Buying and developing Land

[Jason Boice]

We have done a few flips and BRRRR's, but have never done a new build before. We have an approved building lot under contract. We could do a spec house and sell it, based on numbers we have gotten from a contractor and new house comps from the realtor, we should make a few bucks doing a spec house, but there is alot of risk involved, such as the high construction costs to build a new house.

Anyone have thoughts on doing a builder contract and marketing the lot? If we marketed the lot as a we will build you a new house, how would that work? What type of contract would we use? This is new territory for us and there doesn't seem to be a lot written on it.

Thanks in advance for the advice.