All Forum Posts by: Nicholas Field

Sure. You're in Utah? 

First thing you'll need to do is do a feasibility study or pro forma. Almost always by turning farm in residential you'll make some great money doing that, so I'm sure that's not going to be an issue. 

You'll need to check with the city / county to see if you can rezone it. That could be a challenge, but maybe it's easy in your area. It's not a given, though. 

Check to see if you can have a pre-app meeting about rezoning. Get a feel to see if it'll be possible. 

Are you planning on building or just subdividing? The biggest expense you'll run into before actually building a slew of houses is making sure everything is serviced appropriately. 

Correct, yes the amount you guarantee. It's relative to how much THEY put on the line. 

Up to 3% guarantee fee is common in the industry. 

They guarantee $500k  you pay $15,000 to them. 

Up it for family. 

Are they serviced? Look at your community plan. Are you planning on rezoning?

I'm interested to hear what people have to say about that. So rooms that are run by a hotel which are individually owned? 

This becomes slightly challenging. But I'll share my knowledge. Steps by steps are: 

1) Land

Pick your land. How will you secure it? Is it big enough. How much does it cost? What is it zoned?

2) Feasibility

Run your numbers. You'll have to get some construction costs, soft costs, land costs. Will the project make sense?

3) Municipal Approvals

Will a city allow you to do what you want to do? 

4) Design

Hire an architect to design it.

5) Construction

Hire a builder to build it. 

6) Financing 

Pay for it. 

That's obviously an overly simplified way to do it. But you really need to understand if the project is going to make sense. Have a good idea, and be able to present it to someone who's willing to listen. Run every number. How will you secure or option the land? How much does it cost to build in your area? How much do architects cost in your area? I live in two places (Vegas and Vancouver) where building costs in Vegas are half of what they are in Vancouver. Talking to builders will get you to understand that. 

Don't glaze over what the city will allow you to do and what they won't. Cities and approvals can kill projects and make people go broke. Be careful. 

Architects will make plans and get you design drawings you can then show to builders to get firm quotes. 

Banks will want to probably see 25% cash in the project and the remaining 75% guaranteed. Can you make that happen? A bank will not really talk to you too in depth until you have a full design and quotes from builders. That's really why it comes last. But have an IDEA before you spend $50k to get to that point. 

I can help you further if you'd like. Send me a message and we can chat more. 

I'm kind of GCing myself right now on my first flip. I had also GCd my home renovation. But, I had a very very skilled carpenter who basically told me what to do and how to do it. I had a lot of juggling of schedules and stuff. Quotes from different companies will help you figure out pricing in your area. I'm happy to share some knowledge as well. You learn a lot in your first project and I keep learning more every day. 

I am remodeling an older house. The siding is wood and in pretty good shape. Its next to a lot of newer homes in the area.

What color should i go with to give it a modern fresh look?

Currently green.

@Gavin M. If youre trying to flip, I dont recommend that. Sorry to say, that doesn’t look good and wont increase any values of the home unless you have something that’s niche rustic.

As far as walking on it goes, if its actual stone, I think itll depend on the smoothness of the cuts and grout.

Do you have a photo of your inspiration?