How did you get started building new construction?

[John Mucilli]

*This post is geared towards investors who were not contractors or in the business of building already and more so investors who were doing standard rehabs/flips*

I am in an expensive, very hot market just north of NYC. I have been leaning toward the idea of seeking out buildable lots rather than distressed houses, with the intention of doing a new build on the land. My experience so far is only with purchasing and rehabbing houses. 

What steps did you take, and lessons did you learn when getting into building new construction? It seems like its a big step up with a lot of moving parts.

I imagine some important aspects are:

- Getting the land at the right price and knowing zoning law in that area

- Performing an analysis of new build/gut reno comps, find an ARV which factors in the price of land and sq/ft build price - bringing them together at a number that works for a particular profit margin

- Seek out contractors who are focused on new builds, locking in a contract price that works with said analysis 

- Managing the contractor is on track with the build and within budget..

Hoping to get some great feedback and detailed stories from some of you who have been in my shoes!