Paying to play
Paying to play
The kicker for the newbie builder is that pay out schedules for construction mortgages provided by banks do not match industry standards for the payments required by contractors.
Not even close.
Many of the books weve read in preparation mentioned owner-builders who used lines-of-credit and credit cards to finance their home construction, but the reality of *why* didnt sink in until recently for me. The only way to get through it (if youre not independently wealthy) is to juggle balances between lines of credit & credit cards, and then pay them off as you reach each stage of pay out with the bank. It sounds frightening, and Im definitely not looking forward to it. Fortunately, weve set up our accounts and are ready to go.
Paying to play
