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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security, construction.

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Speaker 3: Loans and once again, construction for not construction like you're

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Speaker 3: going to build an apartment building like this is if

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Speaker 3: you buy a plot of land, correct, and you just

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Speaker 3: want to build your house as opposed to building a

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Speaker 3: house buying a house that's already built.

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Speaker 4: Correct. So you know, typically, like you said, you buy,

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Speaker 4: you get a piece of land, and now you need

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Speaker 4: funding for it. So there's two ways you can go

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Speaker 4: by it. If you're the consumer, If you're the home buyer,

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Speaker 4: you can buy the land or cash, which I would

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Speaker 4: recommend buy whether it's cash or you use a credit card,

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Speaker 4: whatever means you find to buy that piece of land,

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Speaker 4: because I feel like this is the easiest way to

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Speaker 4: do a construction loan. And then now you go to

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Speaker 4: the bank to get a construction a permanent loan, where

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Speaker 4: now that construction permanent loan is basically it's treated like

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Speaker 4: a refinance now because since you already own the property

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Speaker 4: and so there's no rush right to get your plans

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Speaker 4: and your permits and things of that nature. Because with

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Speaker 4: most construction loans, when you're talking primary residences, which this

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Speaker 4: conversation is about, the bank is only going to give

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Speaker 4: you a construction time of nine to twelve months. So

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Speaker 4: we all know permits can take six months. So if

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Speaker 4: you do a one time closed construction loan, which is

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Speaker 4: you're buying the land and trying to get the construction

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Speaker 4: loans simultaneously, and you're using the bank for the finance

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Speaker 4: and of the land as well. That's when I see

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Speaker 4: problems arise because you're not technically the owner of that property.

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Speaker 4: So you can't go out and submit architectural plans to

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Speaker 4: the town that you're buying the property in until after

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Speaker 4: you close, because you technically don't own the property unless

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Speaker 4: the seller of the property is willing to submit the

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Speaker 4: plans on your behalf, which in most cases they're not

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Speaker 4: going to do that, right, So it's much easier for

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Speaker 4: you to acquire the land on your own then use

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Speaker 4: the bank for the construction loan to build your home.

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Speaker 4: And the reason being again is because architectural plans can

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Speaker 4: take depending on the scope of your work, that can

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Speaker 4: take two to four months, depending on how busy your

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Speaker 4: architect is and how efficient they are, And when you

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Speaker 4: get plans, you're going to go back and forth to

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Speaker 4: adjust things of that nature. So if you're doing a

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Speaker 4: one time closed to construction, that means you're in contract

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Speaker 4: and you have a time clock already to close with

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Speaker 4: the seller, right. They don't want to sit there and

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Speaker 4: wait four or five months for you to get your

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Speaker 4: plans together before you close. So again that can cause

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Speaker 4: a delay and it can cause some strain between you

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Speaker 4: and the seller. Now, if you've got an architect who's

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Speaker 4: on it, they can get you plans in thirty days. Cool,

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Speaker 4: you can do the one time close. But again another

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Speaker 4: con of that is after closing, now you have to

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Speaker 4: submit those plans to the town to get approval. And

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Speaker 4: depending on the county, which it's hit a miss, Right,

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Speaker 4: it's hit a miss for plans. I mean New York

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Speaker 4: is kind of like, I don't want to say nothing

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Speaker 4: negative because you know, but it kind of kind of

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Speaker 4: gets interest. Yeah, it gets kind of it gets kind

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Speaker 4: of crazy, and it could be a lengthy process. So now,

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Speaker 4: if you're on a time clock to build and the

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Speaker 4: lenders only give you nine to twelve months, and some

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Speaker 4: lenders will give you an extension of an extra two

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Speaker 4: to three months. On top of that, you done wasted

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Speaker 4: half of your time just waiting on the plans to

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Speaker 4: get approved by the town. So my recommendation for construction

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Speaker 4: loans and anyone who's looking to build their first home

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Speaker 4: or their dream home, acquire the land first. Acquire the

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Speaker 4: land first, have a dope ass architect, who understands the

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Speaker 4: urgency of what you're looking to do. Get your plans

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Speaker 4: and everything drawn up because you already have the home

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Speaker 4: now or the land, so you don't have to rush.

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Speaker 4: And now, once you have your plans submitted, then applied

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Speaker 4: for your construction loan, because now it's more like a refinance.

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Speaker 4: There's no time clock, there's no sellers. You can take

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Speaker 4: four months to close, it doesn't matter. And once your

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Speaker 4: plans get approved, then close on your construction loan. Then

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Speaker 4: born you can start your construction pretty much immediately.

