Hello...I just joined and need help! Should I stop my rehab to build 5 townhomes!
my husband and I purchased a fixer upper/foreclosure in downtown houston,tx. We are originally from the east coast so this is our first deal we've done in tx, so were building our network here, anyway, we purchased for 50k (arv is 380, so our goal was to flip it).
There are two properties on the lot: a duplex and a single family home. We renovated the duplex first and we have positive cash flow of $1500. We are now half way through the renovations on the single family home. We were riding around the area today and noticed that there is an abundance of development where investors are demolishing the homes and building between 4 to 6 newly constructed homes on the lots which are the same size as our lot. This brings me to my questions:
have we approached this from the wrong angle? Should we be looking to demo the duplex and single family home to build 5 townhouses on our lot?
Typically, how long does it take the build a home from the ground up?
In Texas, anyone familiar with the going rate to build from ground up?
Thank you in advance for your input!