How to Get a Construction Loan in 4 steps

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  • Опубліковано 21 лип 2024
  • Here are the 4 steps to getting a construction loan for anybody who wants to buy land and build a house (this video covers residential construction loans). We're teaching people how to buy land and build houses, and financing the build is one of the main concerns people have. Watch this video for an overview of the process and to answer questions you have about getting approved for a loan.
    Want to learn how to use LAND to make $10k-$50k in 60 days? Watch our free webinar on how to turn DIRT into DOLLARS by entitling & subdividing land at the link below:
    💻 NEW Free Training: Turn Dirt to Dollars (Land Investor)
    buybuildflip.co/d2d-optins-or...
    💻 FREE - How To Buy Land and Build a House:
    www.eliterealestatesociety.co...
    Jerome Maldonado is a 25+ year veteran in the real estate investing industry. Most recently, Jerome entered into business with Tai Lopez and Alex Mehr to purchase distressed retail brands such as Pier 1 Imports and Dressbarn, which they will be re-launching as ecommerce brands. Jerome’s real estate expertise and connections will provide these brands with the commercial warehouse properties necessary to facilitate their business. Jerome also owns multiple 7-figure businesses including a construction company and a realty company, founded in 1998 and 2000.
    👍 SUBSCRIBE for more videos on real estate investing. Compound your success!
    💻 GET COACHING AND LEARN MORE:
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    / reale​​​. .
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    📣 Instagram: / jeromemaldo​​​. .
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    --DISCLAIMER-- The suggestions, advice, and/or opinions that are given by Jerome Maldonado are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Jerome Maldonado and Jerome Maldonado brands harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by Jerome Maldonado as a perspective based upon experience.
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КОМЕНТАРІ • 237

  • @mr.redcarpet2564
    @mr.redcarpet2564 Рік тому +10

    I have listened to a few UA-cam G.C. And home builder. I like that your not being an entertainer or making jokes every 10 second. Talking about something that Relative to building a home. You’re giving us information to apply. It’s not slow and long winded. In my opinion your video is not full of fat is very direct which I appreciate. I love to listen informative information because I want to build my own house. 💯

  • @jackjohnson833
    @jackjohnson833 Рік тому +5

    Thanks for adding to UA-cam University

  • @movideos390
    @movideos390 2 роки тому +6

    Thank you for this. You’re doing people a solid by giving step by step instructions.

  • @luwannasimmons2861
    @luwannasimmons2861 2 роки тому +1

    Love the video….great information…Thank you! Much Love ❤️

  • @jts5740
    @jts5740 2 роки тому +9

    Solid info. I’m in the middle of building a short term rental in CO as well as in the entitlement process on a small commercial building. As the saying goes it’s simple, but not easy. Keep up the great content, Jerome!

  • @erickamaya1333
    @erickamaya1333 Рік тому +4

    Thanks for sharing all of your knowledge brother. I’m super hungry to learn and implement this information to build my first one. Good to know there is some one out there doing what I have dreamed about. Thanks a Billion!!!

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      Love it bro
      Let me know how I can help
      Info@jeromemaldonado.com

  • @dilipdatta1781
    @dilipdatta1781 Рік тому +3

    Very informed video. Please keep doing great work

  • @marthabonnette8167
    @marthabonnette8167 2 роки тому +1

    You're AMAZING , really could use you daily need to watch this AGAIN and your other videos. THANK YOU !!!

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      Thanks! Follow me on IG and FB for daily content. I put links in the video description

  • @mommieezneverstop7728
    @mommieezneverstop7728 Рік тому +2

    I will be rewatching this several times to take notes. Very valuable information

  • @victormiranda8486
    @victormiranda8486 Рік тому +1

    Love your content, im 22 right now saving up to start my own multifamily projects. Ive been binging and taking notes on all of your videos 🙌🏼

    • @jeromemaldonado
      @jeromemaldonado  Рік тому +1

      Proud of you bro peppers know how we can assist you. Happy to help you push forward on things. Love your ambition.

  • @LightGesture
    @LightGesture 2 роки тому +4

    I totally freakin' wanna get into it full time/ on the side time full time.
    Gonna keep listening to this. There's a lot to unpack here!!

