I just got approved for a construction loan for a single family build. Very exciting. It’s an out of state project and my first new construction project as well. I am very fortunate to have a good support system around me who have done this before.
I would like to ask the smart minds of the BiggerPockets community: any advice and tips for a new guy like me?
Developer · Sacramento, CA · Member since 2016 · 464 posts · 143 votes
5y
don't run out of money and have contingency plans for everything. Don't expect things to go smoothly on your first project. Put the right people in the right positions to be successful. and probably most importantly. Pay your subs ontime and keep them on time. A great project manager makes all the difference.
Contractor · Denver, CO · Member since 2009 · 399 posts · 166 votes
5y
Out of state sounds tough... Have your design completed before you start building. Including all your selections. If you're using an interior designer, make sure she isn't selecting $1000 fixtures and $20/sf tile when you have budgeted 20% of that. Speaking of budget. Make sure your budget is realistic and add 20% for cost escalations. And yes... don't run out of money... hope your team is trustworthy... so many stories on here of that going south... good luck.