All Forum Posts by: Jen Etten

Hello, 

I'm in the process of building my first spec home. It is a entry level, starter home. I'm looking at purchasing cabinets from the RTA store. I know that bathroom and kitchens "sell" homes so I don't want to purchase off the shelf cabinets. My thinking is that I can get nice maple cabinets with all the bells and whistles for much less than special ordering. Has anyone used this company before? Any tips and hints to give these rooms the "wow" factor on a budget?

Thanks,

Jen

Hello all, I'm going to start a new SF spec home this fall with hopes of it being complete this spring. At what stage of completion do you recommend to start listing it? I plan to do FSBO as contractor/developer. FYI-We are located in an island community with very few new build for sale. We plan to build an economical starter home. Thanks Jen

Thanks Dave, I appreciate your input. So I would just add a separate line item under this project called "carrying or holding costs?"

Hello, 

I own a construction co with my husband. We are going to start a SF Spec home this fall. As I was doing my analysis in my spreadsheet, it occurred to me the holding cost for financing the project will be around $20,000. We are using our personal HELOC to fund this project. Since we are using personal equity to fund this project, how do I report this as an expense in our business books? It will make a huge difference to our bottom line and taxable profit if I can't report it. Help??

Thank you, Jen

Hello all, I am in the process of designing a new home build. I would prefer to install white cabinets. The home is located in Alaska and I want to create a light and bright space. But I'm concerned about the finish of the cabinets once they arrive. All fright is shipped VIA barge from Seattle and things get banged around sometimes. I'm think of going with RTA because of shipping cost. So that is something to consider. Thoughts, suggestions on creating a bright kitchen space in a gray environment?? Thanks Jen

Justin Fox Do you mind sharing the layout and final designs on the home you built? We are starting a spec home build project this fall and my objective is to make it feel light and bright. 3/2 1260 sq ft. Here is our layout- http://cdnimages.familyhomeplans.com/plans/99960/99960-1l.gif Yes we are in the Panhandle. We are closer to Seattle than ANC. Our climate is similar to SEA just much more wet and grey. Hence wanting to build quality and for atmosphere, (light, bright, airy) for the long dark and grey winters. We will build 2x6 with r-30.

Justin Fox Do you mind sharing the layout and final designs on the home you built? We are starting a spec home build project this fall and my objective is to make it feel light and bright. 3/2 1260 sq ft. Here is our layout- http://cdnimages.familyhomeplans.com/plans/99960/99960-1l.gif

We ended up obtaining a HELOC on our primary residence with a local CU. We basically had it paid off so we took out enough to build this house + some. Also, in the future will save ourselves financing costs on other projects as we can continue to use this for the next 10 years. We were trying to keep our financing separate from personal/business, but it just made sense.

Hello Everyone, 

My husband and I own a contracting co. We are in the process of planning our first spec home build. We have purchased the lot already and have the septic and site plan approved.  

My question is about financing and how to receive  the "profits" from the project. 

My lender wants us to include all labor costs into the estimates for this job so that the appraiser will have more information about the scope of work to be done. I wasn't planning on charging labor to "ourselves via the loan at 4%" throughout the project. I was planning on just making draws for the material and other sub contractors (plumbing, elect, etc) and then taking the profits upon the sale of the house once complete. 

Is this a good idea? Will is save me taxes in the long run? 

Based on my analysis if I charged labor I would be paying 4% interest + income taxes+ self employment taxes. If I waited to sell the property, I would only have capital gains (which would be taxed as regular income) but not self employment taxes-- right??

We are an LLC taxes as an S Corp.

Thank you so much.  I have gain so much knowledge by reading all your discussions.