Real Estate Agent · Mississippi River Valley - Pepin, WI · Member since 2016 · 22 posts · 9 votes
I'm new to real estate investing and am considering using a turnkey builder for my first duplex or four plex in the Madison WI area. What are the upsides/downsides to this type of investment? Looking to learn from your experience so I don't tank on my first try! My goal is to hold this/these for cash flow for long term.
You indicated that you are new at REI and never done a new construction from ground up... then here are my honest suggestions.
If you plan to proceed with the new construction, then partner up with someone that have already gone through this process a few times (and check his/her record).
However, it might be too early for you to tackle such complicated tasks like building new structure from ground zero. I have worked with "green" owners who wanted to build new homes, but have very little experience... at the end they paid dearly during construction.
You indicated that you are new at REI and never done a new construction from ground up... then here are my honest suggestions.
If you plan to proceed with the new construction, then partner up with someone that have already gone through this process a few times (and check his/her record).
However, it might be too early for you to tackle such complicated tasks like building new structure from ground zero. I have worked with "green" owners who wanted to build new homes, but have very little experience... at the end they paid dearly during construction.
@Dennis Vo, thanks for the good advice. I am learning a considerable amount and am glad I didn't start with a new construction project. Partnering up with an experienced and reliable pro is absolutely the way to go in any newbie venture.
@Susan Grayson, REI is a fantastic vehicle to financial freedom, but new investors should understand the game a little more before tackling complicated projects.
I wish you do well in REI, and learn as much as you can from small-simple properties before placing a large sum of money on bigger projects.