No credit, no cash = OPM - other people's money. Other people's money doesn't come cheap. You need either a partner to risk the money and take 1/2 profit or loss, or a hard money lender to take interest and points on a interest only short term loan. HML are used all the time on rehabs by investors, I don't know if they would get involved with spec house. They take the house as collateral @70% of value, I have no idea how they could protect themselves on a spec house.
Do you know any rich people who would invest in your personally?
You could try to get someone to invest in you, I still really don't know if the spec house would be too hard to overcome, but almost all successful real estate investors who buy fix and sell have a couple of millionaires in their back pockets. You could try doing what those people did to get started. Run an ad something like:
"Real Estate Investor/Builder With Proven Track Record Looking For Investors Who Want To Make 10-12% On Their Money Secured By A First Trust Deed" tell them you will pay them 10% with monthly payments for 100% financing or 12% Fee Simple, meaning you will pay them back when the house sells.
If you had a really great set of plans and a really great piece of property and could "sell" others on it and yourself...
There is always the "Hard Road" such as working ones tail off for other people until one gets enough cash on hand to make a "Down Payment" to an owner of a piece of property that will be willing to carry the balance due.Then working more tail off to get enough money for materials to put in the foundation for the spec house and of course
doing most of the labor work yourself in order to cut costs. In all this there needs to be a good buildable set of plans drawn for the job most certainly, and if by chance one can get this far along there is the possibility of finding an actual lender to finance
the project if the variables are all in place. These would refer to the location of the property and the estimated value after the build is completed as well as the willingness of all parties to agree on these matters. It Could happen, it is not impossible, just a "Hard Road" to go.
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