All Forum Posts by: Lucio Palanca

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Quote from @Terry Ouimet:

Hi Lucio, as for new builds... I had a couple of lots and went through the process of vetting builders, what I learned was to ask for solid estimates and line items right out of the gate, and make sure that they are accurate, do your homework and don't just take their word for it, they should be able to guarantee you pricing within about 10% of estimate..I believe, that risk should fall on them, not you. Moreover, make sure they actually have contractors /workers ready when they call, many of these builders have trouble finding workers and have a poor system in place which can cost you time and money. I was a bit "green"when I did this, I really could have used a mentor or somebody's guidance, best of luck

 Thank you for this advice.  After meeting at least 3 builders, all of them could not give me clear estimates because of the uncertainty of materials.  Because of which I plan to just pay one of my builders for the plans of the project so I can at least apply for permits, which could take as much as 6 months.  Hopefully, supplies are better, which would make costings more predictable

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Quote from @Ricardo Hidalgo:

I heard cost to build are going down and typically lots sit longer in a recession which means you can get a better deal. I prefer new construction since I'll have equity after the build and my insurance cost alongside maintenance should be less for the bigger ticket items. You can push higher rents and construction loans are interest only which is great since they charge by each phase of the build. 

Thank you for your promp response. I hear that it will take 12-17 months before the supply chain normalizes. So what I fear is investing a lot on a build due to the high prices only to later realize that the project really was of lesser value. In other words”upside down”

with today's environment, what is everybody's sentiment with regards to building projects or buying already made units?  I have met with at least 2 contractors in my area and they say that materials are very expensive now and they fluctuate quite frequently, which makes it difficult to make reasonable estimates on cost.  

I have lived in Greencastle for awhile now and just learning about the real estate scene here. I would love to connect

Hello everyone. I am barely a year into this real estate business and am hoping to learn more from everyone. I have already ready a number of books and watched several videos and listened to podcasts. I bought one SFR and plan to expand. I have a timeline of about 10 years, because of my age. Any advice is certainly welcome

Thanks Henry, do you have a template that I can follow?  It is indeed challenging to identify those costs and it can be a very costly mistake.  I hope you have a copy list of expenses that I can just make a check list.  Thank you very much for your input and guidance

I am looking into my insurance agent to give me figures for insurance and looking into other details for the permits and other taxes to firm up my expenses.  I just over estimated even with the capital expenditures which could be as low as 5% since I am dealing with a new construction and I expect no major problems with the roof, appliances, etc