All Forum Posts by: Keith Bloemendaal

If you are talking about a lot already developed, getting a permitted use permit, about 1-2 weeks here, and fees range from $10k - $20k. If you have zoning changes or an entire development, it's 6mos plus....

I just bought QB Pro for Mac, like it so far. 

Ultimately this will depend on so many factors, including location, price point, and what the market is demanding. The biggest problem I see is that appraisers don't care about many of the items and only look at comps price per foot.... So that is likely the biggest factor, at least here in coastal NC it is. 

Same as Mike, I pay 1 point plus appraisal, fees, etc...

Typically it doesn't matter to my bank whether we have bought the lot or not, but they are actually loaning me to buy lots (bought 9 this year and haven't touched 3 of them yet) at 75% LTV.

I pay 4.75% on construction loans from my bank, who currently allows me 4 specs, I have another bank in my back pocket who is committed to 3 specs at 5.75%, it took me months to find the right banks, but all I can say is start with the little community banks. Good luck!

I am co-chair of my planning board, here you cannot "spot zone" properties, meaning you cannot change a zone to meet your needs to R10 when it is surrounded by R20. This is dictated by the law, not the planning department. 

I don't use an architect, I use a "home designer" then have things like pilings and/or trusses engineered, it's way more cost effective. 

Typically I will browse the online plans, then send a few to my designer with my thoughts on features and changes and we come up with our own plan from that. Usually ending up with a plan that doesn't even come close to resembling what we started with.... but that's just me. 

Interesting conversation here. I started exactly one year ago, building new homes. My investor and I started a separate entity altogether where we each own 50%. He invests in the properties, I build the homes at cost, we split the profits. It works great for all of us in my view. The only thing he does is write checks, I find the properties, work with the realtors and buyers, and completely manage the projects. My equitable contribution is my knowledge and sweat equity. 

Again, my situation is different as I build new homes.....

Construction loan appraisals consistently come in lower than sale price appraisals for me, as much as $10k-$20k most times (on $300-$400k homes). I don't pay much attention to them. 

I actually created a new entity with my investor, we each own 50%. I used my own credit to get the accounts going. Flat fee or cost plus is a good way to do it.