New to SFH Development

[Keegan Darby]

Hi BP -

I’ve done 20+ flips, but given the limited supply am very interested in buying land and building new homes (1,100-1,250 sq ft). 

I've talked with a licensed / reputable builder who will build for $130/sq ft (very basic home). 

I want to be sure I’ve ran through all the numbers before purchasing the land. A few questions: 

1. With builders, do you typically lock in a price quote before buying land? (To ensure they don’t bump up the price during construction) 

2. When buying land do you typically get an inspection period to inspect the plot of land?

3. What is your order of operations (I.e. buying the land, drawing plans, signing contract w/ builder for scope of work, applying for permits, etc.)? 

Thank you in advance for any insights.