All Forum Posts by: Matt John

@Stuart Udis Thank you for highlighting the retainage and minimum draw process—those were two factors I hadn’t fully considered. The builder/GC I’ve selected has extensive experience with multiple builds, and since duplexes are his primary product, I’m confident he can successfully handle this project. 

Here are some of my numbers to be more transparent:

Land $100k (owned free & clear) | Soft Cost $26k | Build $250k | ARV $460k | Exit: sell on completion

It's to my understanding that in Texas general contractors are not required to be licensed, and many homebuilders here operate without one. Would that create any potential issues for my project?

Also, I’d like to ask about using my land as equity to help fund the build. From my research, the initial costs to get started on a ground-up project—covering the foundation and rough plumbing—would likely range between $20k and $30k. Is it possible to put no money down on my end to start the build using land as equity? 

I recently purchased a property in Houston for $100k cash and have secured permits to build a duplex, so the land is shovel-ready. I now need financing for the construction phase, which is projected to cost $250k.

I’m interested in learning about lending options, whether through a hard money lender or private lender, that could cover the build costs. Since I own the land free and clear with no mortgage or liens, I’d like to know if the equity in the property can be used as my down payment to start the build. As I don't have liquid cash because I used that to buy the land.

My plan is to complete construction and then sell the duplex, so I’d like to better understand what options are available and what strategy might work best for this type of deal.

sold 5 months ago

7 Unit multi family apartment in mckees rocks,pa. Asking price $350k. 6 out the 7 units occupied. Currently rents are under market value. All rents at market value would generate over $69.6k annually. If interested please pm or post contact info. 

Hello I'm wanting to build duplexes in Houston, Tx. I have an area that I'm focused on that's hot. I have a architect I'm been talking to. Other builders that can help for guidance in the area. I want to shadow a general contractor through the whole process because after two or more builds I want to take over the projects from there. 

My rough estimate for the project:

80k for the land

170k to build

Sale price range 330k to 450k (based on comps)

Net profits should be 80k to 230k per a build. 

I will have skin in the game as well.  For 50k to a 100k.

Rents will be 1400 to 1800 per side. 

3br 2 baths each side

What I'm looking for: 

I'm looking for investors who want to make 20% return on there money when the property is sold. (Short term investors)

Also looking for investors how want invest and hold the property. Where they can good money on a low build but yield high rents. (Long term investors) 

Or other builders in Houston or wherever that want to joint venture or work together some kind of way. (partners).

And anybody else with help, experience, or guidance would be very much appreciated. 

I plan on making this a full time job for myself. 

My background:

I do own other real estate that I had to renovate. So I'm knowledgeable on building and constructing existing structures. 

I have a degree in engineer. So I understand blue prints.  I understand processes and how the proper sequences should flow. 

I owned a business before so I understand businesses and the way it should be conducted. 

Please contact me if you have any other questions.

Thanks Jason, I have contracted a refundabe deposit but how do I show that I have payed them? 

I have a question reguarding earnest money. If it is payed in cash to seller and I want to back out is there any way to get my money back? I payed them 2,000 in cash. They do not want to give the money back. Am I screwed? 

I'm no expert. But in my opinion if you had a bad heart would it make sense to live 25 miles from the nearest hospital or run across the street to the hospital. I think it would provide a peace of mind to your tenants no a police station is across the street. How much crime do you think would happen there or attempt to happen. I think it would attract more responsible tenants to your place. I would use that as a selling point or renting point.