Barndo Bankers KZread is powered by Mykala Mortgage at Dart Bank
We specialize in financing barndominiums!
Have a question? Reach out to us @ www.mykalamortgage.com/contact
Check out our website @ www.mykalamortgage.com/barndominium
For more barndominium resources check out @ www.projectbarndo.com
Barndominium guides @ www.projectbarndo.com/guides
FINANCING YOUR DREAM BARNDO, SO THAT YOU CAN LIVE YOUR DREAM LIFE
Local mortgage company based out of Chelsea, MI
Jon Mykala - Senior Mortgage Banker NMLS# 728191
Spencer Mykala - Associate Mortgage Banker NMLS# 1967832
Kaitlyn Weaver - Associate Mortgage Banker NMLS# 2302683
Equal Housing Lender | Member FDIC
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They aren’t expensive tho
I don't need what you're teaching, I need to know how to get over the credit/down payment issue. No one has 50k laying in their sock. Where do you get the 50k when you are paying rent?
@@davidlemons5650 - can I suggest that you rewatch the video? That was only an example. There are barndo lending options available with as littles as 5% down. That means on a $400k build you only need $20k. As to credit, there are many variables to individual credit scenarios, but I do cover some basic credit hi lites with another lender friend of mine. I’ll post the link to that video below. If you REALLY want to deep dive on credit I would suggest reaching out to us or contacting another lender that specializes in barndo financing.
It’s such an art! I left work to come watch our pad being poured today. Thanks for the info! Is vapor barrier a MUST?
@@BradnickJo-mb2eg Very Welcome! In regards to the vapor barrier question…that’s a question for the pros. You can find Red on FB at Concrete 316 - feel free to DM him!
Thank you so much
@@zachthegunguy - So welcome!
@@barndobankers we live in Plainfield Indiana, we plan to sell in 2-3 years so I watch and learn everything I can because we want to build a barn dominium on 5 acres in the cascade Clayton area which is 5 to 15 minutes west of us. There’s just no land out there for sale a lot of farmland.
@@zachthegunguy - That’s great! My brother lives in Bristol. Have you thought of approaching farmers to see if they would be interested in splitting off 2-5-10 acres?
Thank you for your time. I am just starting this journey. I need a place to start.
@@tonysmith3638 Very welcome! We have a free program that we will be adding to the channel soon that will help provide a step by step way to get started. Be sure to subscribe and hit the bell so that you are notified when we release it.
We are thankful for your generous help, time, and info Jon on this channel. Great Guest
@@baptistlion4060 Our absolute pleasure!!! Even more coming - stay tuned!!!
The biggest reason why people can’t get loans for them is they are pole barns converted to a house that’s the biggest reason and they don’t hold their value as much as a regular stick built house just saying how their construction and what materials they use
@@wilyceyote - people can get loans for them if they work with lenders that specialize in financing them. In regards to holding value, we have not seen any statistics or data to prove that they don’t hold value the same as conventional construction. If you have or aware of data sets that demonstrate this to be true I would be very interested I seeing or reviewing the information. Currently, both major lending agencies Fannie Mae and Freddie Mac have addressed the issue of valuation in guidelines as well. Within the last 9 months I had a Barndo sell less than 1 mile away from my home in Michigan for $1.1 Million. Based on trends we continue to see, barndos appear to be appreciating the same as any other style of housing.
@@barndobankers reason why I know about barndominion I live in one as well I love my barndominion but I noticed they are a higher cost maintenance and repair. Set mines over 10 years old. Notice a lot of things repaired
Doesnt say a single thing about "how to buy land and build a barndominium"
@@ryansessions6278 what kind of information are you looking for specifically? We cover a broad range in this video, but have several other videos with more specific details when it comes to the purchase of property.
If there's a short answer, sure...explain the scenario where the BANK pays the closing costs. TIA
Thank You! Great information
@@beansisawsom Very welcome!!
What was the channels name?
Barndo Bankers is the name of our channel where you can find the full length video. We rebranded shortly after this video was recorded. Link to the full video - kzread.info/dash/bejne/kZ9mpKqzcZjVj6g.htmlsi=NCJEcZgta2Srf0mO
VA Home loan
What’s the question? Can someone use a VA loan for barndominiums? If so, yes you can.
Great information!!!
Thank you! Glad you found the video helpful.
