Fully Developed Lots, Build New Homes?

[David Dachtera]

Hi, Folks,

In searching Zillow yesterday, I came up with some lots in an unfinished subdivision. I drove out there last evening and yes, the utilities are in and the lots are fully developed - paved streets, street lights, the whole thing.

Does anyone have any experience buying up lots like that and building new?

I have contacts in my investing group who are connected to manufacturers of modular homes - not "manufactured" (trailers), modular: homes are stick-built in pieces in a factory, the pieces are shipped to the home site on flat bed trucks and assembled onto the foundation. If you didn't see it get put together in a matter of days, you wouldn't know it wasn't stick-built on site.

Most anything from a SFR to a 6-flat can be assembled on a prepared site in under a week. Once the site is ready, a structure can literally be put up in a little over the time it takes the concrete to cure.

Anyway, any experiences with new construction would be helpful.

Thanx in advance...