Michigan Home Building and Spec Building Start Up

[Joseph E.]

Hello All,

I am a 28 year old in commercial construction (project management). I have recently been getting more into the idea of wanting to become a builder. I am set to get my Michigan Residential builders license later this month. After that I am thinking about going right for my real estate license. 

My question is: how do I start with little personal capital? I have about 10k MAX to start. What is the forecast I should be looking for? What level should I start at? I eventually want to get into building 5-10 houses a year, building myself up to the somewhat more recession proof market (Im thinking $650k+ builds, I also really enjoy lakefront.) I know that is a big goal to reach, however, where should I start? I am getting really into code, building systems, job cost, etc. I have heard the key to making the money is in the price of the land. Is this true? I really need a play by play, please. 

OPM, construction loans, etc. I think I would really enjoy spec home building. Maybe some flips, too. Again, I work in commercial construction management at a top ENR GC. It has slowly groomed my work ethic and I am still always learning. However, it has shown me that that type of contracting is not my passion and I want to really take my life into my own hands. I am just looking for a little guidance or a point in the right direction.

Thanks,

J