This day in 1997, of my house build

[buckeyefarmer]

19970412 Saturday

Hutch helped 6 hrs
Dad helped

Work on front porch header till rain came, then worked on upstairs interior walls.

Moved window opening on upstairs left side. Since I raised the 10 ft extension, the roof line was at corner of window, so moved window closer to front.
Worked out well, as our bed is on that wall, and window is on other side of night stand instead of partially behind it.

 

[EddieWalker]

Not trying to get personal or financial on you, but I am curious how your bank funded the house build with you doing so much of the work? Here, they are very hesitant to loan money on a house build to the home owner. They want a Contractor with history of actually building houses for a living. I'm also surprised that you where able to build so much, and spend so much on such on just one check from the bank. My experience is that they want something done, then they pay you for what you have spent. Everything is done on credit with the suppliers knowing what bank is funding it and sometimes having paperwork from the bank saying that they are funding it. Lumber Yard has the paperwork, so you place your order, they deliver it, the framers do the work, and then the bank comes out to see that it's done. Then they pay off the Lumberyard and provide funds for the labor. On your job, I would expect a payout for dirt work, foundation, rough in plumbing and then framing. Maybe 5 for the power pole if that's there, and if you had to hire an electrician to do that.

 

[ovrszd]

I have a very good small corporate banking institute. I think they have 6 locations. We did a Construction Loan application for $225,000. I never took any bills to the Bank. Never talked to the Loan Officer again until we were done. Need more money in the account, phone call to the bank telling them an amount, money in the account within minutes. Paid the due interest on the balance each month. Could pay on the principal if I wanted but didn't.

In the end we spent $300K. Rolled over $80K to a short term loan. Again, no visit from the Bank, not even any pictures. No bank official has set foot on our property.

I really like my Bank and am very faithful to them. Made our build so easy and hassle free.

Sorry for the derail. Just wanted to mention the differences in financial institutions.

 

[buckeyefarmer]

I know a guy.........

My buddy that has helped a few times is a builder. Officially we had paperwork that he was the builder, but the bank knew I was building it. I did have to supply the bank some quotes to justify the amount I was loaned. Loan was interest only during construction, then rolled over to a mortgage upon completion. My buddy works with this local small bank. This was my 2nd draw at dry in. I covered all the costs up to this point so the bank was covering my costs for work completed, hence an inspection. Payment came to me.
1st draw was foundation complete. Before this they also covered my lot loan balance at closing. Next draw will be July. Somewhere I probably have the draw schedule.

 

[buckeyefarmer]

I know a guy.........

My buddy that has helped a few times is a builder. Officially we had paperwork that he was the builder, but the bank knew I was building it. I did have to supply the bank some quotes to justify the amount I was loaned. Loan was interest only during construction, then rolled over to a mortgage upon completion. My buddy works with this local small bank. This was my 2nd draw at dry in. I covered all the costs up to this point so the bank was covering my costs for work completed, hence an inspection. Payment came to me.
1st draw was foundation complete. Before this they also covered my lot loan balance at closing. Next draw will be July. Somewhere I probably have the draw schedule.

Permanent power panel in house is on at this point.

 

[ovrszd]

Permanent power panel in house is on at this point.

When I was able to turn on the power panel in our house it was a huge step forward. We started with a disconnect/breaker panel outside on the meter pole.

Sometimes the smallest things make the largest difference.

 

[buckeyefarmer]

I ran on generator up till apr 3rd.

I also start leaving the air compressor inside, chained to a wall. Only 1 more thing got stolen, coming up soon.

 

[ovrszd]

Man I hate thieves. It's such an invasion.

 

[EddieWalker]

I ran on generator up till apr 3rd.

I didn't have power to my house when I started building it. I cleared the trees and had the location for the power poles marked, but the power company needed 2 months until they could get to me, so I ran a generator every day, and HATED IT!!!! Noisy, noisy, NOISY!!!! It ran fine during the entire build. I think I changed oil once a week and I don't remember any issues with it other then how the noise of it just got under my skin. After I had power and didn't need the generator anymore, I put it away and it sat for a year or two before I tried to start it again. It would not start and nothing I did could get it to start. Guess it lasted just long enough!!!

 

[buckeyefarmer]

I still have that generator and get it out of barn for some power outages, but prefer my newer quieter Honda. I never changed oil in it the 2 months straight I used it.