All Forum Posts by: Robert Ellis

We are in the process of starting a new construction with a big name local builder in the area. We have selected the builder plan and options for the structural changes back in January 2024. During this process, the selling agent for the builders company quoted us a price of $80k to add a 3rd car attached garage to garage with completing the entire area over the 3 car garage. Attached garages with bedroom, bath, and bonus room. The $80k quote was from an existing buyer’s contract who had the same house plan with structural changes for the 3rd car attached garage built back in June 2023.

Fast forward to 2/1/24 - the builder came back with a price at $106,400 to add a 3rd car attached garage to our new construction.

Is this realistic? The builder construction cost for materials has increased by 33% from June 2023 to January/February 2024?

Hello,

Anyone willing to share a source for off market land deals?

I own a .67 acre lot just outside of Austin, TX , technically just outside the Buda,TX city limit.  My lot is adjacent to the city limit line, but I am technically in Hays county.   It is a long football field shape lot, with a small single family rental home on it.   

With local home and land prices so expensive, I'd like to explore building a Tri or FourPlex on the back half of the lot.  There is street access because it's a corner lot.

This would be my first new contstruction....my plan is to sell my current home (family issues, forced to sell) and move into one of the units as a primary residence for a year or 2 before leasing it.

Question is - What is the order of operation to start the project...   Find building restrictions, structure plans/design, financing, legal issues.... I am not sure where to begin.

Michael Smythe, thanks for the input, much appreciated. I've been in the home valuation business for 30 years, so I'm highly proficient at using the MLS and County Records nationwide. Back in the day before the catastrophic housing crash I noticed the DOM rapidly rising in Detroit. I convinced the powers that be at my Subprime Lender employer to stop making loans in Michigan about a year before the $hit hit the fan.

I took a look at some of the completed Sheriffs Auctions in Columbus and the surrounding counties. I did notice that most of the completed sales sold well above the min bid, except for the low priced ones. Many of them sold too close to market value for the risk involved. Seems like there may be too much investment capital chasing too few distressed properties at this time.   

Most of my kids are now out of the nest and I'm finally in a position to start investing in RE.  Trying to find the right strategy before jumping in the water.  Seems like the biggest challenge right now is finding a property that fits the criteria without another investor grabbing it first. I have a strategy I'm looking at, but I'm hesitant to post it. 

Longhorn Investments is well known as a leading hard money lender in the US - 15 years and 7000+ closed loans worth of experience (and repeat/loyal customers).  Now open in Ohio (state #10).

Offering very rare 100% financing on purchase and rehab costs (up to 75% of ARV).

In my short video below, I describe two recent closings in Columbus with 100% of purchase and rehab costs covered by the loan. That meant no down payment and only closing costs for the borrower to close the deal.

More info:

https://www.longhorninvestments.com/markets-served/ohio

Wow, that's quite a modern design. I won't have thought Newark was so trendy...

Looking for new construction built-to-rent builders/turnkey providers in North Carolina, South Carolina, Georgia, and Tennessee

Hi,

Has anyone invested in the Columbus area for BRRR. Which neighborhoods/cities are good for investment today? Can Newark be good for investment?

Hi all, and particularly spec builders

We're an investment team partnering along spec builders, acting as investors in the same spec projects the spec builder is building.

What we favour:

- Short build periods
- Active in areas where cheap lots are available (although not necessarily)
- Young and hungry builders working cost effectively
- Affordable housing builders (not necessarily)
- Track record of a certain house model (not extensive)

If you're interested in building more projects, we are happy to get in touch with you. If you are seeking financing particularly for spec builders, with minimum equity requirements, deferred interest to maturity and low rates we can also assist for your own projects.

Thank you