New Spec Coastal North Carolina

61 Replies

Originally posted by @Keith Bloemendaal :

Great news this weekend. The three lots I have had under contract (for over 3 months) were finally cleared to build on by the Army Corps Friday. On Sunday I received an offer to purchase a house on one of those lots. It's the same house I am currently building, they just were insistent on their home facing east. 

Either way, my first house is under contract, full price offer with a few thousand in upgrades. Makes everyone happy!

 WOW Keith...

Good to see you rocking and rolling man! And with the 3 lots approved to go and 1 of them under contract, that officially makes you THE MAN! Great job!

@Keith Bloemendaal

You're tearing it up over there in Carolina Beach! I'll have to take a trip over there once you've completed these projects and see the finished product. Keep up the good work.

Originally posted by @Michael Jobe :

@Keith Bloemendaal

You're tearing it up over there in Carolina Beach! I'll have to take a trip over there once you've completed these projects and see the finished product. Keep up the good work.

 I am looking at having the first one completed end of May, you are more than welcome to come see anytime! 

Hey guys/gals,

It's been awhile since I have updated, sorry about that. So much has happened since April! 

First of all, this home is almost complete, and is going under contract for $367,300 today. Some pics below of the home now. 

Numbers:

$367,300 Sale Price

$91,500 lot

$195,000 building/loan costs

$18,365 R/E commission

$5k closing costs

$57,435 estimated profit. (still a few things to complete on home) which is roughly 15%. Not bad for my first build! 

I also have 4 other homes started now (one just starting this week), 2 of which have already sold. One at $370k, the other is at $420k and climbing. I also put 4 more lots under contract, which have now increased to $100-$105k, so that as soon as a home goes under contract I can replace it. Trying to keep 3 specs going at all times.....

Congratulations! This is truly inspiring, I hope to be doing projects like this in the future!

The home turned out great, Good luck on your current projects! Will definitely be following the youtube channel. 

Completed pics:
(not as much profit as I had hoped, but we made money, am fine tuning the next builds now)

These are the pro pics I had done so I can use as stock photos for my specs as they are coming out of the ground. The buyers moved in and are thrilled. 

The house appraised for $20k more than I sold it for, good for them, bad for me. I am inching prices up on the next ones $5-$10k+ and have 4 others going now and am permitting a 5th. Two of those are already sold and close over the coming weeks. 


@Keith Bloemendaal you nailed it! You deserve every dime you can make on this beautiful product. Persevere.

@Keith Bloemendaal

Very impressive work. If I may ask a couple of questions (and feel free to PM me if you'd rather not answer them in a public forum):

What was your cost per sq ft all-in with land acquisitions to the completed product excluding the appliances?

What was the approximate time from lot clearing to 100% completed build?

Would you be willing to do some custom building in the RTP area if the dollars made sense?

Again, very impressed with the work and I'm sure the pics don't do it justice at all. I'll definitely be contacting you when I'm ready to build (or buy) a beach house!

Originally posted by @Michael Jobe :

@Keith Bloemendaal

Very impressive work. If I may ask a couple of questions (and feel free to PM me if you'd rather not answer them in a public forum):

What was your cost per sq ft all-in with land acquisitions to the completed product excluding the appliances?

What was the approximate time from lot clearing to 100% completed build?

Would you be willing to do some custom building in the RTP area if the dollars made sense?

Again, very impressed with the work and I'm sure the pics don't do it justice at all. I'll definitely be contacting you when I'm ready to build (or buy) a beach house!

 I don't mind answering at all. 

Hard construction and land costs came to $165/ft. Which is high because it is a smaller home (1811') and land is close to $100k per lot (it is actually over that now). 

Build time was right at 5mos. 

Yes, My business partner is actually in Fuquay, and my surveyor/civil engineer is in Garner. I have explored the area looking at the market, but just barely. I have thought of expanding and if the number work it wouldn't bother me at all to spend a 2-3 days a week up there. 

@Keith Bloemendaal

Congratulations on your success over the last year, your work looks incredible!  Just curious what your goals are for 2016 and beyond.  How many homes do you anticipate building, and will they be mostly spec?

Best of luck to you!

Korey Kraayenbrink

1st Financial Bank USA

We need to talk... I am from CB and my dad still lives there and has been talking about selling his house and "extra " lot... PM me and I can talk to my dad for you... Might not happen soon but he has been talking about selling... It's a lead of nothing else... He just plays horseshoes on the extra lot now...

This GUY! 

I've always thought that guys like you who know how to build having worked for medium size production builders in the past are really in the cat bird seat. You have the experience and contacts to make a great house and know how to manage time and materials. These are the hardest things to learn. However, the entrepreneurial spirit and plain old cash requirements stop you from doing this on your own. I would kill to go back in time and work for a builder instead of spending so much time getting degree's. You are rocking a rolling. Now go get more lots.

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