Guidance in the Philadelphia Area for Newbie REI on construction

[Oyin A.]

Hi everyone,

I am new here :). I work in Technology and looking to gradually move off that path into fulltime REI. I want to start by raising money through Land Purchase, development and selling immediately post-construction. I am not sure how to start. I know that certain neighborhoods are experiencing MAJOR growth in Philly...I mean people are making like $70k profit and all on new construction of single family homes

I found some lots and need guidance on how to work this out...I want to do 3 or so Single Family Constructions within the next 12 months...to raise funds...After which I plan to get a FourPlex (owner occupied). 

How do I find right Land - lender? - permits - i have found a contractor though. One lender said they only give construction loans to ppl with building experience. I have start somewere, right?

[Tom Linnik]

I would not recommend starting a new construction as your first ever investment. Start with an easier rehab, so how it goes and if you like it. New construction is a whole different game with so many little things that can go wrong and youll go broke. Specially if youve never worked side by side with a developer before. Alot of people are seeing the development going on and fishtown and point breeze and want to get in on the action. Doesnt mean youll make money. Sorry just being realistic. Its cool to be a developer but if you have no clue what to do or where to start its better not to at all till you know every step of the process. Everyone just sees all the construction going on and assumes people are making crazy profit with no problems. Its alot of problems. Also noone will lend money to a first time developer with no experience in the game.