Self Rehab Lending Question
Have any of you worked off of a "hard money" loan where the lender cuts checks to the repair contractors? Have any of you done your own work and invoiced the lender yourself? I am considering doing some work myself, if it is legal. How should I go about asking my lender about this. I am doing this part time and I always run into conflicts with my employer. I thought if I could possibly contract the repairs to myself on these houses I could create my own job (steady money)as well as make money from the sale. Anyone already doing this?
Thanks
I am in the process of doing this myself. I'm in the middle of putting my loan together with "investwell". The house i am buying requires contractors to do the work. (city requires) I asked Investwell if the checks got issued to the contractor and they said no, that once the work was completed on that phase of the project they have an inspection done then it takes a couple days to release the funds in my name. What lender are you using?