All Forum Posts by: Artem Pustovar

  You can call me anytime and we can talk what kind of help you can offer. 

If I buy now existing house I will pay market 100% value and need to pull out of pocket 20% down for old house which doesn't have any instant equity. Unless you can help me to find something for 70-80% of value If I build new I will earn instant equity 20-30% and will refinance it with 0 down as I usually do and will return all cash investments within 1st year of operation. Then cash flow only. Yes, to build I have to pull down about 30% of ARV but in 1 year I have brand new custom structure for 70-80% of ARV and I will return those 20-30% at the time of refinancing and will reinvest it to another project. I think it doesn't make sense to buy something existing unless for 70-80% of market value. But which idiot will sell it to me with 20-30% discount if house is in good condition? And major remodel option will take same time as new build. Additionally any old house which is not completely just fully renovated will need endless maintenance which pulls money out of pocket non stop.

The idea to build new instead of Remodel existing is to create something nice that will be much more attractive than old houses with low ceilings and without two or more in suite bedrooms. Second point is to avoid expensive and unexpected repairs. When full structure is new and as I don't plan to sell it and want to keep it nearest future it doesn't need any major maintenance at least 10-15 years. As I am general contractor I will save at least 25 to 30% compare with market value of what I'm going to build. When I'm saying Luxury it doesn't mean it is multi million dollar mansion. I think I will be able to maximize structure comfort ability for guests building you compare with Remodeling or adding to old one. Please correct me if I'm wrong. Nobody knows how market and if it will cool down. I see much better situation with prices for materials and leadtimes compare with  one year ago and it become better as many national builders are canceling their huge subdivisions now. I consider locations within 10 minutes driving to Pinellas County Beaches only- that is my main attraction and it should be within minutes driving to stores and restaurants.

Thank you guys everyone for your replies. If you have other advisors please feel free to comment.

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Investment Info:

Single-family residence fix & flip investment in Saint Petersburg.

Purchase price: $225,000
Cash invested: $170,000
Sale price: $679,000

full Remodel with addition.

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

Location and price

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

MLS

How did you finance this deal?

hard money

How did you add value to the deal?

Remodel with you build addition

What was the outcome?

190,000

Lessons learned? Challenges?

Biggest lesson was to open my own construction company and do not hire GC for my projects in future

Hi everyone. I am  general contractor and thinking to build my first vacation rental.

I absolutely unexperienced in field of short rentals I have several questions.

1. Is it important you have vacation rental in Nice area and the house to be similar to houses in the neighborhood?

2. I'm thinking to build SFH with 5 to 6 bedroom with all en suite master bathrooms 2500-3000 sf AC area with 2 car attached garage, swimming pool, large covered rerar porch and nice entertaining outdoor space. Budget is 700 to 800k including land with final market value about 1 million. Projecting daily rent $600-$1000 a night.

3. Is there any special platforms or I can get for plans for the houses which is specially designed as vacation rentals?

4. Does it make sense to build 5- 6 bedroom home for the purpose? My opinion that I can comfortably accept larger groups of people and maximize price per night.

5. I'm trying to figure out the best type and size of house I have to build in terms of ROI.