All Forum Posts by: Grace G.

The builder does a variety of work from custom to commercial to rehabs. I will see what others quote and also as you suggest make sure the plans are simpler and have no high-end finishes. Thanks

@Steve Tucker, thank you again. I will look up the cost estimator - can I just ask the architect that drafted the plans for this? I am still not clear as to how this will benefit me. How will having the knowledge about the maximum allowable envelope (which changes for each town based upon zoning regulations), help me to negotiate lower pricing? As well, the first builder who quoted me had all the materials and labor costs itemized. I asked him to revise it with a slightly lower cost of materials but he wanted me to downsize the square footage which would result in a much smaller home or leaving out things like extra bedrooms or finished basements.

@Ryan Normand Thanks for your comments. I am willing to pay up to 90% of ARV because it would be a long-term hold. Some towns have ARV values in the recent market of 500 K while others are higher at 700- close to 1 million. Generally, I am looking in areas with good school districts and hope to attract families as renters. The problem I foresee is that if the lot falls in a town with the 500 ARV and I am limited to a SFH, I will also be restricted to smaller square footage if all the builders' costs are 300-500 per sf.

@Steve Tucker, thanks for your reply. I have done one prior bid but it did not go far because the asking price for the property was too high. I am not sure what is meant by code, are you referring to after repair value? I searched for home builders on Houzz and also used referrals. I contacted 4 builders who all said they were happy to provide a quote but so far only one has done so. The plans are architectural drawings. 

I am seeking bids for a duplex or a single-family home for investment purposes.

The lot sizes vary from 0.47 acres to 1.3 acres and the asking prices for the vacant lots are between 150 K up to 300 K depending upon the town.

How can I determine what is a reasonable building cost for a side-by-side duplex that has 1400 sf on each side or a 2400 sf SFH with either a daylight or walk-out basement?

I have received one quote from a builder that was very detailed and thorough, but it was very high, including profit and overhead fees of about 20%.

Thanks,

Grace

@Norberto Villanueva thank you, I will reach out to you with more details.

Hi All,

I would like to connect with a wholesaler with deals in the following towns or very close to this- Franklin Township, South Brunswick, Montgomery township, Pennington and Princeton Junction;

Thanks!

Grace

Thanks @Richard Loniewski! I am combing the MLS for lots and found one in Bridgewater, NJ that is approved for 3 subdivisions asking about 340K. I wonder if you can tell me if this would result in positive cash flow presuming I was able to get the three builds done?

I am not sure if the location is a good residential area. I know of one builder from Middlesex but he thinks that this town has too many road blocks when it comes to permits. I would have to find a local team. Thanks again for your advice.

Hi I am fairly new to this forum and new to real estate investing. I would appreciate some advice about how to price the market in Somerset County. In particular I m interested in a new build of 2 single homes in adjacent lots. Is there a general rule about  how to price the land? How can I price the cost to build? Any advise or links to information already on the forum is welcome. Thanks in advance!