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Updated almost 6 years ago on . Most recent reply

User Stats

10
Posts
1
Votes
Colbi Ight
  • Dallas, TX
1
Votes |
10
Posts

6 Plex new build project

Colbi Ight
  • Dallas, TX
Posted

I am in the process of buying land outside of a major Texas city. I plan on building multiple 6 plexes on the property but I am running into a few problems. First, after doing some research I am noticing a that the idea of building under $85 a sqft is very possible. I have been doing my research and after talking to other builders in the area that have told me $65 per sqft is average for base level units. Second, I believe I can get $1.10 per sqft per month in rent after looking at comps. Third, I am planning on using an architect but I am wondering if there is a company I can get plans for a better rate then paying an architect locally.  Finally, I have been talking to a few people regarding financing for the land and build costs but I have been having trouble finding terms at a reasonable rates. I plan on getting a conventional loan for the land as most of them have homes on them currently and I will move into the home of the property I purchase.

-What is a realistic build cost per sqft in Texas for a base unit 2/2 with a 2 car garage and a basic 2/2 ?

-Is adding garages to each unit worth the added expense? 

-What are ways to get higher rental rates than local competitors?

-What are the average rates you are seeing on new build loans with 20% down on a multi unit building?

-Is it better to get a commercial loan over a typical build loan?

-What are some good online architect companies to get plans from at a reasonable rates?

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