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Construction loans...educate me please.

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  • #16
    Here is what I would like to do:
    1) I can have the foundation dug for the cost of an operator.
    2) I have a plumber that I would like to have do all of that work and simply pay him cash.
    3) All concrete work will be done for materials cost only.
    4) All flooring (tile, carpet and wood) I will do.
    5) All painting/staining, including trim, I will do.
    6) Putting on door handles installing faucets and toilets, I will do.
    7) All site clean-up, I will do.
    8) All final grading, I will do.

    I have spent a long time building-up the "Favor Bank" with this date in mind and I do have reliable people in place to carry out the work in a timely fashion.

    So, given those parameters, and knowing that my timeline is to be in by Thanksgiving, do you think a GC would go along with it?

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    • #17
      Originally posted by jkski View Post
      Here is what I would like to do:
      1) I can have the foundation dug for the cost of an operator.
      2) I have a plumber that I would like to have do all of that work and simply pay him cash.
      3) All concrete work will be done for materials cost only.
      4) All flooring (tile, carpet and wood) I will do.
      5) All painting/staining, including trim, I will do.
      6) Putting on door handles installing faucets and toilets, I will do.
      7) All site clean-up, I will do.
      8) All final grading, I will do.

      I have spent a long time building-up the "Favor Bank" with this date in mind and I do have reliable people in place to carry out the work in a timely fashion.

      So, given those parameters, and knowing that my timeline is to be in by Thanksgiving, do you think a GC would go along with it?
      IF you want to do ALL those things on this house, you MUST be retired, or either have a buttload of vacation built up!
      http://weathersticker.wunderground.c.../Brunswick.gif

      Comment


      • #18
        I agree with SkiDog, that is a tight schedule for you to be doing that much of the work.

        On Edit: I plan on building our lake house. I will probably do everything except HVAC. But, I won't have to be in a hurry as I will have a place to stay on the next lot over. I literally PLAN for this build to take years and not months..........I built my current house that we've been in for 19 years, but my schedule had much more free time back then.
        Last edited by 76S&S; 02-20-2012, 04:46 PM.
        Being on the water is best, but when I'm not on the water I'm on TT.

        2002 X Star
        Sold - 76 S&S

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        • #19
          Originally posted by jkski View Post
          Here is what I would like to do:
          1) I can have the foundation dug for the cost of an operator.
          2) I have a plumber that I would like to have do all of that work and simply pay him cash.
          3) All concrete work will be done for materials cost only.
          4) All flooring (tile, carpet and wood) I will do.
          5) All painting/staining, including trim, I will do.
          6) Putting on door handles installing faucets and toilets, I will do.
          7) All site clean-up, I will do.
          8) All final grading, I will do.

          I have spent a long time building-up the "Favor Bank" with this date in mind and I do have reliable people in place to carry out the work in a timely fashion.

          So, given those parameters, and knowing that my timeline is to be in by Thanksgiving, do you think a GC would go along with it?
          Well jk, since you obviously wont be needing your 40th this summer, I'll gladly take it off your hands this summer.
          2003 ProStar 197, MCX and Powerslot.

          "When injustice becomes law, resistance becomes duty" - Thomas Jefferson
          "Freedom is beneficial to everyone equally" - Ron Paul
          Taxation = Theft

          Comment


          • #20
            Did the exact thing you're thinking of doing 4 years ago.............here's the thread http://www.mastercraft.com/teamtalk/...ad.php?t=15696 Not on here much so I'll PM you my number if you want to talk

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            • #21
              The things listed jk wants to do personally or privately contract out is meniscus to the total project at hand.
              If I was the GC I would definitely want to be comfortable with all sub involved

              If you can't find a GC to play you could always sell the 40th to offset costs

              Comment


              • #22
                Originally posted by Mag_Red View Post
                Did the exact thing you're thinking of doing 4 years ago.............here's the thread http://www.mastercraft.com/teamtalk/...ad.php?t=15696 Not on here much so I'll PM you my number if you want to talk
                you are back ... you did great showing the details of your house and what you went through ... really enjoyed your pictures

                jk ... it takes 5x more time than anticipated ... you will have to be prepared for that .. especially when it slows down other aspects of the project. I ended up taking over for my GC because he was an idiot, but i knew that upfront and had a very good contract that protected me. I probably framed 20% of the house and did part of the finish work. Also, in my contract, i had allowances for certain things (kitchen cabinets, plumbing fixtures, porch ceiling, etc) and was able to deduct those out of the money i paid the GC. The bank was terrific ... i had five draws set up and a provision to pay myself for the allowances

                dont bite off more than you can chew ... dont mean to be disrespectful and maybe you have the experience, but sounds like you are taking on a lot .. again you might have those skills and resources

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                • #23
                  We built last year, just hit 1 year this month. Had our contractor do it all. Yes we may have paid for it, but closed two weeks early, didn't take a day of vacation, still married, and we love the home. A lot of good advice from TT, good luck!
                  2003 Prostar 209 Sammy Duvall