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Speaker 5: Yeah, so let's talk about the other way when you

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Speaker 5: have a lender that will do both give you construction,

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Speaker 5: the construction loan for building it, and then actually having

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Speaker 5: the house built itself. Right, So there's two pieces. You're

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Speaker 5: paying for both. And I think the misconception this is

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Speaker 5: something we kind of learned through the process. Like you

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Speaker 5: get that time frame to build, and you know you

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Speaker 5: do that with your building and they'll say it's between

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Speaker 5: six to twelve months, we can get.

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Speaker 2: This house built, correct.

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Speaker 5: Right, But you're at the mercy of the town. Correct, right,

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Speaker 5: because and the build up and the builder and the

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Speaker 5: engineers and the architects.

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Speaker 4: Correct.

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Speaker 5: But you're paying for a house that you may not

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Speaker 5: even live in, right, because sometimes the building process may

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Speaker 5: take sixteen months absolutely, and so like for a year

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Speaker 5: you might be paying interest, but after that twelve months,

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Speaker 5: now you're going to be paying that full loan. So yeah,

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Speaker 5: talk about that and the appurances that having residual income

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Speaker 5: in situations like this.

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Speaker 4: Yeah, so when you get a construction loan, first, it's

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Speaker 4: an interest. During the construction period, it's interest only payments. So,

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Speaker 4: like you said, you're going to be paying a mortgage payment.

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Speaker 4: You have to pay your property taxes, you have to

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Speaker 4: pay your homeowners insurance and builders insurance. You're going to

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Speaker 4: need buildings insurance as well to protect yourself on that end.

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Speaker 4: But yeah, you're going to have a payment. So if

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Speaker 4: it drags out, you know, and the lender says, okay,

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Speaker 4: now it's trying to convert from the construction to permanent.

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Speaker 4: Now you're going to be paying a mortgage payment that's

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Speaker 4: going to be hired because now it's principal and interest

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Speaker 4: that's going to be included into your mortgage payment. And

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Speaker 4: so your first twelve sixteen months is all going to

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Speaker 4: be interest only. And that's why it's very important if

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Speaker 4: you're going to take the leap of faith and build

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Speaker 4: your own home, especially if you're going to act as

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Speaker 4: your project manager. You're hiring your GC, you're hiring your builder,

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Speaker 4: You're hiring all these folks, and you're not buying directly

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Speaker 4: from a builder, right, You're hiring everybody. You have to

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Speaker 4: make sure you know what you're doing and you're hiring

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Speaker 4: the right folks because folks will sit here and overpromise

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Speaker 4: and underdeliver you and kill your entire timeline, which ultimately

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Speaker 4: is going to cost you more money as the homeowner.

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Speaker 4: So it's very important that you make sure you vet

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Speaker 4: out your team because your team has to understand the

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Speaker 4: urgency of you getting it done the timeline, and they

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Speaker 4: have to understand how they get paid as well, because

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Speaker 4: there's there's a process of how they get paid. So

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Speaker 4: when you close on a construction loan, the lender is

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Speaker 4: only going to give you ten percent or max fifty

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Speaker 4: thousand within ten ten days fourteen days after closing, and

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Speaker 4: typically that money is used to cover you know, demolition permits, plans,

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Speaker 4: you know things of that nature. You're kind of like

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Speaker 4: your soft costs, right, but the lender, I mean the

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Speaker 4: builder will have to be able to front that job.

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Speaker 4: So let's just say that the build is going to

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Speaker 4: cost a million dollars Fellas to build and they only

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Speaker 4: released in fifty thousand dollars. But the first phase of

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Speaker 4: the project is going to cost you all quarter a

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Speaker 4: million dollars. So now where does that two hundred thousand

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Speaker 4: come from? Right? That two hundred thousand has to come

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Speaker 4: from a builder. They have to be in position to

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Speaker 4: start that job, complete phase one, then the link earners.

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Speaker 5: What's up? You ever walk into a small business and

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Speaker 5: everything just works like the checkout is fast, the receipts

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Speaker 5: are digital, tipping is a breeze, and you're out the

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Speaker 5: door before the line even builds odds are they're using Square.

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Speaker 5: We love supporting businesses that run on Square because it

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Speaker 5: just feels seamless. Whether it's a local coffee shop, a

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Speaker 5: vendor at a pop up market, or even one of

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Speaker 5: our merch partners. Square makes it easy for them to

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Speaker 5: take payments, manage inventory, and run their business with confidence,

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Speaker 5: all from one simple system. If you're a business owner

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Speaker 5: or even just thinking about launching something soon, Square is

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Speaker 5: hands down one of the best tools out there to

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Speaker 5: help you start, run, and grow. It's not just about payments.

