Updated about 2 years ago on . Most recent reply
Newbie to New Construction
Hi everyone, my name is Alex. I've been a part-time realtor but mostly investor for around ~4 years. For my next major investment, I've been thinking to get into new construction. It seems like it has the most upside, but I'm sure there are horror stories around pulling permits and dealing with the city.
I wanted to reach out to ask how does one start in new construction? Do people dive into it cold turkey? Do most newbies normally hire out a GC to build their first house? Or do most investors getting into new construction start with some type of fix-and-flip background? Would love to know how to break into this market at some point. Thanks!
Most Popular Reply
Alex - Construction can be a complicated animal. If currently don't have any experience with building, a renovation type project is likely going to give you a wealth of knowledge with less risk then new construction. Renos still have a lot of risk, but there are a few less moving parts to nail down. A renovation also allows you to build a great team, something you'd want work out before starting on a new build. You could certainly dive into a new build cold turkey, but you are then relying on your team very heavily to make it a success with little ability to self assess progress etc.