Looking for someone who buys land, builds and sells/rents

[Anita Morrish]

Hi there, we have an opportunity to buy raw land with VA loan . Thinking a good strategy for us would be buying land and building and refinancing then selling or renting. Anyone else do this and have any advice or tips?

[David Edwards]

@Anita Morrish

I am in the process of a new build in Conroe Texas. I bought the land 15% down and now I am working through the city to get the site plan approved. It is taking forever, 9 months so far for site plan development, meetings, and awaiting final approval stamp.

Once this is completed I will be putting 5 duplexes on this property in two phases. Phase 1 has two duplexes and all of the utilities being installed and phase 2 will have the remaining homes put up.

We'll be using modular construction for the duplexes from modularhomesofamerica.com

Homes will be 3 bed, 2 bath with large yards as the property is adjacent to a school system and we want to attract families.

All in it will cost about $1.5 million and will be valued at 2.2-2.6 million depending on cap rates and where we stabilize at.

We are designing the entire project to be investor friendly from interior design to landscaping.

Once it is built we will cashflow a few thousand and may decide to sell depending on the market.

Happy to discuss more if you want to reach out