All Forum Posts by: Habbak Burs

Hey are there any new home builders in California or does anyone have experience with any in the SoCal Area. I am going to be buying some land and want to build single family homes 3K-5K SQ FT on the higher end but not too high end. How much does it normally cost for the build out per square foot etc just to get an idea of the cash needed to start. Thanks

@Austin Gainey

My opinion is .... if it makes sense do it...

If the numbers line up and your time frame to fix and flip works go for it..... if you have a specific situation in your market that indicates you should wait then wait but I am not familiar with that market.

One way to help protect is have multiple options for exit so let’s say you try to flip and it doesn’t sell due to any reason would your deal work as a rental or vacation rental...

It’s good to have a couple other ways out just in case.

Good Luck!!!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

There is a home in South TX, its ARV should be 500000, It has structural issues, foundation issues, garage door, needs floors, paint, new HVAC (2 units are missing) .... the kicker is no one can go inside the house to an estimate it has to be based on the pictures in the report. 

Lets have some fun ... what do you think the rehab cost would be... needs some pointers for help.... would this be a 100,000 or 200,000 or 300,000 where do you think it would fall.

Thanks

@Joe Splitrock

Well said

Thanks!!!

Since finding BP I am learning all I can do I can build. Slow and steady future.

@Trevor Ewen

Awesome tips!!!

Just wanted to get different pointers, I’m currently investing in TX with 1 unit and looking for more. I live in CA now so looking at the market here just to see if it’s worth investing & trying to prepare if it does drop then the buy and hold strategy seems to be best.

Thanks for all the advice

@Anthony Wick

Definitely need to make sure you buy... buy and build equity so later on you can trade up or refi and get more deals later down the line.

@Joe Villeneuve

A good deal is a good deal....

I’m tryna keep my eyes open so I don’t miss out on the opportunity when it does drop there are going to be great deals..

From your experience does it become harder to get loans during a down turn or are the sellers/buyers just frantic which causes prices to drop

In general there is a lot of speculation that the housing market prices are going to drop.... at least in California, it does feel that way I see home sales slowing down, prices haven’t really dropped a lot but it definitely slows....

What advice do you have.... what signs can we look for to know that the market is dropping & what strategy is best to get those great deals...

Thanks BP

@Antonio Pican

This question I feel should be directed not at the house but your spending habits...

The reason your home is a liability not an asset is because here is what happens.... example: you rent for $1500 or you can buy for $1500 it’s definitely way better to buy, pay a loan off and have a house worth something vs renting, you never get anything.... but what happens after you get a promotion or make more money you move out and get a house that is $2000 then you go to $2500 or when your house appreciates you refi cash out and spend the money on vacation or a home remodel.... you stretch yourself so thin that you have no extra money and your home is a liability... this is how a vast majority of people do it so that is why their home is a liability. But going back to the first house you had for $1500 keep your payment at $1500 and invest that extra $1000 you make and build assets... you have to live and spend on living so it’s better to buy a house but don’t buy a house that will stretch your finances that you dig yourself deeper in the hole.

That’s my opinion.

@Courtney King

Thank You

For the info!!!