All Forum Posts by: Tyler Merrell

It does, and I will do this.. The only thing bad about my situation is that it really isn't a buy and sell market here. I live in the country and you either have land or you don't, which means you own a house or rent. I DO NOT want to ever sell my land (they don't make more land) so thats why I want offer my community nicer rentals in the area. Right now peep are renting trashy mobile homes that consist of about 900-1200 SQ ft for $500 month. I can rent them a new house for that. Plus new city ordances are starting to close down mobile home parks, which means they have to have a place to live. My timing is good, I just want to make sure that I am gettting out of it what I am putting into it. I will call some local appraisers and find out more. The one I spoke to early said SQFT is the key in my area. 

hey, well I would like to pick your brain on some options. I am not in your area, but being that you have been and are on both sides, I think you could help me. 

What do appraisers look for, and how do they come up with their number (price). Is Square Feet the key, or overall appeal and layout of a house? The reason I am asking is becasue I am about to build a nice little 4 bedroom house 2 bath. It is around 1500-1600sq ft. And I am wondering should I add on porches? How nice should I make it, or is Square feet the Key. I could put a mid grade Kitchen and make the house larger. I could safe on porches and carport and make the house larger. What will give me the best value? 

For example... I can build this 1500-1600 sqft house for 45K (Me building it, not paying others). My brother wants to buy the house. I need it to appraise for over 100K so that I can essential build 2 house for the price of one ( instead of paying me cash, I am investing my salary into an identical house). So I need to get the most bang for my buck.  What are the must and the bust in the appraisal field? 

I know you might can't say what it will go for, but what are key factors. I am in South Georgia. 

With the second house I build I will own it free and clear and want to borrow against my house to build 2 duplex. That's why I need to really build up my equity. 

Anyone feel free to help. 

I have access to money and and plenty of land. Do I want houses of Mobile homes? Whats the best route for income? I am from south GA so Mobile homes are easy to come buy here. I also come with construction skills and can build stick built house about 1400 sqft for less than 45k. I know that Mobile homes may be the quicker return, but I am looking at more of the long term. Whats going to hold up or will replacing mobile homes and making those repairs still more beneficial? 

Like I said I am new, so any help would be great. What have you all found to be more advantageous and why? 

I am looking at jumping into the real estate REALM. I live in a rural community, with some Government housing and assisted living programs. Is this a route worth thinking about? What are the pros and cons of doing this kind of rental property? Is this more for starter or veterans? 

Any suggestion would be helpful. Like I said I am new and just looking of rthe best way to get into the real estate REALM. 

I have a dilemma. Should I invest more money in the Kitchen or an extra Bedroom. I have a 3 Bed 2 bath house and need the value to go up. So should I put more money in the Kitchen or add that extra bedroom. 

This is a rental, so whats your thoughts, and please help. 

Having worked in the modular home industry, they are typically stronger houses, because of moving them and having to lift them with cranes. The only stigma with is a personal (not built on site one and some people compare them to Trailers..... Big difference). One issue I have seen is that some insurance companies and lenders still list them as "Mobile Homes" which affects loan terms, interest and other rates. However; this stigma is starting to disappear, but still I would check before building. My father is one of the Lead modular home designers in Georgia, and has really created simple yet efficient layouts. Most plants here, are still using his designs. I am not sure what the cost of them are out there, but a 3000 sq ft one here only cost about 90K at mid grade Kitchen Etc....

Thanks so much, it's nice to have people in the same boat and similar dreams assist and help out. 

Thanks 

I want to retire to the beach..... hahaha so I have to make the money now. So I think I will risk it now, so that later I can sit back. 

Yes, number (cost) is low, we have connections that will save us money. Keep in mind also, No labor is being paid out. We are doing pretty much all the construction. Being that this is our second job, we all have different back grounds. My Brother is HVAC certified and does electrical, my father is Architect does all the codes and knows how to do it all. My other bro is pretty much good at it all. We order lumber straight from the mill by the semi load (saves a lot of money) so we are cutting the middle man out of a lot of things. That's the only way this is possible. 

As far as loans go, We will not know appraisal value until built, but they will be larger than my current house and newer, and my went for 120K and I only invested 35K into it. 

What are your thoughts on early pay off or ride the loan out? This is just a supplemental income, but we do not want to just stop with this piece of land. We have another piece of 30 acres and another of 200 acres we are just testing the waters. The cost of living is low here and so we do not want to go to big to soon. 

I own 15 + acres in a rural community. My family and I can build homes and have done so for years. As we get older, we are looking at investment opportunities to supplement our incomes. My father is an architect/contractor, and my brother and I mid level+ carpenters.

Here is my question is it worth it?

We are looking at starting small and building around a 1400 sq/ft, 4 bed/2 bath house. We will build it and will not pay ourselves for labor. The house will be appraised for $100,000-$130,000 using mid-grade material. Through our connections and labor the house will only cost us about 40-45 grand to build. We plan on getting a 30 yr mortgage at around 4.92 percent (this is actually 1 pt higher than offered). So if the house appraised at 100K we plan on re investing the other 55 to 60 grand in building a duplex (Duplex will cost about 35K 2 bed/ 1 bath each unit) in the area, once again no labor, and no mortgage on the duplex. We will have one mortgage payment at around $665 per month with property tax and insurance figured in.

The house will rent for atlest $500 and the Duplex at least $350 per unit. That's $535 after NOTE and ins/tax. Is it worth it?( I figured in the lowest amount of rent but feel positive I can charge at least 650 for House and 450 for Duplex.) Oh yeah this will be a secluded neighborhood managed and ran by us. So kind of like a gated rental estate haha.

If the House appraises for 130K of course we could build more house/duplex. Depending on exact budget. There are 3 of us investing and each of us are looking at building a 4 bed house and do the above mentioned......

Whats, yalls thoughts? I have researched the market well in this area and feel confident I can at least receive the rent listed.

Should I Snow ball my mortgage since this is more of a long term investment of enjoy the lil earning now?