Scratch estimating cost to build a house

There are lots of articles on designs for unusual lots. size shape slope etc. Also you can apply for a variance.

Quote: beachbumbabs

FWIW I have a dream house built in great detail - it's what I do to get to sleep when my brain is buzzing about something else.

Mine does 11 knots under sail, has a water maker and redundant radar.

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Quote: AZDuffman

I have asked and to get custom plans will be a touch over $500. I just want to see if it can be built at a cost to be a viable rental.

Have you dealt with renters? Especially single college kids, they are just one step above having a meth lab in a rental. And you can't be sure about that. Single tenants with no ties that bind rotate in and out at a fantastic rate.

My parents had rentals in my teen years, and after every tenant left there is an almost unbelievable amount of attention units need. Say good-bye to the lifestyle of being able to come and go at will. You cannot manage rentals on a cell phone. However, you can buy and sell it and be anywhere. No need for a RE license if it is your own. My. 02. The money is made in the flow. Hell of a way to build a skill set though.

But if you just have to be a bee keeping slum lord [lol] I want to suggest that you only want one plumbing wall per two units. Single dwellings may as well come with a sign that says "party house" or, renter will be trouble.

I have a friend with 80 houses now in Phoenix, but he is married to the business, 7 or 8 days per week. He lives to fix plumbing problems. Advice I have gotten from him include the one wall per 2 unit rule and also this. One person can come and go travelling lightly. A family, it is harder. The trouble with rentals is turnover. You want one group to move in and stay until you sell. Heck with cleaning and painting after each one. Plus, plumbing problems and renters calling at all hours. Did Flea fix the shower? lol

My friend loves renting to what he calls "section 8" I think it means someone who's rent is payed by the state. They never ever move. The state sets them up and for a lot of reasons they are dis-inclined to ever move. He has some renters that haven't left in 18 years. That is a lot of rent.

Next advice he gives me. There are a lot of 2-3 bedroom units. The more bedrooms, the bigger the family, the harder it is for them to find a unit big enough for them to move to. Another thing he does is, the houses he buys have very large fenced yards. Some family gets in the place, big enough for a swing set and a storage shed, they will be there till the kids move out.

One more thing. Are you planning on building this yourself? How many hours do you want to spend before this investment turns +ev?

Can you just roll in a modular that is already engineered for local codes?

Quote: petroglyph

Did Flea fix the shower? lol

Nope!! Given my plumbing skills that is probably best for the land lord.

>My friend loves renting to what he calls "section 8" I think it means someone who's rent is payed by the state.
Yes, state pays, county determines eligibility and percentage of rent that state will pay. Can still be bad tenants though, its just the rent checks come in on time.

Alot of work recently on these ultra micro homes and one California land owner set up eight micros on one lot.

Quote: Fleastiff

Alot of work recently on these ultra micro homes and one California land owner set up eight micros on one lot.

Are you talking about those tent city's? The micro homes I lived in all had wheels. "Wheel estate"

Quote: Fleastiff

There are lots of articles on designs for unusual lots. size shape slope etc. Also you can apply for a variance.

The problem is all of that adds cost. This is a 100 year old area with the houses close together so I would have to work with what is there.

Quote: petroglyph

Have you dealt with renters? Especially single college kids, they are just one step above having a meth lab in a rental. And you can't be sure about that. Single tenants with no ties that bind rotate in and out at a fantastic rate.

My parents had rentals in my teen years, and after every tenant left there is an almost unbelievable amount of attention units need. Say good-bye to the lifestyle of being able to come and go at will. You cannot manage rentals on a cell phone. However, you can buy and sell it and be anywhere. No need for a RE license if it is your own. My. 02. The money is made in the flow. Hell of a way to build a skill set though.

Just for renting to my buddy upstairs. I would hire property management. 7-10% of the gross but probably worth it. When I bought this place the realtor mentioned how hot the rental market is right now and the his biggest problem is lack of supply. 3 BR with some driveway has high demand. I think I said about that lunch I was at earlier this month. All people late 20s/early 30s except me and all talking about renting this place or that. 10 years ago they were my age and everyone was buying and usually building. Now they are renting.

Quote:

My friend loves renting to what he calls "section 8" I think it means someone who's rent is payed by the state. They never ever move. The state sets them up and for a lot of reasons they are dis-inclined to ever move. He has some renters that haven't left in 18 years. That is a lot of rent.

Section 8 is the Feds. Yeah, you can do decent with it if you have the patience for all the rules of anything the feds do. You will not make a killing because the value will not go up because hey hey the units are usually not in a great area and not great to begin with. But yes, you rent the unit and people stay. In effect you are buying an annuity with a inflation escalator. Know the feds they may even pay for it if the people bust the joint up. Downside is people on the left will say you are getting "corporate welfare."

Quote:

Next advice he gives me. There are a lot of 2-3 bedroom units. The more bedrooms, the bigger the family, the harder it is for them to find a unit big enough for them to move to. Another thing he does is, the houses he buys have very large fenced yards. Some family gets in the place, big enough for a swing set and a storage shed, they will be there till the kids move out.

One more thing. Are you planning on building this yourself? How many hours do you want to spend before this investment turns +ev?

Can you just roll in a modular that is already engineered for local codes?[/q

The 3rd bedroom is a key. It adds to both sale and rent prices.

By 'building myself" do you mean the labor? Other than the ceremonial "breaking ground" the answer is no. When working form home I would check things out. But that is it. Not sure on a modular, roads are a little tight. Ultimately I would try to rent it and at the same time sell out for a five figure plus profit. Fishing price while a renter builds my equity.

Renters come in all kinds. One thing that has amazed me the last few years is how many people rent. I just see a market here to buy places for $40-70K which rent for $600+ all day long.

The President is a fink.