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Updated over 4 years ago on . Most recent reply

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Naresh Maragh
  • Rental Property Investor
  • Tampa, FL
2
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25
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Building a custom home?

Naresh Maragh
  • Rental Property Investor
  • Tampa, FL
Posted

Hello everyone,

So this is just kind of a fun discussion piece that was spawn out of curiosity. I’m currently waiting on a deal to finish up so I can invest in a flip in Florida . In the meanwhile I’ve come across what I think to be a great deal. It’s a 300k property estimated 50k rehab sitting on 4.7 acres in an area that houses just don’t sit on an acre much less 4+. There’s not a lot of comparable because of this but the house is a decent size 4 bed 1 bath (rehab estimate includes adding another bathroom). Unfortunately I’m not able to do this deal myself right now but I do know two great investors so if they wanted to jump on board I know they would allow me a piece of the action. So I pitched it to them, but I also told them that I believe we should have the land surveyed splitting it into 4 parcels. The property is allowed 1 unit per acre. Also there’s a lot of new house development popping up in the very close vicinity. I suggested we rehab the house split the land up and sell the 3 remaining parcels of land and then of course the house on the 4th parcel. I’m currently going back and forth with them right now to see if we can do this deal. I would play the role as project manager basically doing everything considering they’re out of town. However my entrepreneurial investor mind is reeling now, I’m wondering what if we built on the 3 parcels brand new homes. Just one street away there are brand new communities popping up selling new homes (with no yard space typical neighborhood) for the mid to upper 200s. I’ve never studied new construction. I’m just wondering in Florida what is the average cost to build a new home via contractor? Obviously I know these numbers vary immensely on a lot of variables but I am curious into this side of investing.

Thank you

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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
19,404
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Joe Villeneuve
#4 All Forums Contributor
  • Plymouth, MI
Replied

Do you have any experience in building new homes?

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