                  Comment


                  • #24
                    Originally posted by captain planet View Post
                    Well jk, since you obviously wont be needing your 40th this summer, I'll gladly take it off your hands this summer.
                    Oh hell no! Remember what you said about boats WITH towers?!?!?!?!?!?! let him give it to somebody thats gonna appreciate it!
                    http://weathersticker.wunderground.c.../Brunswick.gif

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                    • #25
                      Originally posted by SkiDog View Post
                      Oh hell no! Remember what you said about boats WITH towers?!?!?!?!?!?! let him give it to somebody thats gonna appreciate it!
                      i would appreciate it ... where do i come to pick it up and give it a good use ... you have to keep that oil moving around in the engine ...

                      Comment


                      • #26
                        Originally posted by jkski View Post
                        I was quoted a rate of 7.75% for the construction phase of the project with about $10k in closing costs when the loan is switched over to a 30yr fixed, is it just me or does that seem pretty steep!
                        I got a 5.25% (in Sept) and it swaps to a perm loan for ~ $2000 (if I remember correctly off the top of my head). Yours sounds a bit steep.
                        onewheat

                        2013 X-25

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                        • #27
                          Thanks guys.
                          No, I am not retired but do have about 3 months of vacation sitting idle and I take no offense to any suggestions stated here as I am just soaking it all in and wouldn't ask if I did not want to hear it.

                          That being said, I will have to take a long look at the figures the builders come back with to see IF it is worth me doing any of the work. As many of you pointed out, issues arise in terms of warranty and quality of work when you begin going outside the subs that the GC normally works with.

                          As for the 40th, well, everything is always for sale in my world so bring on a solid offer and we can talk. Otherwise, anytime you are in the area I will be happy to take you out for a pull, the least I can do for all of the advice provided here.

                          Comment


                          • #28
                            Originally posted by jkski View Post
                            Thanks guys.
                            No, I am not retired but do have about 3 months of vacation sitting idle and I take no offense to any suggestions stated here as I am just soaking it all in and wouldn't ask if I did not want to hear it.

                            That being said, I will have to take a long look at the figures the builders come back with to see IF it is worth me doing any of the work. As many of you pointed out, issues arise in terms of warranty and quality of work when you begin going outside the subs that the GC normally works with.

                            As for the 40th, well, everything is always for sale in my world so bring on a solid offer and we can talk. Otherwise, anytime you are in the area I will be happy to take you out for a pull, the least I can do for all of the advice provided here.
                            Yea, I may have come across a bit harsh, and I CERTAINLY didn't mean to. If I did, I apologize! I just hate to see somebody bite off more than they can chew when it comes to home construction. You'll see, its not near as easy as it appears. A lot can go wrong, as well as you just might have nothing go wrong. But for somebody doing this for the very first time, I'll just say this, Be careful! Do your homework, and don't be afraid to ask someone for help if you need it! Do it right the first time, cause changes and do overs are expensive. Good luck pal!
                            http://weathersticker.wunderground.c.../Brunswick.gif

                            Comment


                            • #29
                              Originally posted by SkiDog View Post
                              Yea, I may have come across a bit harsh, and I CERTAINLY didn't mean to. If I did, I apologize! I just hate to see somebody bite off more than they can chew when it comes to home construction. You'll see, its not near as easy as it appears. A lot can go wrong, as well as you just might have nothing go wrong. But for somebody doing this for the very first time, I'll just say this, Be careful! Do your homework, and don't be afraid to ask someone for help if you need it! Do it right the first time, cause changes and do overs are expensive. Good luck pal!
                              I did not take it harsh, no worries and besides, it's the truth and that is what I asked for. Too many people get their "feelings" hurt over answers they ask to questions when the reply is not what they "want" to hear....I am not one of those people. Don't ask the question if you can't handle the answer!

                              So, SkiDog, I've got a deal for you....how about if you come to Ohio and build my house in exchange for skiing every morning on a private lake behind the 40th. Just to sweet'n the deal a bit, I will provide accomodations at the building site and all the beer you can drink!!!
                              Hard to pass up I know so I will give you some time to think about it.

                              Comment


                              • #30
                                Originally posted by jkski View Post
                                Here is what I would like to do:
                                .............
                                4) All flooring (tile, carpet and wood) I will do.
                                5) All painting/staining, including trim, I will do.
                                6) Putting on door handles installing faucets and toilets, I will do.
                                7) All site clean-up, I will do.
                                8) All final grading, I will do.
                                ...........
                                Maybe a GC can chime in but are'nt these jobs paying in the neighborhood of $15-$20 per hour (depending on location)?

                                You are not doing the expensive stuff (HVAC, Plumbing, Electrical) so unless you just have a lot of time on your hands and want to do it on your own then I am not sure how the math is going to add up to much of a savings.

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