Considering making the leap from flipping to new construction
Hey BP-ers, I'm looking for advice from anyone who has made the leap from flipping to new construction. Here's what I have:
- A lead on a not-yet-listed $2M lot in an up-and-coming coastal town in the San Diego area that can be developed into eight condos that could go for $500k each, if done correctly of course
Here's what I don't have:
- Any experience with new construction
- Any experience working with city planners or drawing permits (my previous flips were mainly cosmetic)
- A relationship with a contractor (I recently moved to San Diego and have not even done a flip here yet, after doing seven in Nevada last year)
- And, oh yeah, $2M (not to mention the other monies needed)
Any suggestions? I'm ready to move up from the minors to the big leagues but my skills are still little league...