Posted by norman on January 02, 2003 at 20:55:30:
im a investor and real estate broker in cahrlotte nc contact me
Build at $65 sq ft sell at $95 sq ft - Posted by Jack Knochel
Posted by Jack Knochel on January 02, 2003 at 18:40:53:
I have a friend who can build a house for $65 a sqaure foot in a developement that has houses going anywhere from $95-$105 a square foot. He bought the lots from the builder that just moved out due to most lots already completed. The lots tax value is $48,000, can get one for $39,000, the other for $41,000. He can put me in a 3400 square foot house for around $260,000, including land, and its value will be around $323,000(95 X 3400). I was going to get a loan where I only pay interest for 2 years while I live in it and then sell it after the 2 years so I don’t pay capital gains. I can also lump in debt and pay that off with the equity. He has two lots, I want to purchase both, one for my plan above, the other to build and then sell when its completed, where’s the best place to get finacial backing for this? There is no way the bank will front over $500,000 to me for both. Do I pull in buddies with cash or look for investors? Or, do I find a buyer now, and act like a buyer/seller at the same time? Or would it be better to buy both to sell as soon as they are completed? Any advice on this along with having to sell the house I am in now and hoping to time it all right would be much appreciated. This is Charlotte, NC THANKS