I am interested building and selling homes

[Marcus Gonzalez]

Hello everyone, I'm interested in buying land and investing in a new construction with goals of selling after construction is complete. 

Without getting myself into a get rich quick program, I thought asking all of you good people here your thoughts regarding financing, project planning and experience requirements. 

Are their lendrs out there that work with no experience. If not then where do we start to get our foot in the door. 

Thank in advance, all advice and tips are welcome.

[Prashanth Mahakali]

Hello,

Good luck with the first steps toward development. It would be helpful to get some specific information to help you. What is the amount you are expecting to start with and the geographic target area. Also, what steps have you already taken so far? last but most importantly, who is the missing professional in your team?

[Marcus Gonzalez]

Quote from @Prashanth Mahakali:

Hello,

Good luck with the first steps toward development. It would be helpful to get some specific information to help you. What is the amount you are expecting to start with and the geographic target area. Also, what steps have you already taken so far? last but most importantly, who is the missing professional in your team?

 Hello Prashanth, as of now, I do not have a team together. My target as of now is the general Las Vegas area. I am looking into opportunity in Pahrump and South bound of Vegas along the I15. Overall, I'm am still new and I am looking for experienced advice. We're in the brain storming phase of this. 

[Chris Seveney]

@Marcus Gonzalez

My recommendation would be to start investing at a more basic level. Constructing new homes and selling them is extremely difficult and challenging. Unless you come from a corporate job that is involved in this field, it is not a place I recommend to start. It is extremely difficult and managing all the trades, managing the budget and the schedule to get the project completed on time as the quality level you expect. You would also need to be at the project site every day watching the work and managing the contractors. Most people do not have that availability.

My recommendation is start owning real estate, putting a tenant in the property and hiring a property manager.

[John Mason]

True Having a solid team around you like agent, lender etc.—will be key to success!!

[Michael Smythe]

@Marcus Gonzalez you'll need a general contractor with accurate numbers.

With no experience, you'll probably need 25-30% down for a spec home construction loan.

[Marcus Gonzalez]

Quote from @John Mason:

Welcome to Bigger Pockets ! You have come to the right place to begin your investing journey.

Have you looked into attending local meetings and joining Facebook groups?

 Sure!

[Marcus Gonzalez]

Quote from @Michael Smythe:

@Marcus Gonzalez you'll need a general contractor with accurate numbers.

With no experience, you'll probably need 25-30% down for a spec home construction loan.

 I assumed a down payment would be in the books. I have been working on numbers and building a road map for such a project. 

[Marcus Gonzalez]

Quote from @John Mason:

True Having a solid team around you like agent, lender etc.—will be key to success!!

 Amen!

[John Mason]

@Marcus Gonzalez  this is free and you may find it helpful as the speakers are quite experienced. It is virtual

https://outofstateinvestoracademy.com/2024-summit/

[Marcus Gonzalez]

Quote from @John Mason:

@Marcus Gonzalez  this is free and you may find it helpful as the speakers are quite experienced. It is virtual

https://outofstateinvestoracademy.com/2024-summit/

 I will check it out. Thank you!

[Jonathan Bui]

Construction is definitely for a different phase when you have a strong grasp over property ownership. The logistics and financial management is completely different and much less forgiving if you want to grow your portfolio. The level of work involved will be significant with limited returns unless you are well experienced. 

Buy, own, hold, and manage. Those skills will be your foundation. 

[Account Closed]

Apply to work for a builder/contractor. You just need to learn the macro. Then network with seasoned flippers to learn creative financing. Be skeptical of advice from wholesale deal flippers.