appreciate that. Thanks! Blessings to you as well!

Thank you! Will do!

Yay! So happy to hear that this will help. Best of luck to you on your project!

Glad to hear this. Thanks!

Yay! So happy to hear that! Have you started your plans yet? Next video will cover that process.

Hello reaching out to see did you build the duplex on your property.

@@firsttimebuildingaduplex8738 I am getting a quote from a general contractor on the cost to build. It’s taking a while to get things moving.

Hello reaching out to see how did your process go with building on land you already own. Would like some feedback. I also own a lot that would like to build a duplex.

Thanks for watching!

Thanks for watching!

Interesting video. What state/area is this? My wife and I are doing this type of real estate investing. I hope you post more videos going forward.

Thank you!

Hi @mscameshamiller , I am so happy to hear that you found these videos helpful. Your words are indeed a blessing to me! With regard to the permits. We pulled them ourselves. I'm not sure what city you are in or how permitting works, how long the process takes, or if they expire, etc. So, I'd recommend giving your local permitting office a call and asking them.

You're welcome. I am glad you found it valuable. I am excited for you and your wife. Yes, please drop me an email at wallacefranklinllc at gmail dot com.

@omargran4314 It is zoned for residential property (as opposed to commercial property), so there was no zoning issues. What I was referring to is that the land is platted as one big piece of land and is not split into two . So they share an address. For example the address for two different pieces of land would be 410 Unit A & B and 412 Unit A & B. Instead, since its one piece of property platted in county records, they are all one address with 4 different units. *side note 1-4 units is still considered residential (this matters for permitting and for financing purposes).

Hi there, I am still assembling this area. I will add the link once it's ready. Send me your email address at wallacefranklinllc at gmail dot com and I will personally notify you once its up.

We're in Texas, near Houston.

Thank you! The lender will do their own appraisal (whether you purchase one or not). If you purchase one, it would be for your own peace of mind. We applied for permits after we closed on our loan. They give you a small advance for fees that you may have already incurred and other fees like permits. So yes, you are able to use loan proceeds for permitting cost.

They were all leased within a month! $1200.00

When working with a construction loan, each phase of work is assigned a specific percentage of the total loan amount. Once a phase is completed, the borrower can notify the lender that the work has been finished. The lender will then send out an inspector to verify that the work has been completed satisfactorily, and will issue a draw in the corresponding percentage of the loan amount. For example, if the framing phase was assigned 10% of a 100K loan, and the borrower has completed framing, the lender will issue a draw in the amount of 10K. This process continues until all phases have been completed and the borrower has reached 100% of the loan amount. It's important to keep in mind that there is a fee for every draw, so borrowers should aim to make as few draws as possible to minimize fees. Additionally, on most construction loans, borrowers are only required to pay interest on the amount they have borrowed for the first 12 months. After this initial period, they will begin paying both principal and interest. We will have the actual percentage sheet loaded in the learning portal, once I get that up. If you want to be notified when we launch it, please shoot an email to wallacefranklinllc at gmail dot com.

Great content. Could you make a video explaining how to obtain the lot of land to build on? Criteria, credit score, reasonable cost of purchasing a lot etc

There was nothing titled "financial model" required. What type of info is contained in the document that you are referencing? Maybe it was called something else. I can tell you that we didn't hire anyone for any documents.

You’re welcome Paul. It was zoned for residential (which includes duplexes ). However, it was not platted for two structures.

@@firsttimebuildingaduplex8738 ahh okay. I know most lenders require a minimum of 20% for commercial loans. Did this fall under a commercial loan?

@@paulmeek2153 This was't a commercial loan, as the property is considered residential property. It was a construction loan (in a business name) and yes, we had to put 20% down.

Understood. I believe you mentioned in the first video that one of the duplex was appraised at 190k, was that the total amount it endup costing to build in the end? Minus the cost of the land

@@paulmeek2153 Slightly more than that, but not too much more ;-D I will be sharing our spreadsheet which capture every single dollar we spent and on what in our learning portal. If you're interested in being notified when that is released, shoot me an email to wallacefranklinllc at gmail dot com.

Yes , the GC built this property at his cost. There wasn't a "partnership". We had a contract. Once consruction was complete there were no further obligations between us. Does that answer your question?

Hi Ronna, just to clarify, I wished I had put the lot in the name of my LLC. We did not. The loan is in the LLC and does not show on my personal credit report.

Thank you for responding…

Hi there. Thanks for watching. Yes, sometimes the deed restrictions or codes will specify what can be built. As I understand it attorneys can help you request a variance. Definitely check with a planning company or attorney in your local area.