Earlier, I posted something and called it a SCAM. I am sorry for that. That post was meant for a cryptocurrency site that wanted you to send them crypto, and they would return twice as much. Once again, I am sorry. I am actually looking for barndominium builders in TN.
We appreciate your candor Ian! Best wishes on your Barndo Project and we hope information we provide can give you additional insight!
Thank you!
Very welcome! If there are other topics that you think would help, we would love to hear your feedback!
How do I know if I can build a barn dominium in Southern California? Inland empire, riverside county (East of Los Angeles CA) Also any contact info that can inlight me with some knowledge regarding a barndo? I
Where are you ?? I’m in NY ,, looking to build a barndo on property I’ve owned for about 10 years
Unfortunately, we are limited to Michigan and Florida for our construction loans, but we have a network of lenders that we would gladly help connect with. If you would like to proceed, go to our website and fill out the contact us form. www.mykalamortgage.com/contact
In what states do you build in
Chuck (Patriot Builders) focuses on building in southeast Michigan.
Bardominiums are fine out in the stick type states... forget about it on the Left Coast where big Government tells you what you can and what you can't do with your property as far as building codes go...
I just bought 3 acres in Texas and eventually will build a barndominium style home and shop. I might wait a little because of this administration jacking up interest rates.
Where in TX? I want to do the same north of McKinney TX
@@joetatoesniff9525 Out near Granbury/Glen Rose area.
Hi, what’s the chance of someone getting approved for a new construction loan with a bankruptcy on their record?
Depends on how long ago the bankruptcy was filed. For our loan program, it would need to have been at least 4 years ago. You may be able to find an FHA lender who could help if it was filed at least 2 years ago.
I want to know what’s not included in that cost. Septic, well, appliances?
That was a turnkey price. However, appliances were not included.
Mortgages are the biggest scam ever. Mort in latin means death...so basically pay till you die.
My husband and I are currently hoping to use a VA loan to buy land and build a barndominium. I‘ve heard this is very difficult and we are first time home buyers.
It's not that difficult if the lender knows what they are doing. We know a few lenders that specialize in VA barndominium financing. If you would like us to connect you with them, please visit our website www.mykalamortgage.com and fill out the information on the contact page. In the message section, let us know which state you intend to build in.
Hi guys! I’m in Michigan wanting to do this and looking to connect with someone to talk through some options for this! Do you guys do anything in west Michigan?
We can absolutely help you! We can lend all over the state, and we have know some barndominium builders on that side of the state. Go to our website www.mykalamortgage.com, there you can check out our barndominium resources, and you can also contact us to further discuss your options.
I've heard that you can get an agricultural loan to do a barndominium which has a lot less stipulations placed on it can you also put the land in on that or can you explain that whole process and what are The advantages and disadvantages of doing that
That is a GREAT question. I don’t have direct experience with AG loans, so I would be talking out of school if I tried to answer directly. However, based on my limited experience, I believe that what you may gain in ‘less stipulations’ may result in other more specific requirements. But rather than speculate, let me get one of my Ag Lender Friends and we’ll record some ‘hi-lites’ for you. Where are you located? We have a network of lenders across the country, so I’ll try to get some in your ‘backyard’. Thank you so much for the question!! Please give us a little bit of time to get the other lender scheduled.
@@barndobankers live in Washington State specifically Snohomish county
For a good Ag lender in Washington you can send us an email at [email protected] and we can get you connected with them.
Haha dry wall in a barndo ?Self installed..... thats what hang tape mud sand prime and paint ....six steps .....hang panel ......painted or stained ....two steps looks better .
You literally said nothing. You didn't say what the mistake is. Waste of time
I apologize that the short video didn't provide enough information for you. If you want more detailed videos about financing barndominiums, watch some of our long-format videos. Personally, I watch longer videos on KZread for that. The shorts are more designed to get people's attention, and as someone providing the information, it is very difficult to squeeze that in within 60 seconds. So let me clarify: the mistake mentioned in the video is that many people do not consider looking at finances and getting that in order first. Many people suggest or believe that they should start by buying floor plans, talking to a builder, etc., and finances are very rarely brought up as the first step. I hope this helps provide more content for the information you were looking to get out of this video. We truly want to provide information that is valuable to help people build their dream barndominium. If you would like, go to our websites www.projectbarndo.com and shoot us an email, and I'll send you for FREE our barndominium financing guide. It covers a lot of detail about financing barndominiums and has a lender directory if you're looking for barndominium financing (we can only finance in Michigan and Florida). Again, I didn't mean to waste your time, and hopefully, you will find valuable information in one of our other longer videos or in that guide. Have a great day - Barndo Bankers.
