All Forum Posts by: Steven Nitschke

Last year I developed a couple of side by side condos, and sold them without much trouble at all. These condos were 1400sq ft with 2 car garages and basements. 2bed 2bath. Building cost was roughly 110/sqft with a general contractor @ 4%. Lots were 35k/per

I have just recently bought a few more 2 fam lots nearby in a popular neighborhood in slinger wi, these lots were 79k/per. I’m looking to do the general contracting myself on these next ones since i have recently gotten my license saving me that 4%, also was thinking about not including basements on these next to save some $ on the building cost (realizing there is a retail loss in this) i think i can make up for that retail loss with the location being in a prime area in a great school district.

Basically I’m asking for any advice before i start on some good ideas on saving some $ to get that $/ft down even farther without making them look “cheap”, or really any advice at all I’m willing to listen and take the opportunity for some criticism before i get to far into it. Thanks guys!!

So I have the opportunity to go in on this development project North of Milwaukee, less than a mile from major Expressway, also neighboring a small wooded/grassy park area. Right now it is currently zoned for 2, 36 unit apartment buildings, 8-10(?) acres but if i were to go forward on the development i would be much more inclined to rezone to 4 family Condominiums if i could. Right now it is basically just an unused field that has been for sale for a number of years. The entire reason I’m interested in this property is because the owner of the land is willing to provide the land to me, free of cost, and i have to develop it, and get as much out of it as i can with us obviously working out a deal with profit percentages in the end. I have developed 2 side by side duplex condominiums earlier this year, which went smoothly, but this is a much larger project and am basically just looking for pointers, cost estimates on 4 family slab on grade vs my side by sides w basements. Thanks in advance !!

So ill begin with a little about myself.

My name is Steven Nitschke, I'm 22 years old, and have been obsessed with real estate since the age of 20. Over the past 2 years i have done my share of research and talked to multiple experienced investors who have both won and lost in the real estate market whether it be flipping, buying/holding, or building/selling.

Finally earlier this year I built up the courage and was able to locate a hard money lender (family friend) for a build and sell 2 family condominium project. We have 2 lots neighboring one another in a small subdivision, and just have completed the first 2fam building and successfully sold them both for decent profit. 

Now im looking to try something different once this project is complete. This project was done in Slinger, Wi, about 30 miles north of milwaukee, and houses dont stay on the market around here for more than a day, due to the excellent school district and other appealing attractions in the area. I would love to acquire some houses that need a little bit of work and hold to rent out due to the high demand of families willing to pay high rent in exchange for getting into  the school district. The hard part is going to be finding a place that makes sense, and getting it before it vanishes within hours! any advice i thank you in advance, and so far this BP website has been a great learning tool for me!