Real Estate Development (Modular)
Hello, I am 33 years old, just married and currently building a 3200 SqFt modular home in Baltimore County MD. Projected value is approximately 75k more than i am spending on the total project. My dad not too long ago did the same thing and had over 100 k in equity. This has left me very interested in continuing to do this to create income and wealth for my family.
I have a contractor who is very savvy with Modular and have found a great Modular Manufacturer. These relationships are awesome and i trust going into business using these two entities as resources. But before i get started i wanted to poll some experts or at least some folks who may have had this idea prior to me.
1. All of my research tells me that modular is a superior product when it comes to cost, energy efficiency and quality of construction vs stick built. Other than public perception, are there any reasons i should be hesitant in pulling the trigger on the idea of starting a development company using the modular concept? I am a bit hesitant because it seems like a no-brainer as far as the amount of money i could make building and selling these. But as they say "Too Good to Be True"?
2. Because of my first marriage, i have a rental property that i have completely lost control of. other than being 60k upside down on the property, I recently found out that there are over 20k in delinquent condo fees. Because my ex just filed bankruptcy this is all falling on me. I have decided to file bankruptcy and cut my losses. My credit has already taken a massive hit as I am in the process of allowing a foreclosure. With all this considered, I am looking to start an LLC or S Corp taking my mom on as a partner leveraging her credit which is really strong with a 780 Credit Score. Any advice as to how much of a possibility this is or if I'm being unrealistic. Please help!!