All Forum Posts by: Tom Spaeth

There is another issue. You are likely to not be able to sell a lot. There are typically 3 phases to subdivision.

1: local government approval of the new plat with all the lots. Could be very valuable to a developer that wants a large project. But unless the lot has direct access to roads and utilities will still be considered unbuildable, and the government may not issue permits until infrastructure is complete

2: Roads and utilities are installed. And Agent can probably help you get a price for an individual lot ready to build. Usually about 20% of a completed home, depending on the area.

3: Completed homes.

im just starting cold calling - Was hoping to hear more input. I am going to try MOJO and see how that works. 

They are looking for sales people to sell their stuff. At least from what I could see. 

It depends on 1 thing more than anything else. What is on the other flips in your area. If you are sell black appliances and carpet while everyone else is selling stainless and hardwood then good luck trying to sell for top dollar. But the other way around you will sell quicker and possible at a higher dollar. But it can also be a waste of Money if the end buyer doesn't care. I used to do skip trowel texture till I found out buyers were just fine with knock down. 

Anyone ever have to post a bond to cover a mechanics lien. Have a closing coming up and the contractor is trying to get more money than he is owed. He informed the title company he is planning to lien the house. Any info on the process and the costs would be great. 

30k profit no way on a $1m home.  Not really on a $300k home. And that’s pretty good on a $150k home.  But each person needs to figure out their own level of risk vs reward. 

Now on fix up. Best to price that out locally. Everyone here has a different price structure plus we can see what you are starting with. I used to start with $40 a foot to rehab but only to see if I was in the bell park. After that priced up each item   

You have the right to redeem first. As long you do that then you just have to pay off the other buyer. They will earn the interest and probably be bummed out. 

My first non-rental property was a new build. We cleared $300k on it. Primo land that everyone though was unbuildable. We fit 3 townhouses on it. Wish I had one of those every year.

You should be getting builders risk insurance. SF does not carry this. Look to someone like American Modern. It's pretty expensive but worth the peace of mind. It covers the house plus all the materials on site. Traditional home insurance does not cover houses that are vacant or houses that are under construction. If SF came into a house that you were remodeling, assuming this is not your person residence, they can deny all claims.  

Your only real choice is to not pay. Until the GC and Contractor can get signoffs you have no obligation to pay. The option the gc has is to get some engineer to sign off without the inspection. You always have to hire a GC you trust.