All Forum Posts by: Lane Ewert

John,

I'm looking at 150k to build with a variance of +10-15%. I haven't gotten the plans drawn up to nail down bids but I've over estimated (I think) on the parts that will require subs.. Plus the houses that sell in this price range don't have high end finishes. The ones that are decked out are more 500k plus. Hope this is enough info. Thank you for your replys

A little more information... The land is in a neighborhood water and sewer, elect available for tap in. The size of the lot allows for what I want to build (enough room on all sides.) I was a handy man on a farm for many years and built a few small sheds ect. I will be sub contracting out the major stuff best left to pros. IE foundation (slab we don't have basements here), plumbing, roof and electrical. My father is a structural cad electrical/structural engineer so I know I can save on the plans However where I see I could save a good bit is on the interior work. My plan would be to move into it as I am paying rent now any way and put it on the market. I have a business that works and I would have a lot of time to put towards it. I feel if I built a house from the ground up (mostly) I wold have a very firm grasp on a lot of the inner workings to then on my next house be able to sub out the work. Or if i liked it enough repeat the process in the same area. Hope this gives enough information thanks for your replys

Ok here is where I'm at. I've looked at a few properties to rehab and flip. So far out bid. So I've been looking at everything from rentals to even lonnie deals. However I really like the idea of buying some land and building and selling for a profit. So far on paper with me doing most of the work with a few "swinging hammers" I could get nice return. What my partial question is most of the posts that I have seen are for spec building. Does this mean they already have buyers or have a certain criteria that X buyers are generally looking for. I would also like to ask what is a good way for a self builder to build? I've looked at a lot of options and it seems like icf and sip are the most cost/time effective vs. stick building. In the last month or two I have literally seen whole sold neighborhoods go up. Where I'm looking I can find land for 24-30k and comparable around go for 200-300k at 1700-2000 sq ft. Am I dreaming that I could do this? Builders do make money right :)? Sorry for the long post ANY AND ALL ADVICE, STORIES, EXPERIENCE IS WELCOME. THANK YOU

thanks guys for all your replys. We didn't get the house. However thanks to this awesome website I won't fear the mold! Thanks again for your replys

ps. Is it possible to get a loan for the repairs and clean up? I know some lenders don't allow loans on mold and termite houses.

Chris,

From what it looks like the 2nd floor bathroom under the floor pipe burst (80's copper yeah!) Filling up the wall in the kitchen then after a hole was punched through filling the bottom floor 6-10 inches (water stains on the wall and visible mold on the baseboards, cabnits) The carpet is now dry so I have no idea how long the water was sitting. I have not gotten an estimate done from a mold inspector yet. I only have 60k and its a cash only buy. So far that's what I know of it. I'm wondering if to even have an inspection done as to the possible extent of the damage. I know its all speculation at this point. Thanks

Looking to get my feet wet on a possible flip. Currently its asking price is 50k, value to comps in the area 100-115k. 2,000sq ft home. 3 bed 2full bath. Basically if it were only construction I would have bought it. However after talking with multiple mold specialists it can run 1k-35k just for clean up and if that is the case I figured another 20k in construction costs. So I plan to bid 20k and see if they bite. My question to any flippers out there are my numbers too low in what it would cost to repair the home? Any one ever bought a home with mold? Horror stories are definitely welcome and any advice. Thanks for your reply's.

Again thank you for all your reply's! This place is great and I actually am starting a new thread on another possible flip. Thank you all again the info is invaluable. THE SEARCH CONTINUES......

hey thanks for all your reply's, as stated by other posters it needs way too much work to make it worthwhile or "passive". Thanks for your again for your help. The search continues....

All the units are currently occupied and all the numbers seem in order. It seems like the best would be to get an inspection done. Going to see it on Tues. Thanks for your replys

@Hans how do I ad you as a colleague?