New rebuild in San Jose

[Nhi Nguyen]

Greetings my fellow BPers.

Inspired by all the cool diaries here, I'm gonna try starting my own.  This flip actually started a while back in late 2013, but I just joined BP.  So I have to do some of the catch up.

- First of all, the project is current and won't be finish any time soon (maybe 2-3 months), so I won't be able to share all the detail numbers till I got them straighten out at the end.

- Second, since this is a "catch up" thread, I will be breaking down into mini posts to keep it short(er).

Ok let's get started:

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+ Market Overview: 

• Age of neighborhood: ~25 years
• Average house size: 2500-2900 sqft, 2 stories, 4bed/2.5bath - 4/3, tile roof, stucco siding, most houses are still original, but clean
• Comps for the last 3-6 months: original/no remodel: average $310/sqft
• Current listings for sale (original as well): $372/sqft

+ Project Overview:

• Existing house got torn down completely, all foundation and EVERYTHING goes 100%.  All left is bare dirt.  So other than the demolition, this is pretty much a spec house new build.
• Purchase price: $365k, which includes:
  • all building permits and school fees
  • demolition cost
  • foundation only (raised floor setup), garage concrete floor & driveway are not done
• Lot size: 7400 sqft
• New house size: 2854 sqft + 475 sqft garage
• Budget in a nutshell: 
  • Land & soft cost: $365k
  • Rest of the cost (construction, holding costs, commission, etc...): $435k - $535K
  • Sale @ $350-$400/sqft ==> $1.15M - $1.15M
  • Profit: $100k - $215k

+ Time line Overview:

• 9/13: purchase
• 10/13 - 12/13: finish foundation piers
• 1/14 - 5/14: Underfloor plumbing, subfloor
• 6/14 - current: Framing, Rough of all trades

+ Notes:

• Big gap in times dues to lack of funding, and interferences with clients' projects
• All plans are final, no adjustment/modification
• Inspections are all done.  Ready to insulate & roofing next week.
• Most of in-progress photos taken are lost due to iPhone 6 transitions :) ==> my fault, not Apple.
• Budget estimates are based on a couple of crucial points: 
  • Conservative on construction cost since I build it myself.   
  • If market holds or improves +- 5-10% till the time of listing: sale price would be at least this or more :)

Photos will be loaded in the next thread.

Thanks everyone.

[Nhi Nguyen]

We just had inspections yesterday.  Yes SJ is catching up with backlog so they work Saturday too.

We got rough plumbing, electrical, gas line, HVAC, and shear passed.  Big thumb up for all the hard work the guys have been through.

This week we gonna work on a couple of items:

- Paper for roofing

- Insulation

- Inspection for insulation

Windows and doors are delayed big time.  So stucco lathing has to wait. 

In the meantime, we plan to get insulation inspected, then go ahead and hang sheetrock, work on the roof to buy time for windows & doors.  

Some choices to be made on roofing: The whole neighborhood has tile roof.  I was jumping back & forth between dimensional shingle & tile.  

Here are some photos in the meantime.  Next up would be floor plan & elevation.  I just got them back from my architect.  

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Not very clear view of the frame since the fence & truck are blocking:  :)

From street taking picture of the right side: