Hi all, I’d like to give a brief introduction(skip if you want). I’m 25 years old and early in a tech career. I grew up with a realtor for a mother, but she’s not too well informed on new construction.
As it stands today, I have roughly 70k liquid and looking to invest in building a new construction home for profit. I’m not too sure what a good cash number looks like, so please let me know if I should consider rehabbing first to build more liquid cash.
To my understanding, I need to have all of my profit margins in place before even considering buying a lot. That being said, how does one go about getting architect plans for a home to get bids from contractors in a smart way? I understand home designs are pretty expensive, and cannot just be applied to any lot/existing neighborhood. Seems like you could very easily come out wasting thousands before even having a set plan in place. My idea is that I could offer a contract to architects with intent to purchase, as long as the numbers work. I will pay a fee if I do not continue with their plans(obv not perfect, but you get the idea).
Outside of this, it’s been difficult to even figure out where to find reliable contractors in my area. Any advice, or even connections anyone may have would be much appreciated. Open to having a chat with anyone as well, as I am still learning.
Thank you :)
