Where to be a developer - Posted by Ana Acuna

Posted by Ronald * Starr(in No CA) on July 05, 2003 at 10:41:48:

Ana Acuna–(CA)----------------

If you decide to move out of your house, you would be better advised, it seems to me, to sell it. Up to $250K/person of the capital gains is excluded from the Federal taxes.

Investigate. Start doing google searches on the topic. There are books on the topic, read some of them. I’d suggest talking to some developers and find out from them what it is like.

There are some people who just have to build. Most of make our money by buying existing homes. I think it is easier than building. But it is your life. If you like it it will be a lot more fun than other things you could do.

Good investingRon Starr****

Where to be a developer - Posted by Ana Acuna

Posted by Ana Acuna on July 05, 2003 at 02:49:57:

I am recently retired from the electronics industry in San Diego. My retirement is not enough to live comfortably. I here I don’t need a license or any special training to be a real estate developer. I’ve always been fascinated by the process of building houses.

Lots cost too much in San Diego for me to feel safe starting here.

I have some equity built up in my house. Refinancing the loan could net me $165,000 for this venture. But then I’d have high payments on the house.

I here builders get loans to build houses even if they don’t have good credit.

Is it better to find someone who would share the responsibility and the cost? Should I know him or her real well? Maybe I could meet someone who knows what they’re doing.

I hear Apple valley, though far from my home, is a good place for a beginner like me to get started. I could get the loan, rent the house and move there if I had to.

Who knows more about Apple Valley?

Who knows which way is best for me to raise the backing?

Is there a better part of the country? Knoxville TN? Columbia SC?

Who can give me some ideas? some suggestions? Some help?

Re: Where to be a developer - Posted by Fred

Posted by Fred on July 05, 2003 at 11:09:58:

I have a friend who is a small time builder. Before that he was a rehabber. He is always complaining how it is so hard to find single lots to build on. He used to make good money as a rehabber. I asked him why build when you can rehab and have many more projects from which to pick. His answer was that rehab is too dirty for him (I guess he doesn’t like the odor of cat urine, overflowing toilets, etc. LOL) He builds 1-2 homes a year. I think he is pretty lazy and could do more but what do I know. Unless you have beaucoup bucks to buy many lots at once, I think rehabbhing is the way to go. My profits are 25-40K per house and I’m doing 6-10 per year. He does 1 and makes 40-50K. You do the math.