NEW INVESTOR - SPEC HOMES W/SALEABLE NOTE? - Posted by john
Posted by john on August 19, 2003 at 15:09:49:
I know the people on this forum are ‘creative’ investors, but I’m thinking the best advice for a rookie comes from the creative veterans.
I am considering having a couple of spec. homes built, probably in the $100K sales price area. I’m considering building in north central Florida. I have the cash to cover the deal and I wish to turn the profit quickly. I would like to do this more than once, if feasible in a year.
Generally, how much can I expect to make from a straight build-and-sell deal (what % of cost)? If I owner finance, how do I sell the note? What should I be careful of? I don’t want to tie my money up. I just want to turn it over. I only have a portion of the money available for a year. I’m open to any and all suggestions, even if it’s a completely different approach.
Thanks in advance for your advice,