Great info. Thanks!
You're welcome! I'm glad you found the information helpful. If you are looking for even more information, we offer a Barndominium Lender Guide. As a bonus included with the guide is a directory of lenders that offer financing for barndominiums in over 30 states. You can find it at www.projectbarndo.com/guides
Seemed like a lot of vague info. DYI individuals should just avoid this video because it's 99% of go talk to a specialist.
What information were you looking for? We try to be respectful of our guests' time, which they graciously take out of their day to come here and answer questions. This limits the details we can cover in each topic. For example, we could have spent an hour talking strictly about foundations with Shane. However, as we say in the description, this video's main purpose was for those thinking about building a barndominium. Inside this video, we try to ask questions that people may have or potential things they should be aware of before they start the process. Shane recommends that people talk to building inspectors, township supervisors, or zoning coordinators to avoid issues down the road. We couldn't agree more with him. We know of several people who bought land only to find out that they couldn't build a barndominium in their township. Also, Shane's advice to DIYers with limited construction skills to seek professional help is not bad advice. He is merely looking out for their best interest, trying to save them time and money from mistakes they may make with their limited experience. Shane is respected in the barndominium community for the wealth of knowledge he brings to the table and his willingness to be involved in Facebook groups and answer questions to help people. Hopefully in the future, we can have Shane back to answer more questions geared towards DIY. Thank you again for commenting, and please let us know what info you were hoping to get out of this video. We will try to incorporate that information in one of our future videos. -Barndo Bankers
@@barndobankers The title seemed like it didn't match the video. It's more like a talk show with barndominium's contractor special guests to discuss what they experienced in building barndominiums.
@@barndobankers Do's and don'ts format is usually a clear numbered list of things that will prevent the build for don'ts and things that speed it up or makes it cheaper for do's.
@@johncurran8601 I understand what you mean; we didn't strictly adhere to a list of dos and don'ts, but rather leaned towards offering tips from experienced builders. You're spot on. This was one of interviews from our podcast, 'The Barndominium Podcast'. At the time, KZread didn't have a dedicated podcast tab like they do now. So, what you see is the video recording of that podcast interview. The interviews are our way of trying to disseminate even more information about barndominiums. The financing aspect can get boring at times haha. I appreciate the feedback, and we will continue to strive for improvement and to provide the best quality information.
This seems to be a common issue for people trying to do this is what I'm discovering. I stumbled across this video and gave john a call and he was able to point me in the right direction !
Great video! Loved the resources on your website too. Thanks for all this fantastic information on financing Barndos.
Thank you so much for your kind words! I'm delighted to hear that you enjoyed the video and found the resources on our website helpful. If you're interested in more information on barndominiums, be sure to check out our newsletter, the Barndo Buzz. You can subscribe at www.projectbarndo.com.
Do you want information on how to start your barndominium build? - Go to www.projectbarndo.com/guides
Is there an explanation of why a ranch style would be cheaper than 2 floors for a barndo? My wife and I are looking to build one next year and this is the first time I've heard this mentioned, and Charles doesn't give an explanation as to why. Thanks!
Hi! From what I recall, the cost savings were due to flooring for the second level. Customers looking to save money stick with the concrete floors may stick with the concrete floors when building a ranch style barndominium. The other added cost is additional lumber (support beams, floor joist, etc.). Thank you for your question. This was great question, and we are actually going to have Chuck come back on our channel to specifically talk about this topic.
When you say 2000sq/ft, is it habitable square foot or 2000sq/ft with no walls or anything inside?
The price is for a turn key build.
Can veterans use VA to build a barndo? Wife and I are trying to move from Texas and build a home in Michigan.
Yes you can. We don’t have a VA loan program for barndos, but we know a lender that does. If you would like us to pass your info on to him, please go to our website and fill out a contact form www.mykalamortgage.com/contact
can u Recommend me where can i find someone that could pick the right place? And help us Good low Price. Good Area with land .
Refied mine for 2.25% 3 years ago...so glad I did!
That is awesome!
Metal roofs are cheaper than a composite shingle roof, so what are you talking about that they’re expensive. We purchased the metal for our 1400 square-foot home and it only cost us about 1700 and we did the work ourselves.