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Speaker 5: It's about giving you time back so you can focus

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Speaker 5: on what matters most Ready to see how Square can

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Speaker 5: transform your business, visit Square dot com backslash, go backslash

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Speaker 5: backslash eyl. Don't wait, don't hesitate. Let's Square handle the

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Speaker 5: back end so you can keep pushing your vision forward.

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Speaker 5: This episode is brought to you by P and C Bank.

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Speaker 5: A lot of people think podcasts about work are boring,

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Speaker 5: and sure, they definitely can be, But understanding a professionals

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Speaker 5: routine shows us how they achieve their success little by little,

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Speaker 5: day after day. It's like banking with P and C Bank.

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Speaker 5: It might seem boring to save, plan and make calculated

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Speaker 5: decisions with your bank, but keeping your money boring is

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Speaker 5: what helps you live or more happily fulfilled life. P

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Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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Speaker 5: Boring since eighteen sixty five is a service mark of

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Speaker 5: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 5: National Association Member FDIC.

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Speaker 1: An illegal alien from Guatemala charge with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fine nearly

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Speaker 1: one thousand dollars a day, imprisoned and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws

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Speaker 1: border and families will.

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Speaker 2: Be protected sponsored by the United States Department of Homeland Security.

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Speaker 4: And there will send out and aspect to inspect you know,

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Speaker 4: phase one to make sure auti's across Aza dotted. And

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Speaker 4: then the inspector will go back to the bank and say, okay,

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Speaker 4: you can release the draw of two hundred thousand, and

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Speaker 4: then now the builder gets paid that two hundred thousand,

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Speaker 4: and then they move on to phase two and it

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Speaker 4: goes on like that until the job is complete. So

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Speaker 4: it's very important that you understand your builder, understands how

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Speaker 4: they get paid and they are liquid because a lot

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Speaker 4: of builders out here are not liquid as well. So

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Speaker 4: you can't pick the builder just because they might have

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Speaker 4: gave you the cheapest price.

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Speaker 3: How do you note that, liquior.

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Speaker 4: Now, the lenders will vet the builders as well. There's

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Speaker 4: a lot of lenders out there that use third party companies.

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Speaker 4: I'm not going to mention their name because they don't

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Speaker 4: endorse us right, and they will have to see the

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Speaker 4: liquidity of the builder bank statements, do you have Amax's,

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Speaker 4: whatever it is, to make sure that they are liquid

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Speaker 4: to be able to do this job. Because the lenders,

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Speaker 4: again they're putting out a million dollars on construction. They

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Speaker 4: want this house built. They don't want to own the property,

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Speaker 4: especially if it's something that's not built right. So it's

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Speaker 4: in their best interest as a lender to make sure

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Speaker 4: that the builder can get this job done and they

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Speaker 4: have the experience to get it done as well. Because

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Speaker 4: a lot of people talk to talk, but they can't

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Speaker 4: walk the walk. So that's why again like a two

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Speaker 4: or three K, I like to call a two or

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Speaker 4: three K the training will for investors. So a construction

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Speaker 4: loan when you're going through like the conventional way for

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Speaker 4: a homeowner, is kind of like training wheels if you

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Speaker 4: want to get into development as well, because you have

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Speaker 4: the lender by your side and the inspectors by your

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Speaker 4: side that work for you, and the lender to protect

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Speaker 4: you against the builders because you know, we all say

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Speaker 4: contractors are you know, you know what I'm saying, but

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Speaker 4: you got to But the bank is always going to

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Speaker 4: make sure that they protect the investment at the same time.

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Speaker 3: So what happens if it's not going right? Like, as

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Speaker 3: as a customer, what recourse do you have if the

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Speaker 3: contractor isn't doing what he's supposed to be doing. It's

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Speaker 3: not moving at the timeline and it's supposed to be

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Speaker 3: moved there, Like what can you do?

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Speaker 4: You can fire them, But then now you start from

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Speaker 4: square one again. Right now you have to find a

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Speaker 4: new builder. Now they have to give you their costs.

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Speaker 4: Now that's new paperwork that has to get submitted to

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Speaker 4: the bank. Right, So it's a whole process that if

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Speaker 4: you're doing this post closing right, you're doing the post

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Speaker 4: closing and you're already in your project. It's like anything

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Speaker 4: if you do if you do a bathroom over in

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Speaker 4: your house and you don't like the contract and you

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Speaker 4: fired them, now a new contract is going to come

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Speaker 4: in and say, well, their work is not good, so

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Speaker 4: now I got to tear all their work down and

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Speaker 4: restart it over again. So now the cost will be

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Speaker 4: more than what you anticipated. So you have to weigh

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Speaker 4: out what's the opportunity cost really of me firing my

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Speaker 4: contractor right now or my builder at the phase that

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Speaker 4: I'm in right now, because I'm already started, and it

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Speaker 4: can wind up costing you more money. Now, if they're

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Speaker 4: just negligent and they're just disrespectful and they just don't

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Speaker 4: they're not really there, then obviously you're going to have

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Speaker 4: no choice. But you got to handle your business because

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Speaker 4: you are a CEO. This is real estate, right, so

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Speaker 4: you have to fire them. But understand, there's going to

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Speaker 4: be now a whole new vetting process that now the

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Speaker 4: lender is going to have to do, and then ultimately,

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Speaker 4: if they're going to charge more than what the scope

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Speaker 4: of workers already approve. You're not getting no more money,

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Speaker 4: So where's that extra money? If they're gonna charge your

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Speaker 4: extra fifty one hundred K, where's that extra money coming from.

