general contractor role for their new home. This can save big money and help folks get the exact home they want...where they want it. But financing the project can be challenging. In this video long time owner builder advocate, Michael Luckado discusses owner builder loans and covers the key items necessary to get a loan.
    If you are thinking of building your own home and need complete instruction for the entire planning and building process including specifics on owner builder loans, check out our new online course at the link below.
    ownerbuildercl...

Комментарии • 46

  • @JMiskovsky
    @JMiskovsky 2 года назад +4

    Another Idea: Even in single family zones sometime you can have tenants. So build house in such way that you can have tenants.

    • @samuelfydee3478
      @samuelfydee3478 2 года назад

      I need money to build ah0use

    • @benchoflemons398
      @benchoflemons398 Год назад

      @@samuelfydee3478you should be able to get quite a lot of 0% CCs.

  • @tcbridges
    @tcbridges 2 года назад +2

    I am in the process of wanting to build a new and sub contract the built. Im 74 and in Pittsburgh and have a 1.5 acre lot in Nashville, Tn. I own the land snd already built 32 X 44 carage house on it paid for most of it but took a HE line of credit to help 50K iwe 39K on it. Wife wants to wsit move into carrage house sell this worth maybe 340K owe 81K on it pay cash to build house. That woukd take 2 years. Dont know if i can wait that long

  • @doscoronitas
    @doscoronitas 3 года назад +4

    Hello, im glad I found your channel. Ive been dabbling in the trades for a while but want to get more serious. Do you offer a wriiten guide or format for building spec homes?

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +2

      The best option we offer for those that want to get into building homes is our online course launched in 2020. You can check it out here...
      ownerbuilderclass.com/

  • @acola2
    @acola2 2 года назад +2

    I already have a lot but looking to be a owner builder. Are any courses specifically for building (without the buying a lot process)

  • @325LTD
    @325LTD 2 года назад +1

    You mention Fred Arnold in this video. Are you in any way financially tied to him or his businesses? I can’t find much of any reviews for his lending company, owner builder loans lllc, online. What is your experience with his lending company?

  • @elparty1
    @elparty1 3 года назад +5

    What about an owner builder FHA loan where the equity minimum is 3.5% Do those even exist?

  • @aronvic2627
    @aronvic2627 Год назад

    The credit qualifications jumped out at me in this video. What about FHA construction loans? Do they require and approved contractor or can I be the builder. There are too many variables when trying to find a loan that will allow a "joe schmoe" to build the home.

    • @anicole8568
      @anicole8568 Год назад +1

      I’m not sure if it’s different in every state but in Florida you need a contractor and they have to approve them first!

  • @arthursemple7714
    @arthursemple7714 3 года назад +1

    no one is talking about this can you get a loan after you start building on your own .on a paid in full lot (land) and you have reach the roof all paid in full

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +1

      Hi Arthur. The lot and work you have finished in place will act as equity when you go in for a loan. Keep in mind, you will still need to meet the lender's specific requirements to get the loan as mentioned in the video. Try local banks and credit unions to see if they will give you a loan. Otherwise, Owner Builder Loans LLC is another option if you live in one of the five states they do business. ownerbuilderloans.com/

  • @andrewt9434
    @andrewt9434 3 года назад +6

    could you in theory pay for the foundational stuff in cash (like having the foundation poured and plumbing set up) and do it in stages before going for a loan for the big work.

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +5

      Absolutely Andrew. The lender should give you credit for the value already installed. Just make sure you know you can get the loan…you don’t want to end up with a foundation on a lot that you can’t move forward on.

    • @rinakat5783
      @rinakat5783 2 года назад +5

      This is what we’re currently doing! We purchased the lot last year and it cleared it with cash. This year we’re paying to get the excavation and foundation done. Next year we’re getting a loan for framing and everything else.

  • @danieladkins9227
    @danieladkins9227 2 года назад

    How can I get my 3.25 Acer lots to get approved for what I want out of it I'm asking 150,000 dollars for my lot my other 3 remaining lots are listed at 125,000 ? I do have electric and a new well on my lot..... It's going to be a country estate subdivision gated community but it's located in Stockton Missouri 5 minutes from Stockton Lake right off Highway 32 West beautiful location very private and only 4 minutes from town. The only problem I see it's a good retirement area or people that work from their homes... But outside of a few fast food places an woods grocery store... Dollar general store etc not many job opportunities there unless you want to work in a nursing home.

  • @Jacksonemccoy
    @Jacksonemccoy 2 года назад

    That's maximum DTI not minimum, correct?

  • @VanNguyen-xu8it
    @VanNguyen-xu8it 2 года назад

    Are you build home in Hot Spring valley, AR?

  • @abib2194
    @abib2194 2 года назад

    I live in Ontario, Canada. How can I adapt the course to my area? or is it applicable at all?

    • @OpenBookBuild
      @OpenBookBuild  2 года назад +1

      Hi Abi. We have quite a few students from Canada. The building practices are similar between Canada and the U.S. Your climate is a little different so insulation is thicker and foundation footings are deeper in the ground, but for the most part the houses are very similar. The home build we reference throughout the course was based in Cleveland, Ohio.

  • @abeforee4780
    @abeforee4780 2 года назад +1

    What states are covered by Owner Builder LLC?

    • @OpenBookBuild
      @OpenBookBuild  2 года назад +3

      Arizona, Colorado, Michigan, Texas, Virginia

    • @abeforee4780
      @abeforee4780 2 года назад

      @@OpenBookBuild Thanks for your quick reply!

    • @JAW88
      @JAW88 2 года назад

      @@abeforee4780 you can build in Idaho as a builder also just have to file and pay a $25.00 fee….

    • @JAW88
      @JAW88 2 года назад

      @@OpenBookBuild Idaho allows you to build as a builder LLC with a $25.00 fee to file as a builder/contractor. They don’t require any licenses… just an FYI. Love the channel

  • @samuelfydee3478
    @samuelfydee3478 2 года назад

    Zambia lusaka

  • @sachsimer8207
    @sachsimer8207 3 года назад

    please increase/double your volume. so I dont have to hold the phone to my ear. thank you good content!

  • @vhehn
    @vhehn 3 года назад

    banks dont want to loan to owner builders because about 75% never get finished.

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +3

      According to the US census bureau, 52,000 owner builder homes were completed in 2019 (2020 numbers aren’t out yet).

    • @vhehn
      @vhehn 3 года назад

      @@OpenBookBuild they usually get finished to the point of liveable but not finished to the point of saleable. like these guys: ruclips.net/channel/UChhBsM9K_Bc9a_YTK7UUlnQ

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +1

      @@vhehn The owner builders we’ve gotten to know are building for themselves, not for resale. And most building departments aren’t going to give a certificate of occupancy if the house isn’t done and built per code.

    • @vhehn
      @vhehn 3 года назад +1

      @@OpenBookBuild that is the point. they build for themselves to live in. they get it to the point of being liveable and get lazy or burnt out and never finish. it isnt finished to the point where the bank can just sell it if they have to foreclose without sticking a bunch of money in it to get it saleable have owner built 6 homes. i have seen it dozens of times.

    • @OpenBookBuild
      @OpenBookBuild  3 года назад +10

      @@vhehn The owner builders I work with are taking on the role of the general contractor...there’s no getting “burnt out” as you say. They hire and manage the subs and suppliers to get the house built. This is how the successful owner builders are building and finishing their own homes.