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      Glad you are learning from this! Lots of my students are building part time now. Check out our webinar when you're ready: www.eliterealestatesociety.com/homebuildingyt

  • @kevincoronado5430
    @kevincoronado5430 Рік тому

    Great video!!! Great free information

  • @orlandodgpim
    @orlandodgpim Рік тому +1

    This video cleared a lot of fog out. Thanks

  • @jadawright384
    @jadawright384 Рік тому +3

    Very informative! Please continue making more contents. Looking forward to joining your mentorship team soon 😊

  • @margvalencia9782
    @margvalencia9782 Рік тому

    This video was so informative for me . Thx u

  • @tonypadilla1367
    @tonypadilla1367 8 місяців тому +1

    I have to admit, you cleared up all my questions and concerns, I love your attention to detail! Can’t wait to see you in Vegas and on the job sites, I would love to share ideas and notes. This is the best run down on purchase, financing and construction. Thanks for information!!!

  • @joshsantill
    @joshsantill 3 місяці тому

    taking notes! I appreciate the content!

  • @arizzonLA
    @arizzonLA Рік тому

    Valuable stuff man thank you for sharing your knowledge

  • @BBenn-qq1um
    @BBenn-qq1um Рік тому

    Thank you so much for the information.

  • @gametime5726
    @gametime5726 Рік тому

    Thanks man. Very helpful.

  • @tomtrent1181
    @tomtrent1181 8 місяців тому

    Thanks that’s a lot of knowledge!

  • @jeremysagaille3060
    @jeremysagaille3060 Рік тому +1

    This is gold man. Thank you for sharing. 🔥🔥🔥

  • @dwaynehenderson2102
    @dwaynehenderson2102 2 роки тому

    Really good info I learned so much thanks for keeping it real

  • @dansrubbishremovaldumpster6391

    Extremely valuable content! Thank you!

  • @lilrickey100
    @lilrickey100 2 роки тому

    Thanks. Great info!

  • @KC53557
    @KC53557 Рік тому +1

    Great content, glad I found the channel!

  • @mohammedmohsin8964
    @mohammedmohsin8964 Рік тому

    Thank you sir for teaching us

  • @kennethmortonstudios
    @kennethmortonstudios 9 місяців тому

    Amazing info! Feeling inspired. Thank you

  • @erichughes2602
    @erichughes2602 Рік тому

    Great content brother!

  • @bladezfortmyers3535
    @bladezfortmyers3535 Рік тому

    Huge value. Good stuff

  • @renecruz1264
    @renecruz1264 5 місяців тому

    So helpful sir. Thank you

  • @thedcgirl202
    @thedcgirl202 2 роки тому

    Excellent video!

  • @mommieezneverstop7728
    @mommieezneverstop7728 Рік тому

    Thank u for this information

  • @randolphretess42
    @randolphretess42 5 місяців тому

    I need this because I'm not aware of everything yet so I have to listen so I can get my goals done...

  • @mariefanfan6549
    @mariefanfan6549 2 роки тому

    Thank you very helpful

  • @MrSammyzr1
    @MrSammyzr1 2 роки тому +1

    love this info. working on building my sec home now.

  • @JackpotJim-rm8ev
    @JackpotJim-rm8ev 10 місяців тому

    I like the hustle Jerome!

  • @KTM_Atlanta
    @KTM_Atlanta 9 місяців тому

    Thank you very much, Jerome. Just came across your channel. Will be in touch soon.

  • @gilbertloredo5925
    @gilbertloredo5925 Рік тому

    Hey I liked your video really informative 👍

  • @rosenieauguste4492
    @rosenieauguste4492 2 роки тому +3

    I love watching your videos because I learn so much for free, thank you we appreciate you Jerome 🙏🏾

  • @reneepulliam8423
    @reneepulliam8423 3 місяці тому

    Jerome, Thank You💯

  • @kevinsellers7566
    @kevinsellers7566 Рік тому

    Jerome your awesome. Thank you so much for this video.

  • @Ramiro63
    @Ramiro63 2 роки тому +3

    Great info, thank you ! I already have a land almost paid off. I plan to build a 800 sqft 1 floor house. Because the house is small, all this process will be easier ?

  • @danyl90
    @danyl90 2 місяці тому +1

    Thanking am information.Looking forward to building adults' care homes from scratch.

  • @donnemar7gmailmarsh391
    @donnemar7gmailmarsh391 Рік тому +1

    Best video I lesson to on how to get started.

  • @rhodestolearningbyjoann1962
    @rhodestolearningbyjoann1962 2 роки тому +3

    Thank you for such great information. We were asked to give a list of building codes for the building and safety planning office.
    We are having them come out to our land before we start hiring surveyor s etc.

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      Are you a GC or owner builder?