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Speaker 4: It's coming from you because you decided to fire them.

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Speaker 4: So it's best while you're in the underwriting process. If

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Speaker 4: you're going to make any changes with your contract or

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Speaker 4: your builder, is best to do it while you're in

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Speaker 4: the process because if they come with the higher scope

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Speaker 4: of work, then you can protect yourself easier and reapply

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Speaker 4: or not reapply, but you can ask for all request

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Speaker 4: to see if you can get more of an approval

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Speaker 4: to compensate for that extra money. So you just have

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Speaker 4: to make sure again vetting out your people to make

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Speaker 4: sure that they are who they say they are.

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Speaker 5: If I'm looking to build a new property and I'm

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Speaker 5: trying to find land, I know you can vet everybody

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Speaker 5: on that side, but is there any way to or

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Speaker 5: is there a database that you can vet the town

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Speaker 5: engineer or the county engineer or the building department. Is

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Speaker 5: there any way to do that? Because a lot of times,

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Speaker 5: and we've seen it personally, like they're the ones that

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Speaker 5: are holding up the whole things, right, like I might

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Speaker 5: not move to that town or I might not try

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Speaker 5: to develop there if I know there's going to be

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Speaker 5: that type of ay, if they have a history of that.

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Speaker 4: So typically when you're applying for permits and stuff like that,

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Speaker 4: you would want to hire an expediter, right, And then

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Speaker 4: expedite is someone who works within the town or has

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Speaker 4: a relationship with them and they're able to push the

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Speaker 4: paperwork through in a timely matterm But ultimately, again it's relationships, right,

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Speaker 4: Like if you hire a great architect and they have

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Speaker 4: good relationships within the town because they're doing a lot

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Speaker 4: of business and they're doing a lot of jobs, then

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Speaker 4: they might not need to hire experdita because they know

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Speaker 4: Mary Sue over here in this department and their sons

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Speaker 4: go to soccer together, right, so they can have that

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Speaker 4: type of conversation and kind of try to get things

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Speaker 4: pushed through. But that's hit and miss as well. So no,

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Speaker 4: is there a way to vet really really not. It's

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Speaker 4: kind of the lucky to draw and you have to

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Speaker 4: put your plans in as complete as possible because sometimes

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Speaker 4: they'll come back and they want corrections to your plans,

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Speaker 4: and then you got to go back and forth as well.

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Speaker 4: So it's unfortunately, it's one of those situations you're damned

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Speaker 4: if you do, you're damned if you don't. The town

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Speaker 4: is always going to come back with something, They're always

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Speaker 4: going to want some sort of correction, and it's always

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Speaker 4: going to be some back and forth. And that's why

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Speaker 4: your architect and building is probably one of the most

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Speaker 4: important roles because they have to be quick on their feet.

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Speaker 4: Some architects are just slow as hell to change something

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Speaker 4: so minor to us. It might take them thirty days.

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Speaker 4: That's setting your timeline back right, So again I think

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Speaker 4: not vetting the building apartment. You need to vet the

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Speaker 4: architect to make sure that what's their turnaround for changes,

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Speaker 4: what's their relationships with the town that you're building in.

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Speaker 4: How many jobs have they submitted in the last sixty

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Speaker 4: ninety twelve months? Right, these are questions when you're interviewing

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Speaker 4: an architect. Just don't go off the referral like, oh,

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Speaker 4: he's a great architect and this then a third nah,

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Speaker 4: chill ask the questions. Right, this is your house, this

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Speaker 4: is your business. You own the property, You're responsible for

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Speaker 4: the mortgage payment, nobody else. So you have to make

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Speaker 4: sure whoever you're hiring, you have to make sure they

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Speaker 4: can get that job done. And they have a sense

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Speaker 4: of urgency too, right, And because a lot of these

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Speaker 4: folks they just don't have it. My graduates from my

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Speaker 4: school being forced back drop b drop, Mike drop back

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Speaker 4: drop drop.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and Fai families will

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Speaker 2: Be protected sponsored by the United States Department of Homeland Security,