Looking For Coach Or Mentor
I have come upon a very good opportunuty to develop and build an adult community conisinting of 39 units in central New Jersey. I have never done anything of this scale before and am looking for a mentor or coach (willing to pay if need be or maybe work for free) to learn the ins and outs such as once built do you seel the managment or what.. If there is anyone out there that can be of assisatance let me know. I will provide more information
thanks all
and may all your endeavors be prosperous.
Ok i will up the anty here.. I am willing to give a portion of profits for the guidance provided. I will handle all work just want to make sure it succedes, and the best way that i know to do that is to have a coach or mentor.
anyone bueler bueler
I either need to move to Orlando or change my definition of nice. $55-75 per sq ft is a great price.
I use building cost, closing costs - I estimate at 10%, lot costs and loan costs
So roughly a 1200 sq ft home at $75 per sq ft is $90k plus the 2 k for the lot, $15K closing ( that is doc stamps and fees, construction insurance, realtor commission, etc) plus say $7K construction loan costs (~7% for 1 year), so $114K total. You could then sell for $150-$170K depending on how fast you want it gone and your profit would be $36-54K. Of course you also have to decide if you will draw a salary during the construction, etc
You local univerisites and colleges might have them. Also, do a google search and you might find companies Like Lorman and such have them
If you can build a home and sell it even for only $350K you are getting a very good deal. Typically the lot cost would about 25% of the home retail sales price. Thus, for a $350k home, that lot would typically be worth up to $87,500.
It seems undervalued. I would get it under contract with an inspection period of 60-90 days (as long as you can negotiate) and then research everything such as sewer availability, water service, zoning issues, etc.
Is this general rule of thum for investors? In other words does this 25% rule have profit built into it?
I agree 100% with woodsong. Let the developers take on the process of trying to get the property rezoned. You would realize your biggest gain if you gave the buyer the appropriate development and zoning approval contingencies in the contract.
Nancy
Depends on the zoning. If its in a commercial zone you have to get a commercial loan which will require 10% down. If its residential or mixed use, you can finance 100% of it. .
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[ Edited by commercialking on Date 02/14/2006 ]