i am looking for a partner for a house i am trying to build in southern california

i have financed $518,000. i now have to replace a bankrupt contractor. i have 3 replacement bids, but all are $75,000 to $100,000 more than my construction loan covers. for an investment i will give a grant deed giving a percentage of the property to the partner

the property is a half acre in a canyon in simi valley, ventura county. simi valley is just north of the san fernando valley in los angeles county. this land butts up against undeveloped land. there is lots of new construction in the area so property values will be going up

there is an existing house of about 750 square feet. house is 2 bedroom 1 bath, living room, kitchen, laundry room. house has a free standing wood stove, covered porch, 2 car carport. house and carport have 50 year metal shake roofing. paver patios and walk ways with a koi pond

new house will be 3 bed room 2 bath over a large 3 car garage. master suite will be bed room, walk in closet, and bath room with dual sinks, tub, and separate shower. middle of house is open area kitchen / living room with vaulted ceilings. other end of house is 2 bed room 1 bath room with tub / shower combined. also, there is a laundry room / mud room. there will be a deck that runs the length of the front of the house

existing house can be for family (grand parents, elderly parents, etc) or can be rental income

if you are interested or know someone who might be please provide an answer with contact information – email or phone

thanks to any who answer

So, you have one lot that will have two separate homes in the end? One from ground up, the other probably needs some reno. You have $518k in financing, how much of that is free cash? A hard money lender will charge you a huge % on the $75-100k.

Think about becoming the GC yourself, in my east coast area that’d save you about 30% immediately. If you already have a good set of plans, you can hire the site work, foundation, framing, roof, rough electrical, rough plumb, landscaping, and handle the inspections, yourself. Then have a GC come in for the finish work.

If you then are over budget, with the house mostly done, your bank might listen on a re-fi to complete the project.

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