For composite, yes, you can find metal roof materials that are cheaper. In the short video I was not able to go into details of all the different materials and based it on an overall average cost. Basic asphalt, which is what most residential properties use, is typically cheaper than most metal materials. A quick search shows that on average, shingles cost $4-$13 square foot vs metal at $4-$30. I apologize for not being able to elaborate more in the short video. Also, doing it yourself saved money. Companies sometimes (not always) may charge more in labor cost when installing a metal roof. Thank you for your comment and congratulations on your new house!
Hey thanks for video. Learning up. Whats you contact info? Web Link?
Glad you enjoyed it! You can contact on our website www.mykalamortgage.com
😂😂😂😂 just shhhh
Is this for only 1 state? Or several states?
Great question! In this video, both Jon and Ben were talking about lending in Michigan. I highly recommend talking to your lender about any restrictions they may have with their loan programs. Also, zoning ordinances vary greatly from state to state, even townships in the same state. So, with that you will want to talk with your builder or go to your city/township you want to build with and see if there are any ordinances/restrictions for building a barndominium. What state are you thinking about building a barndominium?
Hi. What’s your website or email?
Or buy and build with Cash. Then you don't need a lender
Very helpful
Glad you enjoyed it!
Pay cash there is no issues
It's always good to minimize debt! However, paying all cash is not a possibility for a majority of people.
Yes correct but I been in my current home 21 years home has 400k in equity so when I sell it this how I can buy one if the land and build makes sense debt is the only thing that keeps people working period
@@jamesray3920 I am happy for you! That is a great feeling to have the option to pay cash for the next home if you want to go that route. The first dream is to own a house, the next goal is to be mortgage FREE. However, how do first time home buyers buy/build a house with all cash? Or even a person that owned house for the last five years? There are ways to pay for a house with all cash and you stated two of them, time and equity. Not everyone is in position to have the option to pay all cash. A mortgage might be their only option, since they don't have equity in a house. That is why we try our best to help our clients align their housing and financial goals. Debt- This would be a long discussion in itself haha. It's more than just debt that has people working long past retirement age, second jobs, etc. Thank you for comment and I wish you the best!
Building equity all has to do with where you buy a home period, my home was 150k with 21k in upgrades now has a value of over 500k all new build start out at 400k to 1 million unbelievable that people would buy such a home where your neighbors are a few feet from your home , no guarantee I will buy another home but if I do I will pay cash for it and the land but I did just buy a Mercedes Benz sprinter van to build out I may go this route and just travel im 58 life becoming short we are here today and gone today so why leave for your children to blow why not you any home you buy cash still will have bills to pay taxes & insurance for myself I just want to be truly debt free , less is more and enjoy the most simple things in life a nomad lifestyle 😊
Just purchased a huge barndominium with 4500 square feet of living space, had no issues getting financed, and contrary to others on this thread very best insulated house I ever owned, the end of October, and still did not need to heat anything! Wish I would have done this many years ago.
Congratulations on the new barndominium!
Hi, would you be willing to help us? We live west of Denver and are looking for a house. Ideally we would rather a bardo with shop space but don’t know where to begin. I understand the building process but am confused about the financing and timeline part
@@Vanpham-xe3oj Hello! We can only finance barndominium construction loans in Michigan and Florida. However, if you intend on purchasing a barndominium we can help with that (a little odd, yes haha. We are a small bank, so specialty loan programs are limited for out of state.) If you just want to chat and get some insight, please fill out our contact form. www.mykalamortgage.com/contact One of our barndominium specialist will get back to you after Christmas. Also, we are launching a barndominium newsletter very soon. A lot of topics will be covering the financing questions that many people have been asking. As a member you will have access to weekly webinars where our financing specialist will be available for questions. I will message you when this goes live!
@@Vanpham-xe3oj Confused about financing? My advice is to not finance. Timeline? You plan it, you do what you want when you want to do it. That’s not confusing.
Who do you finance with?
I remember mortgage rates mid to upper teens, rates won't ever be 2 or 3 ever again IMO
We tend to agree with you. What we saw in 2020-2022 is what we believe to be an economic anomaly. Having said that, we do believe there is a high probability of lower rates in the future based on prior federal reserve actions when it comes to the cyclical and correlated nature of the economy and interest rates. Because of this, properly understanding ALL of your options and the resulting affects is imperative when selecting a financing program.
Great information!