All Forum Posts by: Ethan Perry

Fellow VA Investors,

This guy was waiting for us in the back yard of a rehab project we just bought. I have no experience buying and selling boats so I am looking for a little guidance. 

From my research it looks as if I am supposed to reach out to the previous owner and give them a chance to claim the boat. We bought this house from an estate, the gentleman had no heirs to pass property to. So I'm assuming I am off the hook there. Also it looks like the titling process could take a while, maybe longer than I'll have the house. In this case I wonder if it would be worth it to try and sell it with a salvaged title. 

Any advice helps, thanks. 

For the record it looks to be a late 80's model Catalina 22 sail boat. Retail from $4-8k in good condition. 

This sounds great, thank you for putting this together and promoting it here. I will do my best to attend the next meeting.

Welcome to BP @Angela King! As you know the Fredericksburg market is hot right now and great deals are scarce! Being an agent will help you be a step ahead of some people but you still need to be quick if your looking to flip. 

As far as finding PML goes, networking with other investors is a great place to start. I'm not sure if you're familiar with REIA groups in the area but there is one that meets in Fredericksburg at the Keller Williams office behind Gander Mountain. Our next meeting is on June 5th at 6pm. We try to attend every month and there are always new people there.

Best of luck to you moving forward. This community is an awesome resource, take advantage of the tools and podcasts as well and let me know if I can help in any way! 

Wow, thank you @Jay Hinrichs@J Scott@Jeffrey Stasz@Josh Cuthbertson for the detailed insight.

It is now very clear to me that I have a lot to learn about new construction lol Much more than I thought. 

Using some of the rough estimates and guidelines you all have put forth I think the prudent thing would be to let this one pass. There are just too many variables and not enough meat on the bone to risk it. 

I do have someone with more experience than I in the new construction space offering to partner but I'm not sure how comfortable I am with that partnership anyway. 

Homes don't sell often in this area downtown which is why I was initially excited by the idea. But from what I can see ARV would be 380k. Lot is going for 75k and if I use your cost of $130 sqft for an 1800 sqft house I'm at $309k. I hear it will cost $15k to get water/sewer from the street so that leaves $56k before I pay a lender or any other fees. Only way to make it work would be to negotiate lower builder cost which is unlikely at my stage of the game.

Looks like I should stick to rehabs for now! 

Hello All, 

I apologize if this topic has been discussed in detail elsewhere, I was unable to find it if it has. 

I'm writing because I was presented an opportunity to purchase an empty lot in a very desirable part of town at what seems like a fair price. To this point my experience is with rehabbing and wholesaling homes, not new construction. 

In your experience, what have you found to be the biggest difference when building new vs rehabbing a home? The obvious things --foundation,utility hookups from the street, different permitting I know to expect. Really I'm just trying to get a grasp on what the hidden costs/barriers to entry are and how I can compare new build cost to rehab cost. 

For example - say it costs me $27 a square foot to renovate a home. Does that go up significantly to build new? What kind of timelines/delays should I expect to build a 1800-2000 sqft home? 

What kind of licensing/experience should my contractor have for this job? The guy I use now is a class A contractor but hasn't done new builds. 

Lastly, how do you all evaluate the land/lots? Is there a divisor - if ARV is X, I should purchase the lot for no more than Y?

Thanks in advance for the feedback

Thank you all for your input. The seller decided to hold on his property after all but this is good information for the next one that comes across my desk in that area. 

Thanks again!

@Ben C. I'm not saying I wouldn't use them again, I probably will. I'm just not using them for my next deal because my local granite guy was able to include cabinets in a kitchen package at a great deal. 

Nothing against Cliq, just got a better deal locally is all. 

@Ben C. sounds like you should go with Cliq then. The experience was great and they're good quality cabinets. I was just saying you should do your due diligence which it sounds like you have. Good luck!

Ben, this house is under contract for 375k. This is the middle of the market in my area. If your at a higher price point you might want to bump up to some of their higher end lines. 

Check with your local kitchen/granite spots before you pull the trigger though. I was able to get a much better deal on cabinets when combining it with my granite purchase for our next deal. What's cool is you can take the mockup Cliq gives you with the measurements on it to the local guy to get an accurate quote fairly quickly.

The Cliq cabinets come fully assembled and are solid wood soft close. The ones I bought for the next deal are as well, just want to make sure you're comparing apples to apples.

Welcome to BP and NOVA @Dalton DesRoches!