    • @irenehernandez6688
      @irenehernandez6688 Рік тому

      @Jerome Maldonado Same question. I'm a owner looking to see if 4 plex are allowed so I can start a 0lan The city is not helpful

  • @strikeflow1
    @strikeflow1 Рік тому

    Thanks Jerome 👊 you da man

  • @Vivi-ps4lf
    @Vivi-ps4lf 2 роки тому +1

    Great information thank you

  • @koestlerparks8764
    @koestlerparks8764 Рік тому +1

    Jerome, you are one passionate animal! Love your enthusiasm. Wish I had found you before I made some big, stupid "pixie dust type" of mistakes on some rental property I have.. Hell yeah, I see value in your videos! (Kevin Koestler, Owner)

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      Appreciate you watching. Let’s keep you investing.

  • @lekishalyles4721
    @lekishalyles4721 Рік тому

    This is really great info Jermone

  • @user-zk3un6qb9b
    @user-zk3un6qb9b 6 місяців тому

    Thank you Jerome!

  • @rhodestolearningbyjoann1962
    @rhodestolearningbyjoann1962 2 роки тому +1

    Thank you .r. Maldonado. We own 8 lots we want to build on in Calif.

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      Let’s get you moving forward
      Love to help you make them a home run

  • @TDelta23
    @TDelta23 Рік тому +1

    Jerome, how the hell do you continue dropping such dense, golden knowledge??
    This channel is a straight up graduate degree on steroids.
    You're the man.
    Appreciate you.
    Let me know if you're open to work in the northeast US.

    • @jeromemaldonado
      @jeromemaldonado  5 місяців тому +1

      🫶🏼💪🏽🙏🏼🙏🏼

    • @TDelta23
      @TDelta23 5 місяців тому

      @@jeromemaldonado appreciate you, big dog. Looking forward to our first deal together

  • @nashriver6952
    @nashriver6952 Рік тому

    Great content

  • @jorgecaxstro
    @jorgecaxstro 10 місяців тому

    Excellent content, Jerome.

  • @JulieBontier
    @JulieBontier 3 місяці тому

    Love love love it!

  • @evafranco7888
    @evafranco7888 4 місяці тому

    How interesting video!!!

  • @marcelinorodriguez8996
    @marcelinorodriguez8996 Місяць тому +1

    Good Information

  • @CJohnson19121
    @CJohnson19121 2 роки тому +1

    More content, please. I'm a newbie temporarily Atlanta, ga

    • @bhuang3426
      @bhuang3426 2 роки тому

      where r u in process?

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      Let me know if you need personal assistance helping you get into the business
      Me and my team would love to help you

  • @cherylfahey2924
    @cherylfahey2924 Рік тому

    I really am trying to get one residential for my business this year I got commercial finally ❤on to the next stage

  • @Cloninginvesting
    @Cloninginvesting Рік тому

    Thank You Jerome

  • @deepikaatkinson4111
    @deepikaatkinson4111 Рік тому

    Thanks for the good insights..

  • @jamainequarles9096
    @jamainequarles9096 9 місяців тому

    Great content I’m looking to build multiple quad plexes on a piece of property.

  • @maysautomotiveshop1463
    @maysautomotiveshop1463 2 роки тому +2

    I just recently completed the build on the commercial Automotive Shop in the profile pic. I have a little experience acting as a GC on a rental duplex a few years ago but that was a renovation project. I am now trying to get a construction loan for our retirement home. My question to you is are banks approving anyone to build a new home without building experience? I would think the banks want to see building experience and or education before handing over a lot of money to someone without prior building experience. I’m in TX

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      Every bank is slightly different but there is a status quo with most banks regarding construction loans. We can show you the process. It’s all in the entitlements and permitting process. Happy to work with you and teach you how are students with no experience move forward on construction and loans as well as private lending
      www.eliterealestatesociety.com/homebuildingyt

  • @barloduran6173
    @barloduran6173 8 місяців тому

    Thank you Senor !

  • @MrDwright777
    @MrDwright777 2 роки тому +1

    I’m building in South GA, your content is informative and valuable. I would love to work with you!

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      Hey Dedric - watch my webinar and you can schedule a call with our team at the end to get involved with us. We have some students in GA too. www.eliterealestatesociety.com/homebuildingyt

  • @RetrieverTrainingAlone
    @RetrieverTrainingAlone 2 роки тому +3

    Need cash first to buy a parcel? Financing includes cost of well drilling, septic installation?

  • @laverdadsobrepanelessolare486
    @laverdadsobrepanelessolare486 11 місяців тому

    Thank you for the “practical” info

  • @DGarcia007
    @DGarcia007 Рік тому

    I just subscribed. Thx

  • @amp7816
    @amp7816 Рік тому +2

    When drafting plans, how much of the design is your own idea vs the architects’s? What does your initial communication with the architect look like?

