What does it take as far as permits, finance qualifications, sweat equity etc. to build a house on a piece of land? Roadracejosh, please share your experience!

I don't want to waste money putting a mobile home on that perfect view lot on a hillside, but would a lender actually let me finance a project as a first time mortgage borrower?

I'm not sure what my credit rating is but it's not bad.

With an income of $44k and a down payment of $25k, mortgage calculators say I can qualify for $150-170k depending on "conservative" or "aggressive" lending........

Not that I can achieve those numbers but still, $125k buys a nice patch of land around here.

What does it take as far as permits, finance qualifications, sweat equity etc. to build a house on a piece of land?About the same as buying a house, especially if you already own the property. Permits are usually fairly easy to get once your plans have been reviewed and approved.

but would a lender actually let me finance a project as a first time mortgage borrower?Depends on your finances and credit rating.

I'm not sure what my credit rating is but it's not bad.Pretty easy to find out. There are three major credit agencies keeping track of you and you get one free credit report per year.

http://www.experian.com/
http://www.equifax.com/
http://www.transunion.com/index.jsp

About the same as buying a house, especially if you already own the property. Permits are usually fairly easy to get once your plans have been reviewed and approved.
depends on what kind of assholes work in the city planners office.

Or at least thats the way it is here. If you aren't friends with the City Planner you pretty much are fucked when it comes to trying to build anything.

We haven't applied for or been issued a permit for anything we have built in going on 8 years now, since the last time we tried to they fucked us for about 8 months until we finally gave up.

please don't advise a bible toting moron. :)

dayum foo, why you got to be hatin all da tym, is dat yo pic 'fo real?

I have no advice to give. I'm buying a house and lot from a general contractor.

You pieces of shit deleted my post?

dayum foo, why you got to be hatin all da tym, is dat yo pic 'fo real?

Hey preacher oyu obviously don't get the point of the picture. Its not uncommon for people who's lives are so unmanagable that they devote their lives to bullshit cults to lacka sense of humor.

then again, why do I bother to reply to someone apporaching their 30's eeking through life on minimum wage.


:dunno:

You are probably the most hateful, bitter person I've ever seen. I'll pray for you.

You pieces of shit deleted my post?
must have. can't find the post from the person that used to be a loan officer at a bank telling about how banks look at credit scores.

Depends on your municipal, county and state regs.
Some areas will not allow you to build your own own house (or any aspect thereof) unless you are a licensed general contractor and/or have specific licensing in the trades you're doing work on (such as electrical, HVAC etc).

If you your reg's are generally loose, as they were here a few years ago, you can can do a lot of the work yourself and save a bundle, so as long as you do know how to do the work.

The bank that I work for (as is with most banks) will not entertain any construction loan to an individual unless we have:

a) evidence that the you have detailed knowledge in the trades OR
b) have a licensed general contractor hired to oversee the work in accordance to BOCA code OR
c) you are acting as GC and have already established subs to perform work outside of your scope of ability

I did a lot of the work on my house, but had subs lined up to do things like the detailed rafter framing for the roof, electrical work, drywall and finishing, concrete and block work, well and septic (as directed by the Health Dept) and other such things.

I did interior the interior wall framing, plumbing, bathrooms, fixtures, cabinets, flooring (except carpet), exterior siding, roofing- stuff like that.

It was a pain in the ass but I saved quite a bit. I built this house (including a nice chunk of land) for less than $135,000 about 5 years ago. Had I contracted it out- it maybe would have cost $185,000? Currently in this crazy market it appraises for something like $325,000-$350,000.

http://img.photobucket.com/albums/v220/Threerun533/houseinsnow.jpg

Currently in this crazy market it appraises for something like $325,000-$350,000.



:bsflag: :bsflag: :bsflag: :bsflag: :bsflag: :bsflag: :bsflag: :bsflag: :bsflag: :bsflag:

Wow- another insightful post from Mr. Mensa of illstreet. Imagine that.

Here's a link to some homes currently on the market that would comp to mine.
4 bedroom, 5+ acres, over 2,000 sq. ft., 2 car garage.

http://www.realtor.com/FindHome/HomeListings.asp?mlsttl=MRIS&frm=bycomm&pgnum=1&mls=washingtondc&lnksrc=REALRSCF2C0003&js=on&poe=realtor&st=wv&areaid=1093383&areaid=1093389&areaid=1093393&areaid=1093394&typ=1&mnprice=0&mxprice=99999999&mnbed=4&mnbath=2&mnsqft=2000&ss_fthb=n%2Fa&ss_mitm=n%2Fa&exft=e5acres

I also have 2 creeks bordering the property (one of which you can canoe to the Potomac River- you've heard of that, right?)

Suck it up idiot, suck it up. Now run along and play with kiddies your own age before you get bitch slapped again.

.....Here's a link to some homes currently on the market that would comp to mine.
4 bedroom, 5+ acres, over 2,000 sq. ft., 2 car garage.



Something like that would cost $5 million+ in my area, mostly from the land (granted that all of it is usable).


I'm being VERY conservative on the $$$$$$ since I don't want to shock ya'll........

That home and lot would probably fetch $225k around ehre.

If it were just over the hill from Microsoft, it would be 3 times that. :)