Spent entire day at the Cottage show. Got lots of contacts. I must say all developers seams to be the same. You just need to figure out if you want log house or traditional wood frame.
All development prices are $220-$250 sq.ft. and all have contractors who will manage project for 10-15%. This is for all-in. Frames (like log frame) usually go for $70-$100 sq.ft. and then you need about $1500-5000 upfront for the designer's work (applied to the cost of construction). Most of them customize your house. They do typical projects, but everyone always wants something different.
Have to think about that. On one had we want to save money, but on another, a million dollar house needs something unique.
Got some local real estate agents contacts. This would be an area to start with. Local view might be different from my analyses.
October 30, 2014
Were contacted by Judy, Realtor in Kawartha area. She will prepare some information for me about possible lots for sale (let's see how much they can be) and also some sales so I can understand how much we can sell our babies for.
October 30, 2014
Were contacted by Judy, Realtor in Kawartha area. She will prepare some information for me about possible lots for sale (let's see how much they can be) and also some sales so I can understand how much we can sell our babies for.
November 1, 2014
Spoke with my mortgage broker about a mortgage for construction. Looks like we will be able to finance up to 75% LTV, which is great because our budget look like this:
- Land $200-300K (this is for a lot that will have up to 5 houses) - $60K per house
- Construction $250 x 2000 sq.ft. = $500K
- Sell for -$1 000K
- RE commission $60K
- Cost of borrowing $500K x 15% x 2 years = $150K
Expected income $230K per house. and again we can borrow up to $750K. Financing is done in 4 stages as construction progresses. Appraisal after each stage $400 and legal fees $1000
Am I missing something or is it too good to be true? Why not everyone is doing this?
November 5, 2014
OK, I got why not everyone is doing this. Yes you can get financing for 75% LTV, but the trick is you have to build, pay for it and then bank will reimburse you.
November 9, 2014
Judy called. She haven't provided me with anything yet, but looks like there some properties, not listed yet. Wells, hydro and septic are in and severance will be completed shortly. No details were provided, she just suggested I talked to seller's agent.
November 9, 2014
Judy called. She haven't provided me with anything yet, but looks like there some properties, not listed yet. Wells, hydro and septic are in and severance will be completed shortly. No details were provided, she just suggested I talked to seller's agent.
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