Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes
Just got the verification today on a small house large lot in Alamo California. My team will be tearing this one down to one wall. (existing 1500sqft) We will be building a 4000 sqft new house in its place. Lot Cost $700k, Build cost $400K exit $2M+
This deal works because the neighborhood is full of solid comps of $2M. $500 per square
Might be partnering with Jory Sandusky's architec on this one.
Wholesaler · San Francisco, CA · Member since 2012 · 259 posts · 147 votes
13y
Congrats, Michael Galloway! Look at you - getting deals while everyone else is relaxing celebrating their favorite President. Hope I get to see it soon.
Real Estate Investor · San Clemente, CA · Member since 2011 · 209 posts · 47 votes
13y
I haven't looked into building new construction in the US, but you feel confident that for $400k you can build a house that can command $2M? Paying $100/sqft, for a $500/sqft valuation is pretty amazing.
Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes
13y
Andrew O. Not only am i confident, i am actually shocked at what is selling for the $2M mark in this area.
It amazes me everyday that home buyers continue to buy price per sqft, compared to quality. Just in this area the 40-50 year old houses that are remodeled sell at $2M+,
These areas are highly desirable with no new quality homes. I build in this niche.
Wholesaler · San Francisco, CA · Member since 2012 · 259 posts · 147 votes
13y
Congrats, Michael Galloway! Look at you - getting deals while everyone else is relaxing celebrating their favorite President. Hope I get to see it soon.
Real Estate Investor · Lafayette, CA · Member since 2010 · 179 posts · 71 votes
13y
Byron K., i look to do a max of 10 flips per year. All the little ones in between i buy and hold. the numbers are large on my flips, but so is the work.
I used to do a large amount of volume, but decided to change strategies a year and a half ago.
I am able to manage these projects a lot better with less stress and spend more time with my friends and family.
When you do the flips with little margin (paint and carpet) there is a lot of players, littler paychecks, and more stress that you might have been off on a comp.
Investor · Los Angeles, CA · Member since 2013 · 354 posts · 98 votes
13y
Congrats Michael!
Everytime I read one of your posts, I just get excited and pumped to get back into investing again. Keep me in the loop, too. Maybe I can fly up there to check out the property when it's done.
Real Estate Investor · Phoenix, AZ · Member since 2011 · 36 posts · 2 votes
13y
Michael Galloway - stumbled upon some of my early posts and wanted to know how this project came alone. Did the estimates match what you budgeted for? Was the exit on target? Would love to hear more.