I have two properties I'm looking at but both need to be built. One is raw land and the other is a decrepit house that need to be demoed first. I have a potential cash partner if I can present a good enough case. I plan on talking to a few contractors but I was seeking some help from my big pocket brothers and sisers
Exactly what kind of help do you need? What is your plan for the properties? Hold or resale?
Well since I am just starting out and are in need of my own investment capital. I would like to flip it. I understand that the market isn't going to be at a good place in the time it could be finished. So I was thinking of renting it out after it was built, if I couldn't flip it right away. Keeping the cash flow and making more attractive to future investors to sell.
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I need particular help with an estimate of cost. Any insight into how to prepare and present a business plan to potential partners. Although I think I'm better at that aspect of the business.
Oh and I don't plan on buying both ( I wish I could ) but as a beginner with no mentor ( yet ) I wouldn't want to stretch myself to thin.
As a first-time investor, you might focus on a simpler project. I suspect you'll gain a lot of valuable experience from that.
A ground-up build or demo and build is a pretty big undertaking for a novice.
You might see if you can find an experienced investor to split the deal with. Gain experience, lower the risk.
If you want me to represent you as a buyer's broker, I can do the comps and marketing for you.
I'll keep you in mind. I think I should get a little further into the process before wasting your time.
Hi @Maxwell Lewis , welcome to the forum. I replied to another investor looking for rough costs - you can find that thread here: http://www.biggerpockets.com/forums/44/topics/2056...
Hope it helps! Let me know if you have additional questions.
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