All Forum Posts by: Rich Weese

Thanks Andre.

i always appreciate knowing someone is motivated by my experiences. It means even more when you are someone in the field of RE or investing. The Book was written so my 6 kids would know what the old man did.

Keep me posted on what you "jump" into.

Rich

Jerry W-Thanks and good luck on the new venture of building a new home! Rich

Mike M- I forgot to reply to you. CONGRATS!!! You probably already know, but wifey and I did the full time RVing for 6 years-started TWO days after we got rid of last of 6 kids!! We had a 40' with 5 slides and loved it.

Garden Grove- I remember that area well. Orange County was extremely good to me and made it possible to retire at a very young age as you know. Have a great time. Rich

Johnson H- My wife was so helpful in our estate building with regular moving that she deserves a change! 44 moves in 44 years. We don't need as much income any more either.

James Evertson- You don't have much experience on here yet, so let me re-post items that you can find and research in other posts and threads I've added to BP. 

1. Lot price. I bought a 64 lot subdivision that was in trouble in So. TX for average of 12K per lot. Prior to closing, I turned it into a gated community and lot price doubled. ($12,000 profit before start of home)

2. Low labor costs in Rio Grande Valley and a VERY fair Builder since I do a lot of work with him. Cost plus a certain %.

My average deal is a 1700 square foot home with a 2 car garage, fully fenced (wood fencing) and FULLY landscaped with all sod and a few bushes and trees. There are coffered ceilings, automatic garage door opener, granite counters, double walk in closets in Master and either decor brick or rock on the exterior in front, tile in all the areas other than bedrooms. (FOUR)

The most recent home was sold to an investor as a turnkey product with lease of $1450 per month and the property Manager is licensed in RE and LIVES in same subdivision .(he also owns 2 other rental homes in same subdivision.

To further confound you, I expect to turn even a better profit in my new venture building homes in The Villages in FL. My lot acquisition price was LESS than the TX lots... It can be done with a little effort. My profits are higher % return than available in most flips these days... Good luck. Rich

Maybe a cheap one....

Hi Justin- I agree wholeheartedly. There are so many lots being developed at present, it has to bust, imo. Other areas will follow. My homes in TX pass the muster in price point at 150K plus. 

Johnson- You actually READ my Book. I'm proud of you and to remember my process is remarkable. My sale of personal residence game is over. I love The Villages and have no reason to leave. Rich

Sorry. Now I see both of them....

I don't see the above post on the current forum. Did i enter it incorrectly on the new format?? Thanks. Rich

As many of you know, I'm not very good with this techie stuff. I posted a thread a LONG time ago about specific custom spec homes I was building in SO. Utah. I posted the results of all the previous ones but not the most recent one. It closed this week.

   I built EXACTLY the same floor plan in the same area for the 3rd time. Made super returns on the previous 2. Not nearly as well this time and an extremely long holding period. I felt the slow down coming and sold a lot I had bought for future spec at a great profit and sold a month ago. Purchased for 47K and sold for 73K (I think) only a few months later. Some other "fool" wants to build a spec. I didn't make any more profit on the house that just closed than on the lot-with no risk.

I also just closed on my personal residence (basically the same home) that I bought 2 years ago for 269K and sold for 340K. Again, nice profit. 

I really feel that the area all these homes are in is WAY over sold and trouble is on the rise. These homes were upper mid range in pricing. Anyone seeing the same thing?

I'm continuing to build lower price homes in my SO TX subdivision, and they are doing really well with a lot of sales of homes and lots. I think I have 4 lots and 6 homes sold this year so far. I think the price range and area is the difference.

I'm also beginning to build in the Ocala area of FL with first 2 homes approved and under const. $200,000 is price range and I expect to do well with these as long as The Villages is going crazy.

Just wanted to give my views on what I've seen first hand lately. Rich

Johnson H- I guess I was just "lucky"..........again. Thanks for the link. My first 2 homes are under construction, finally. Permits take forever in all the little towns just outside the Villages. Rich