Small New Construction (1/2BR) - Workforce Housing
I am a 20-year-old student studying real estate and pursuing a career in commercial real estate. I'm looking to invest in my first deal in the next 6-9 months and should have no issue raising capital through my network. I am looking to connect with some people to iron out my strategy.
On Twitter I've seen a few people discussing new builds they are seeing that are 1 or 2 bedroom, under 600 sq ft. Detached units. Has anyone seen this?
@Jt Marting You have a lot of work ahead of you. Start by researching where you might be able to build such small units and what regulations you will have to meet. Put together your costs involved in purchasing the land, designing the units, water, sewer, electric, etc. Get an engineer involved and an architect. I am sure I am forgetting something. Of course, you want to figure out how you are going to cash flow the property and manage it as well. This is not a small undertaking. I haven't even mentioned all the legal work that will need to be done in order to leverage investors. I'll bet an experienced general contractor could help but you will need to screen them well and never pay them too much up-front! Best of luck.