All Forum Posts by: Keith Bloemendaal

I have purchased 10 lots this year, ranging from $91,500 to $106k, that cost alone ends up being ~25% of my total sale price. (Homes are $380-$420k). But I would follow @J Scotts advice, run the numbers backwards to see what you can pay for the lots. 

Most definitely Bulliet on the rocks and a nice cigar for me! Good job!

We provide a 1yr warranty plus I purchase a Bonded Builder 10yr structural warranty, mostly as an insurance policy. 

Has the home ever been occupied? If ti has then the builder is within his right, if it hasn't then he should honor 1yr from date of occupancy. 

 I don't mind answering at all. 

Hard construction and land costs came to $165/ft. Which is high because it is a smaller home (1811') and land is close to $100k per lot (it is actually over that now). 

Build time was right at 5mos. 

Yes, My business partner is actually in Fuquay, and my surveyor/civil engineer is in Garner. I have explored the area looking at the market, but just barely. I have thought of expanding and if the number work it wouldn't bother me at all to spend a 2-3 days a week up there. 

Completed pics:
(not as much profit as I had hoped, but we made money, am fine tuning the next builds now)

These are the pro pics I had done so I can use as stock photos for my specs as they are coming out of the ground. The buyers moved in and are thrilled. 

The house appraised for $20k more than I sold it for, good for them, bad for me. I am inching prices up on the next ones $5-$10k+ and have 4 others going now and am permitting a 5th. Two of those are already sold and close over the coming weeks. 

I hate to say this, but I lost $20k in profit on my first build trying to build energy efficient. Waste of money and my home(s) would sell without it...

 The townhomes I built for $60/ft were selling for less than $100/ft, they were selling at $91/ft. Market driven of course. Again, these were multi family, not single family. We also developed the land, but it was purchased in the higher end of the market, then we were building these in a lower end. They were also 1200' homes, not 2k sq ft homes. Also, when you build at $60-$70/ft you are putting the lowest grade finishes in, so in no way could you sell for $280k for a 2k ft home, at least not here. 

Most important here, I believe, is your market. Everyone will have different costs, sales prices, etc. 

BTW, I am from central Florida, what part are you in?

 I have, but I am quoting hard construction numbers only. No land. No loan costs. No soft costs. There isn't any money in it though unless you are building 60+ units a year. Most of what I build now runs in the $100 per ft range....

This entire post, and it's title, is laughable. There is nothing dishonest at all about what he did. You are free to do the work yourself. 

 My numbers were for building costs and not development, so yes, you are correct....