I'm fairly new on BP -- I've really enjoyed what I've seen so far. I'm struck by the exhaustiveness of the site and the number of individuals who are willing to lend their expertise, knowledge and best practices.
I searched on "new construction" and wasn't very successful in narrowing it down to less than 400+ posts, so I thought I'd start a new thread.
My wife and I originally considered investing in and renting single-family homes, mainly for positive cash flow. (We both hold full-time positions, so it was something we were considering "on the side.") Given the rental market in our area -- which seems so full of potential -- we're thinking of taking a different tack and going bigger.
Are there resources you'd recommend for getting into commercial construction (apartment buildings)? I imagine it's a fairly complicated process, but we'd like to begin researching our options, considerations, risks, and likely many, many other things. We do have a solid mentor in my father-in-law who has owned commercial real estate for 20+ years and runs a construction business.
Thanks a million!
We toured a modular home build facility here locally that I mentioned it in an earlier post.
We were impressed with their 2x6 'builds' as we were actively pursuing the concept but our plans have since changed.
However, they were in the process of building a large multi unit town home complex for a local investor. The units had high end finishes because of the rental cliental demographic & am guessing, from the feedback, they were probably running around <$145/sqft finished & completed on-site. They were also saving a lot in build costs by using crawl space footings rather than full basements. Footings & land cost are not included in my <$145/sqft 'guess'.
Such a modular build concept would certainly alleviate a lot of the unknowns for a 'first time' project.
@Todd Hart welcome to BP. I'm in the same boat and found the book Real Estate Development: Principals and Process to be a comprehensive guide. My book I mean "textbook" - this thing is huge. It's expensive but worth the price if you want a guide.
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