New Construction Duplex

[Chad Nabors]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $40,000

New construction duplex in vandalia ohio. My first new build. Huge learning curve but such an amazing experience.

What made you interested in investing in this type of deal?

The land had been sitting on the market for a few years and we got it for a great price. We actually have two lots will be building the second duplex later this year. The lots are in a existing neighborhood that the original developer did not complete.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

Cash

How did you add value to the deal?

New construction

What was the outcome?

Selling on the open market

Lessons learned? Challenges?

New construction was new territory for me. Learning blueprints and surveying land was a huge step. Developing relationships with framers and foundation crews. Every step of the process besides the finish work was different than flipping a home.

[Chad Nabors]

Thank you, Jazmine.  I think the first step of the process is getting the land surveyed and speaking with an architect.  Once you have a vision of what you are wanting to build then I would start a spread sheet and get estimates for everything starting with foundation and framing.  Also you need to decide if you are going to hire and pay everyone yourself or if you will hire a gc to run the show.  If you don’t have a ton of experience with inspections and identifying if a job is done correctly before you pay someone I would recommend hiring a gc and be on site to learn as you go through the process.  

Quote from @Jazmine Menders:

Congratulations! Thank you sharing and providing insight. It's always good to hear when these huge projects come out in the positive. I am actually looking to venture in a project similar in Arkansa. I purchased land a few ago and wasn't sure if the best decision would be to sell the empty lot or build on it. After some financial evaluations i've decided to build. Its very exciting to be starting this new project yet very daunting.

What is the first step that you'd recommend to take in this process?