All Forum Posts by: Robert Barnes

Thanks for the input @J Scott & @Kevin M.

I actually have the property under contract now, but here is what I have gathered.

Water and sewer tap 11k, $30-$60 per ft for the gas company to run gas down to the property (if its not already on site). I'm thinking I would go heat pump and run everything electric to avoid the potential gas costs, and also because the power company can give me underground service at no charge.

I'm looking at putting a singe family detached on it at about 1100 sqft. I would definitely need to be at the lower end of that $/sqft range for the project to work. Unless I could partner with a builder and not have to use hard money.

Also about 1/4 acre of the land would need to be cleared and graded, I had one guy quote me 15k to do this. Seemed like a bit much to me, i plan on getting other quotes for this part as well. Maybe even renting something and clearing it myself. What are your thoughts on the cost of clearing and grading?

Hello BP, 

I'm looking at getting a piece of land under contract and I'm working on figuring out what it will cost to get utilities and etc to where the house (SFR) will be built.

I have costs for water and gas (if i even decide to use gas) and am waiting for returned calls from the power company. I'm assuming it wont be to costly to have overhead power ran from existing poles across the street down to the new house.

The owner/seller tells me there was a house there at one time, decades ago, and it already had gas and water (the gas and water company both told me other wise) but the land was essentially an empty field in 2007 (google street view), and is now completley grown over with 10-15ft tall spruce trees, so you cant really see anything at all.

Couple of questions for you guys..

What are some typical $/sqft build costs (the property is in Isle of Wight County, Virginia) I know costs can vary greaty across the country. Just looking for rough ideas.

If there is or was a septic system at one point would that need to be removed or filled in or anything like that since I will be tapping into city water?

Any other considerations or precautions i should be taking? This is my first crack at development/new construction.

Thanks!!

Towne Bank, and Monarch are good ones to look at. I ended up going with C&F though, they had more flexible checking account options that better fit my needs. 

 @Don Cuffy

Welcome to BiggerPockets and the world of real estate!

Seems like you have a general idea of where you want to start, which is good. BP is an excellent resource, definitely jump in and use it. Here is what I recommend to you.

Read, read, read. There's tons of great content on this site in the forums, blogs, other members blogs, books and e books written by other members, etc. I would start with the ultimate beginners guide found here (www.biggerpockets.com/ubg)

Another great source of information are the BiggerPockets Podcasts. I found these to be an amazing help as a beginner. Listen to all of them as there are many different views, opinions, strategies, and techniques by many many different people. A few that are directly related to where it sounds like you want to go are shows 18, 22, 42, 67, 77, 81. Theres more but off the top of my head listen to those and take notes.

Lastly but probably most importantly, get out and take action. Throw yourself into the world of real estate by going out and meeting others involved in the field locally and explaining who you are and what you're trying to accomplish. Southside where you are there is the Tidewater Real Estate Investors Group (TRIG) and the Virginia Beach Real Estate Investors Group (VBREIG). If you come to the peninsula there's the Peninsula Real Estate Investors Association (PREIA) we have over here. Three very good places to start, they meet monthly and you can find more info on them at meetup.com.

Don't be afraid to reach out to me also here on BP, I'll be glad to help where I can.

Best of luck to you on your Real Estate journey!

Looking for an agent familiar with Birdsnest, VA 23307. Specifically the area between Lankford Hwy and Seaside Rd.

Thanks!

Currently looking at Lima One Capital, Home Lending, freindlyrehabfunds.com, and Commercial Lending LLC.

I've been in contact with a couple of these and one local lender to discuss rates/terms etc.

Looking for any personal recommendations, good/bad experiences with any of these companies. Or any others for that matter.

Thanks in advance!

@Takeya Hill

Look at sold comps in that area to get a better idea of what the house is actually worth or what it could be worth. Don't go strictly off of the tax assessment website, most of the time those valuations are way off. 

@Brian C.

I was in a similar situation with my job not long ago. Hit a ceiling, couldn't advance, got demoted due to politics. Then they wanted me to help cover up some unethical doings. I had enough of the afoul morality of the place and the way they treated employees in specific circumstance was unacceptable. 

Anyway I quit the place after months of planning and learning about the real estate industry. Cutting expenses, paying off debt, got rid of financed vehicles for older paid off ones. Saved up for reserves to allow me to live for several months without steady income. I've also got my wife backing me 100% holding down the fort wih her W2 income while I work on growing my business. She has very decent health insurance through her job as well so that helped me to transition.

All that said, I'm still a newbie and haven't done much in the way of deals. Just wanted to share the story and offer my support. I don't have private money or job openings for you however I am currently looking for my first intentional flip project. I'm not one for wholesaling though  I'm more into working with wholesalers to get my deals. I'm debating launching some direct mail to get leads but haven't setup a budget for that. I also have capital available for some down payment on my first project.

Don't hesitate to reach out, I'll be glad to help if I can. Best of sucess to you on your journey.

@Gregory DiFranco Welcome to BiggerPockets.

Great article! Good stuff.