All Forum Posts by: Geoffrey Jones

Anyone have a recommendation for a General Contractor on Ft Myers Beach. Investment property was destroyed during hurricane IAN and looking for a contractor for a ground up new build.

Please reach out to me as well. Id like to know more.

@Ivan Gorokhov Ive revised those numbers quite a bit. This is for a Teardown to build a high end home. Estimated costs to build the home ate about 850000+ for a high end home at 5500 sqft

Also I'm selling the contract at 750,000 if anyone is interested. ARV should be around 1.9mil with the adjusted comps for more accuracy

You can infact go the 2.4 mil range but from what multiple people say it can et a bit riskier.

Thanks @Andrew Taylor. What do you estimate it will cost for a 5000 - 5500 sqft high end home that will sell at 2.4 in this neighborhood?

@Andrew Taylor have you done any new construction in the area? As i am looking for a good contractor. What are your estimations on how long it would take to complete this project based on your experience? 

Also I agree with your numbers here. However that's not too far off from where my estimations are at. 

At $140/SF for a 3500 sqft house. That puts the cost to about $490000

Teardown costs 22000 at maximum. Which brings the total construction costs to about 512,000. My initial estimations was it would cost about 500000. Which seems very close in my opinion.

So in a nutshell 

Land Acquisition Price: 900000

Construction Costs: 512,000 for 3500 sqft new construction

Total Construction Costs: 1.4 mil

If we were to sell at lets say 700SQ on the low side. The sales price should be $2,450,000.

Net Profit in this case is $1,050,000. Keep in mind this is before all financing fees if I go the financing route or if acquired with private money profits can be split pretty generously.

Comps in the area also match up with this sales price.

Let me know if I am missing something here.

@Ryan Johnson. Yes this is in River Oaks. Check out the comps I provided in the link. All comps are also located in River Oaks.

@Jay Hinrichs. The build cost is just estimates from what I asked from multiple different contractors. Also I don't think we need to build a mansion here. From the comps there are some really nice looking houses in the neighborhood and none of them look like mansions. Just your plain old High end home. Also even if it doesn't sell for top dollar there seems to be quite a large spread for profit. Also just as you said this was snagged direct from owner before anyone got to it.

@Sam Craven Have you done deals like this in this area or any where near here. Whats your take on this deal?

Thanks @David Miller. Does anyone know of any players in the Houston market doing high value deals like this?

Hey everyone this is the details of a new deal that I have. l'm not a novice at investing so i know more than the average Joe. However, now that I'm raking up and scaling my business to higher levels I want to be even extra careful doing bigger deals. As I have gone through so many pitfalls while investing I realize that there is no way for me to know what could happen. I have a new deal under contract as we speak. It looks to be about $1000000 in profit. However this requires tearing down the home and building a luxury home.

I am buying this property the $900000. 

Through research I can see that it will cost about $500000 to put up a new home and it will take about 6 months. 

Teardown costs will be 22000 again all based on estimations.

ARV or value of the home will be about $2,500,000.

Looking at the comps it seems properties at this price sell very well in the neighborhood.

What do you think of this deal?

Is my ARV correct?

Am I buying at the right price?

Is it worth waiting 6 months for this project?

Is this a good neighborhood to flip?

Are there any good contractors that can pull this off and on time?

Are there any cash buyers in Houston doing Million dollar deals? Most buyers Ive seen are in the 100000 - 300000 buy range. If I were to decide to offload to another investor would this be possible at this price range.

Is there anyone out there that does million dollar flips in Houston???

View report

Comps

*This link comes directly from our calculators, based on information input by the member who posted.

Join a few facebook groups such as

https://www.facebook.com/groups/WholesaleRealEstat...

Deals are posted daily and all over the USA. 

Also you can find deals right here on the biggerpockets marketplace

I spend about 2 - 3 hours a day here on BP. I don't think of it as time consuming at all. Its an investment for my future and for my family. I invest time helping others find properties at steep discount, helping sellers sell their homes when they are in really bad situations, build equity for myself and make more money other than working a 9 - 5 with a six figure income. Plus the people here are awesome! Most I've met and done business with are honest down to earth.
 

If that's not worth it then I don't know what is.