    • @jeromemaldonado
      @jeromemaldonado  Рік тому +2

      I typically convey to the architect what I am looking for, and let them put their creative juices together. Then I usually have two or three back-and-forth renditions with them or I help them perfect it and make it my own.

  • @SH-kx6vs
    @SH-kx6vs 7 місяців тому

    This has help me tremendously. How do you suggest financing the cost of the survey’s, architect, civil engineers, permits…
    I have an acre of property that I want to build multi-family unit on. Basically I need a mentor…

  • @fbaltierrez
    @fbaltierrez 2 роки тому +13

    What about getting the actual loan? I talked to my hard money person and he said it's not the easiest thing to get a loan. You need a experienced GC with certain new builds under his belt. That information is super important to mention. Unless I'm wrong

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      I will do a video to help with options

    • @Morris1974
      @Morris1974 Рік тому +3

      You are correct. Most lending institutions will not loan an owner to build their house. They want to take a risk with a novice, they want an experienced builder.
      An option is to connect with custom home builders that specialize in coaching owners to build their own home. They have subcontractors and building experience to coach you through the design, permitting, lending institutions, and coach you though the whole process.

    • @tjmurphy2759
      @tjmurphy2759 Рік тому +3

      Housemax funding loans to new builders

    • @ziggyc4474
      @ziggyc4474 Рік тому +4

      @@jeromemaldonado did you do the video ?

  • @Rowganlife
    @Rowganlife Рік тому

    thanks so much man. ive got some money and time, but id like more money. I already own 2.5 acres right next door to my house. Time to build.

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      Let us know if we can help you in anyway feel free to schedule a call with me and my team anytime.
      www.eliterealestatesociety.com/homebuildingyt?sl=jerome

  • @naats1000
    @naats1000 2 роки тому

    I might want know fully your video if I have not gone through this entire process .
    I have gone through civil engineering, architectural engineering, Geo technical engineering, Structural engineering and permitting process with city. Altogether took me 2 years to get my home Constraction permits. It’s ready to apply with Bank to start construction. Getting GC. Quote’s will be different than 2 years ago because city has changed my primary plans to follow city regulations.

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      I wish I would have had the opportunity to work with you when you first started to shave off more than half of that permitting process. Let me know if we can be of assistance. Would love to help you scale
      www.eliterealestatesociety.com/homebuildingyt

  • @jamessupreme6984
    @jamessupreme6984 2 роки тому +1

    Thank you🙏🏽 Watching on repeat.

  • @oceanview982
    @oceanview982 Рік тому +1

    Great advice! Im waiting back from the city after the proposal I sent. I have 7 acres in a single prop residential area only with an easement down the middle of the property which makes it unattractive for my wife. wondering what I can do

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      Love it, let us know how we can assist you. Keep crushing it.

  • @theellusivefurs5568
    @theellusivefurs5568 Рік тому +1

    I have land, permits ,plans but we did a redesign on elevations, plans are back in building department so i should start on my construction loan before approval?

  • @joseserrato6447
    @joseserrato6447 2 роки тому +1

    Gold right here

  • @lorilalonde3890
    @lorilalonde3890 14 днів тому

    Great info. Where do I go about finding each of these types of professionals? Typical costs for architect? Surveyor? Engineer? Etc

    • @jeromemaldonado
      @jeromemaldonado  12 днів тому

      @@lorilalonde3890 keep telling me through my UA-cam videos. I have a lot of videos out there to explain all of this or you’re welcome to schedule a call with my team and share with you how to be a part of our community.

  • @vbhomesoftexas2022
    @vbhomesoftexas2022 Рік тому

    Love this series of content. Victor Da Connector Dallas Texas

  • @yolandamercado2347
    @yolandamercado2347 Рік тому +1

    while waiting the 30 to 60 days, you said to get all 4 things ready we have to pay that upfront? how much should we have upfront when we get a construction loan. plan on getting a land and build a manufracter home.

  • @sarahadam703
    @sarahadam703 2 роки тому +3

    Very valuable Jerome - I want to work with you. Can I work for free to learn how to build my house

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому +1

      We are always taking applicants for good people. Please let me know some areas that you have super powers in that we may be able to benefit from utilizing your talents. You’re also welcome to schedule a call with my team to see how you can work with our team and we can assist you through teaching you the process
      www.eliterealestatesociety.com/homebuildingyt

  • @centerbuilder7677
    @centerbuilder7677 Рік тому

    Excellent video lots of good Information. I’m a builder in the Seattle area, building my own house. What’s a good bank for construction loan.

