Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 8 years ago,
HELP! First Real Estate Property. HELP!
Hello colleagues. I'm Gabriel.
I need some advice. I'm new to real estate investing and interested in purchasing a piece of property and building two duplexes on it. (4 total units) I know the property I want and I know the duplex design I'd like to build. I'm at a standstill right now because I don't know my next step or where to get a proper estimate as to see how much money I need to ask my lender for to build them.
Can anyone give me maybe a rough estimate as to how much it would take me to complete this project? Or what my next step would be. Should I consult a contractor for a total estimate? Also, I'm also open to building just one duplex, letting it build revenue and then building the other one at another time if need be. I just don't want to acquire the property and end up not getting the loan to develop it.
I'll post links below of the property and design I'm interested in using. Thanks for the help.