What is the new construction process? Dig lot, pour concrete, etc
Hello,
I am doing my first new construction and at first I was very confident, but no, not so much. A lot of my flips took longer than anticipated which resulted in me having to find money for the closing.
I did! but now I am just not as confident. Its 1.5 2 single family build in the hottest neighborhood in philadelphia. Northern Liberties. My lot sizes are 40x60. Comps in the area range from 1.3 million to 1.9 and those homes have 10 feet less frontage. Ir willl cost 1.5 to build it all. So the profit looks nice however I am using hard money and thats always hard....(need to be strict with time)....Anyway, I want to make sure I of all the knowledge I need to make as few mistakes if none, possible ...
My first questions after all appovals and permits. What is the first 3 steps to from breaking ground to the next 3 steps? does the developer handle this all?
I really need guidance here, this is a once in a life time opportunity and due to a flip taking to long, I had to pivot and I feel less safe in the investment. All will be well as I should have 690K as soon as on house closes next month and and refi comes through, is my less safe may just be my fear....So I'm trying to reduce the risk and know all I can possibly know.
Starting with the first 3 steps and costs right now. its 5000 sqft home with elevator. Basement, 4 levels and roof deck.