  • @didimetel5051
    @didimetel5051 Рік тому

    Love it

  • @luivill6977
    @luivill6977 2 роки тому

    Hey man I like your video 👍 thanks. So I know you mentioned to keep the pressure on everyone. But by min 15:30 you have done so much with permits, engineers, and architects. Sounds like thats quite a bit of money already. Does the loan not cover that part. Or is that jus simply out of pocket cost that we can't avoid or put into the loan.
    Thanks in advance.

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      Happy to teach you how to expense everything and put you in contact with some of our affiliates. Schedule a call with me and my team and would be happy to help you
      www.eliterealestatesociety.com/homebuildingyt?sl=jerome

  • @albertmagana7913
    @albertmagana7913 11 місяців тому +1

    What kind of credit do you have to have to get this kind of loan from a bank or any other funding source ?

  • @HausHillEntertainment
    @HausHillEntertainment Рік тому +1

    Great great advice. Just purchased our first 5 acre ranch. This is great! Just gained a subscriber. Thank you! #HausHillEntertainment

  • @DavidPannell
    @DavidPannell 10 місяців тому +1

    Where your event tomorrow in Dallas?

  • @cristiansalas2458
    @cristiansalas2458 Місяць тому +1

    Is there any specific lender that you recommend when building your first house?

    • @jeromemaldonado
      @jeromemaldonado  Місяць тому

      I encourage people to go to a small local lender or credit union in your area. A lot of the local lenders are more apt to work with you because of relationships or national brokerage firms and national lenders. You’re just a number so they’re looking at everything you have based on a set résumé.

  • @mike21ab
    @mike21ab Рік тому

    what about manufactured homes? do you still need an engineer and architect?

  • @joshstebbins4844
    @joshstebbins4844 5 місяців тому

    So is the loan for the land separate from the construction loan since you do it first? Or is it better to buy the land out right?

  • @bdlc1701
    @bdlc1701 Рік тому +1

    Can you recommended residential construction loan lenders in Sacramento CA?

  • @gdotone1
    @gdotone1 Рік тому +1

    i'm curious what are excavators charging? are they charging millions on say 20 acres raw land... i know you can't be exact but any idea?

  • @moneyrelated1
    @moneyrelated1 5 місяців тому

    I wonder if construction loans are required to be w2 just 30yr loans
    or if the property is build to be sold there is no income required but rather the land as a down payment

  • @carlosvillalta9974
    @carlosvillalta9974 10 місяців тому

    Quick question would it be easier to do a hard money loan?

  • @sprekkatsiu779
    @sprekkatsiu779 2 роки тому +3

    What happens if the loan doesn’t get approved? Does ordering all of the materials prior to the construction loan closing require cash out of pocket?

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      We have an entire process. One step at a time. The process is not as complicated as you think and there’s plenty of capital out there even if you cannot get a traditional construction loan we can show you how to get capital investors. Especially now that the stock market is as bad as it is there is a lot of capital investors that love this type of product
      www.eliterealestatesociety.com/homebuildingyt

  • @Willsimp4tacos
    @Willsimp4tacos Рік тому

    This mans giving out free educations

  • @RodNoble
    @RodNoble Рік тому

    I have a property in Paradise ca plans and permits are all done I just need to get a construction loan on but interest rates have been so high it does not seem like the time is write what do you think ?

    • @jeromemaldonado
      @jeromemaldonado  Рік тому

      It’s a perfect time to start entirely by the time you’re through entitlements the banking will start to slowly repair itself, and landing will be smoother as well as lower rates

  • @MegaGmoney17
    @MegaGmoney17 2 роки тому

    Hey Jerome any advice on renewing expired permits

    • @jeromemaldonado
      @jeromemaldonado  2 роки тому

      Expired permits are not difficult they just have to comply with current building requirements you may have to update some of the paperwork and get your architect to stamp updated plans. Let me know if you need assistance. Me and my team would be happy to work and help you out.
      www.eliterealestatesociety.com/homebuildingyt

  • @truckingwithtobee
    @truckingwithtobee 5 місяців тому

    You don’t need a ring light for this video it’s catching the glare and your TV screen behind you also put your camera up higher so it’s not looking up at an angle.

    • @jeromemaldonado
      @jeromemaldonado  5 місяців тому

      Thanks bro
      I just record my team cleans me up
      Great tips though