All Forum Posts by: Adolfo Herrera

 Wow, that sounds like a lot but it is a beach house! Been calling around and did find local architect who charges around $0.50/sqft. Which I think has been my best lead. For an additional $450 they will include the required engineering seals.

I recently bought a piece of land(cash) in my hometown in Texas and I am looking to start building a home to sell.

The lot sits in a new neighborhood and is in the more affordable side of the Rio Grande Valley. Homes currently up for sale in the area are about $250,000 for a 3beds/2bath and roughly 1300 SQFT. Lots of small builders with their standard spec home. 

My plan is to build along the same type of home, but of course with some of my design inputs.

I want to get a really solid foundation before any actual building happens and I would truly appreciate any advice that anyone has to offer of some preliminary items I should know and take care of beforehand. Basically anything that I should have before the construction starts.

Currently in the step of figuring out how to get home plans and how to work with architects so I have the following questions:

1. Should I work with a local Architect to design from scratch? Or should I grab plans from a local builder and work with their architect to modify the plans to more of my style? Reason I ask is because after buying the lot, the seller was also a builder and mentioned he could sell me his plans and connect me with his Architect.

3. How much should an architect cost me for a 1300sqft design? In terms, of Great Price, Fair Price, Overpaid.

2. Do you have any experience using a piece of land as collateral for a construction loan? And is it a route that you would recommend?

Investment Info:

Single-family residence other investment.

Purchase price: $570,000
Cash invested: $30,000

This is my first house hack! While its not cashflowing, its been a great experience, I've been learning a crazy amount of DIY things!

Yea, you're right. Market is just crazy right now. I make more, but it feels like I'm right back where I started 2 years ago lol.

Just for more information. This is the first nice house I find in the last month and a half. Just to give you an idea why House 1 interested me.

SFH House 1: 600k, 1999, nice area, well kept, remodeled, 2299 SQFT

SFH House 2: 550k ,1953, 1660 SQFT, House needs work.

@Greg R.

@Kevin Sobilo @Greg R. Thanks for the replys...

Like I said I think I can live there on my own, I would maybe be cutting it close but not too bad. The house is currently 3 bedrooms but I believe I can turn the basement into a 4th. My monthly payment for the house would be somewhere around $4,500, but like you said if I can rent out the bedrooms for $800/each(2400 total maybe). I still pay quite a bit, but honestly my rent right now is around $1,300 so... this is where im conflicted

Hello everyone! It's finally here the moment where I actually have enough to buy a nice home and be able to house hack...potentially! 

I'm struggling to decide what a good option for me is, and would like someone's opinion. I have been pre-approved, and I believe I have a pretty good budget to work with. The issue I'm facing is that house prices in the areas that I have been looking for are right at the edge of the total loan amount I qualify for. Would it be a good idea to go utilize almost all of the amount I qualify for? 

Truthfully, If it was just me living in the house I would be able to "survive" paying it off my myself, but I think I would really be gambling it lol, but once I get roommates it should be fine. FYI, I don't really have any other expense or debt besides my car. Any input would be appreciated please and thank you!!