Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago,

User Stats

109
Posts
72
Votes
Nick Coonis
  • Real Estate Investor
  • Acton, CA
72
Votes |
109
Posts

New Construction SFR - Los Angeles County

Nick Coonis
  • Real Estate Investor
  • Acton, CA
Posted

Hello BP, thought I'd finally start a diary on my project. To make a very long story short, we have finally broken ground on our 10 acres of land in Acton, CA which lays in the northern part of Los Angeles county, just below Palmdale and about Santa Clarita. Anyway we bought the property 6 years ago (almost to the day) and initially tried to build a site built home, which I designed and drew to construction documents for. Although I did get my plans stamped and approved by the building department, the home I had designed became way to expensive for us to build with our budget, and we ran out of money and time. After sitting on the property for a while, even putting it on the market for 6 months, we decided to try again and here we are! 

The House:

This time we went with a Modular home. This is not a manufactured or mobile home, but instead it is a stick built home, with 2 x 6 walls, that is built in a factory and shipped out the site in pieces (modules) and put together on site. We paid much extra for this time of home as opposed to a manufactured of the same floor plan. The reason being, the Modular home is deeded at the county as a regular single family home, no modile, no 433, etc. On paper it is no different than a site built home and appreciates and appraises the exact same.

It's a 4 bed room, 2 bath 1782 square foot home. Features: corian counter tops, hard wood maple cabinets, a 9" wide distressed pine plank flooring, 4/12 roof pitch, master bath with corner jacuzzi tub and separate shower, walk in closets, can lighting, open floor plan, stainless steel appliances, etc.

The Land:

10 acres in Acton, CA. A semi rural, horse property area in Los Angeles county. 

The Numbers:

Land - $50,000 (paid off)

House and all amenities - $155,000

Site work - $106,000

Loan and interest fees - $26,000

Total - $337,000

Appraised at $450,000. (future appraisal done to close the loan)

Status:

We just broke ground on Monday 2/29/16. The grading is about complete as of today and they are starting the foundation on Tuesday. I will keep updating the status as we go along. Thanks for reading!

Had to excavate and recompact the soil at the building site. Took about three days.

Loading replies...