How does the preconstruction investment process work?
- Step One - Contact Us or Prequalify Online (You will be contacted the same business day)
- Step Two - Review and choose a vacant lot and new home model.
- Step Three - Execute a Purchase Contract.
- Step Four - Checks are written individually for the following.
- Lot deposit $500.00
- Building deposit $1,000.00
- Appraisal $450.00
- Land survey $225.00.
- Step Five - Closing in 30 - 45 business days.
- Total down payment is $5,000 or Less for this investment home.
Please Note: You will not have payments during the construction phase. Once your preconstruction investment home is completed with-in 10 to 12 Months, you can list and sell your home and cash in all your built up equity; or simply let it appreciate and/or rent out for cash flow. You are able to start marketing your property for sale at anytime during construction.
What do you need to qualify for 100% financing for this preconstruction investment opportunity?
- Verified Assets. (6 months Principal, Interest, Taxes, & Insurance)
- 680 Fico / Credit Score
- Valid Drivers License.
- 24 month credit history of 2 accounts with activity within 12 months.
- No more than two, 30 day late's reporting on credit report.
- ALL judgments, or open collections in the last 24 months must be paid in full.
- Two years employment history in the same line of work.
- No bankruptcies or foreclosures within 36 months.
How many preconstruction homes can I buy?
That depends on several factors including your credit and the number of lenders we are working with at any given time. Basically, almost everyone qualifies to build at least one property. If a borrower meets all of the Lender's requirements they can qualify for as many as 7 preconstruction homes. You can also invest with a partner in order to do more than you could do on your own.
How much out-of-pocket money will this entire preconstruction investment property require?
Your total cash investment is as low as $5,000 or Less per property. However, in rare circumstances and depending upon your credit history, the cost of the lot, house, improvements, and market conditions, up to five percent of the appraised value may be required on a full document loan. For example, a Lender may require the investor to pay $5,000.00 at closing on a $100,000.00 construction loan.
What are we building and who is the builder?
We are building good quality single family houses ranging between 2000 and 3200 square feet. We use several builders as our primary builders and all have a long standing reputation for quality and value. We have done extensive research to bring our clients the best real estate investment opportunities available today.
Will I have to make any payments during the construction period?
No. Construction interest is allotted within the loan amount so no monthly payments will be necessary during the construction period unless that allotted amount is exceeded.
Why Should I invest my money in Florida preconstruction?
Florida has some of the best real estate markets in the country, appreciating at rates of 20% to 35% per year or more. Florida has 14 of the 100 fastest growing counties in the United States, more than any other state, according to a study released by the U.S. Census Bureau. This makes Florida the number one preconstruction real estate investment opportunity in the country.
How long has this preconstruction program been going on?
This program has been in existence since 2001 in Cape Coral. The Hernando real estate investment program began February of 2005 and we will continue to provide you these opportunities for as long as we can.
What if I have "bad credit" or "don't qualify"
Most people qualify with our special construction investment loans. However, if you don't qualify because of a difficult situation, then you could simply partner up with someone who does qualify and split your profits with them.
This sounds too good to be true, is it?
This does sound too good to be true. In addition to bringing together all the necessary pieces to make this preconstruction real estate investment program work, all the right conditions exist in these areas to make this one the best investment opportunities you will find anywhere in the country. Our representatives are constantly looking in new areas for new real estate investment opportunities to bring to our clients.
What if I want to rent my home?
We work with management companies in each of the specific areas we are building in. They will fully manage your property for a very minimal fee.
Which area is right for me?
Depending on your personal investment strategy, we will work with you to find the best suitable preconstruction real estate area for your investment property needs.
How long will it take to build my home?
Each area we build has a different build time. Generally anywhere from 8-12 months, but please ask your representative to explain build time/s for your investment property area/s.
Why should we use your preferred lender and realtors?
They work specifically in these areas with the builders and have a great relationship with them as well. They have a proven track record of servicing all clients with the utmost care and will work to service all of the clients' individual needs.
Do you provide full service real estate and mortgage loans?
Yes. We can help you buy or sell a home as well as achieve the best financing for it. If you have an outside project you are interested in we can facilitate the financing and real estate contracts as well.
Which model home should I choose?
Depending on the surrounding area of the lot, we will work with the client to choose the right model for that particular site. We understand your needs as a real estate investor as we are preconstruction real estate investors ourselves.
When do we close on the property?
Typically, closing is held 30 to 45 calendar days from the time a lot is placed under contract.
Do I need insurance on this real estate investment property?
No. The builders carry a risk policy throughout the course of construction.
How do I get started?
Simply click on the "Quick Start Form" link and fill out the applicable information. Be sure to click submit form at the bottom of the page.
Do we own the house and the lot while it is under construction?
You will own the lot after the construction loan has closed, but the house is owned by the builder until the Certificate of Occupancy is issued from the municipality governing the construction.
How do we know what we will earn as a profit?
As with any investment there is no clear cut way to specify what one may earn from his/her investment. As these are speculative homes it is hard to give someone an exact figure. You can be assured that we have done our research and studied the areas we are currently offering and are always looking for new areas throughout Florida and/or the entire country.
There are other programs similar to yours that require more money down. Why is your program less and is it different?
The other programs that require more money are pocketing the difference between the $5,000 or Less and their cost. 90% of the other programs in the same areas are being run through us and you the client are paying the difference to them.
I have seen other opportunities that offer the same program but keep half my equity, do you do keep half my equity as well.
No. We are compensated by writing the loan and executing the real estate transaction. You the client get to keep any and all profit generated from the sale of your property.
How are you able to pass on such an incredible price on the construction of these homes?
For starters we are able to negotiate such a low construction amount per square foot with the builders by the amount of homes we move for them. The average homebuilder has to house and staff sales agents, advertise, and have models to show. We allow the builders to concentrate on building homes solely while we sell and market them to you the investor saving him the monies it would cost to do it themselves. By creating this relationship with the builders we are able pass on a low price to construct these homes.
When my home is completed am I responsible to pay back the construction interest payments?
No. The loan amount includes all construction interest payments including all closing costs. Once the client sells the completed property they are only responsible for paying off the original loan amount.
So once I have closed on my preconstruction real estate and it is completed, will I have to bring funds to closing?
No. Once your investment property is completed you will not be required to bring funds for another closing. If you have elected to keep your property the lender will modify your loan to a permanent loan at no costs to the borrower.
Do you provide any other real estate investment opportunities?
Yes. We strive to provide our clients with quality real estate investment opportunities in all aspects of preconstruction. Please visit our sister site at www.newcondorealtor.com or ask your representative about information on other great preconstruction opportunities.
To learn more about our program, please contact us here.
