Diary of a New Spec Home, Start to Finish
This is my second new home, I have been journaling my first one, which deals with how I got funding, my background, why I am building on my own finally, and more here: http://www.biggerpockets.com/forums/522/topics/158...
I just closed on my first lot and construction loan yesterday, so what do you do? Start thinking about the next one! I had actually already been working on a design for my second home, and it was completed today. This will be on the same street as my first one, where I actually have 3 more lots under contract. Here are some images:
The second image of the ground level shows an optional "inlaw suite" that adds 520 sq/ft to the plan, this spec won't include that. I am trying to stay in a specific square foot and price point on my first few homes.
This is just in the beginning stages, I just sent off the info to my banker for another construction loan today, and am a few weeks out on closing the lots (3 total), so I am now sending out my RFP's to lock in my numbers.
Here are my projections:
Lot cost $91,500
Hard Construction: $180k
Sale Price: $370-$380k
That's it for now, I will update as I journey, thanks for reading!