It has been a long time coming. I have wanted to get into flipping houses and building houses since I was a little kid. I read MJ's books a few years ago now and they really woke me up. I helped an Invester from the age 14-19. He flipped houses, built apartment complexes etc....so that's where me wanting to do all of this comes from.
Rather than flip houses I'm going straight to building a new home from the ground up. I am beyond nervous. But unless you take a chance you'll never know.
Some basics on the home. It will be a single-story ranch with a full semi-finished basement. 9' walls. Laminate flooring in main areas with carpet in the bedrooms. 4 bedroom, 2 full baths, and the basement will have a full bath roughed in as well as a wet bar rough in. 1 egress window in the basement for a future bedroom. I will be framing in the future bedroom, but not finishing it.
Vinyl siding with partial stone across the front. Oversized 3 car garage. 2182 square foot total.
It appraised for $519,000. I will be listing for $495,900.
The lot was $65,000. But prices change and things change. It could end up costing me over 400K to build. There's just so many variables.
I'm building in a brand-new subdivision. Of course, the subdivision is surrounded by other subdivisions that are full of homes. There's one home that's already built and sold. It sold for $440,000. It is about 900 square foot smaller.
There's another one that's almost finished. It is still for sale. That guy started his build 6 months ago. They are just waiting for a few odds and ends.
What makes me nervous is his hasn't sold yet for the $495,900 price. It is basically the same house I'm building. Just different colors etc....He initially listed his for $505,000.
There are comps in the area that justify the 495-500K.
I plan to do some of the work myself. I plan to prime the whole house and then have a painter come in and paint. I will prime/paint the garage myself.
I will do some of the flooring myself, set the cabinets myself, and do some other odds and ends. So the price to build will be cut down a little....I hope.
The bank set me in at 7.1% interest (construction loan short term)
This will be a side hustle for me (I ended up getting my real estate license last year) because I was dead set on flipping/building homes. I want to save a little $ by not having to pay an agent over 25K in commission for a project like this. I'll be offering a 3% commission for an agent to bring me a buyer for this build. At the end of the day, it will probably take about 5-6 months to build it start to finish. I hope it is sold before its done. That's of course the goal. Worse case if it is done/sold within 8-9 months and I profit 15-20K I'll be happy with my first big project.
I will post pictures as the build comes along. The basement will be getting dug next week.
To the ones who build/have built spec homes I'd love to hear your stories and advice.
Rather than flip houses I'm going straight to building a new home from the ground up. I am beyond nervous. But unless you take a chance you'll never know.
Some basics on the home. It will be a single-story ranch with a full semi-finished basement. 9' walls. Laminate flooring in main areas with carpet in the bedrooms. 4 bedroom, 2 full baths, and the basement will have a full bath roughed in as well as a wet bar rough in. 1 egress window in the basement for a future bedroom. I will be framing in the future bedroom, but not finishing it.
Vinyl siding with partial stone across the front. Oversized 3 car garage. 2182 square foot total.
It appraised for $519,000. I will be listing for $495,900.
The lot was $65,000. But prices change and things change. It could end up costing me over 400K to build. There's just so many variables.
I'm building in a brand-new subdivision. Of course, the subdivision is surrounded by other subdivisions that are full of homes. There's one home that's already built and sold. It sold for $440,000. It is about 900 square foot smaller.
There's another one that's almost finished. It is still for sale. That guy started his build 6 months ago. They are just waiting for a few odds and ends.
What makes me nervous is his hasn't sold yet for the $495,900 price. It is basically the same house I'm building. Just different colors etc....He initially listed his for $505,000.
There are comps in the area that justify the 495-500K.
I plan to do some of the work myself. I plan to prime the whole house and then have a painter come in and paint. I will prime/paint the garage myself.
I will do some of the flooring myself, set the cabinets myself, and do some other odds and ends. So the price to build will be cut down a little....I hope.
The bank set me in at 7.1% interest (construction loan short term)
This will be a side hustle for me (I ended up getting my real estate license last year) because I was dead set on flipping/building homes. I want to save a little $ by not having to pay an agent over 25K in commission for a project like this. I'll be offering a 3% commission for an agent to bring me a buyer for this build. At the end of the day, it will probably take about 5-6 months to build it start to finish. I hope it is sold before its done. That's of course the goal. Worse case if it is done/sold within 8-9 months and I profit 15-20K I'll be happy with my first big project.
I will post pictures as the build comes along. The basement will be getting dug next week.
To the ones who build/have built spec homes I'd love to hear your stories and advice.
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