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the path to financial freedom: home building

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Real Estate Agent with Coldwell Banker United, Realtors

I just got an interesting phone call. I have a client who is building homes here in Tyler.  The phone call tonight was from a mutual friend who wanted to start building homes too.  Tonight talked to my client and my client is going to help tonight. (with me so far? leaving out the names for obvious reasons) Of course, tonight wants me to find him land lots of land and the starry skies above, and I would get to list the home built, or homes if they can make enough to keep going. 

So, this makes me wonder if this is something I should try. Should I jump on the build bandwagon? Is building affordable homes the path to financial freedom?  Would I still be able to do my first love: real estate? After all, this is a big part of real estate.  Anyway, what do all of you re pros think? Any pointers, advice, warnings etc.?

Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent

I knew a guy that built affordable homes and now he is building and owning strip centers and other commercial structures.  He does not worry much

Jul 07, 2008 02:49 PM
Doris Freeman
Zach Taylor Real Estate - Gallatin, TN
Broker/Agent, 615-961-7799

If all your doing now is finding the land go with it, but has your client and you done due deligence?

What is the New Home Supply in your area?

What Direction is your market going?

What is the Saturation of your market, with both resales and new home?

Are you going to be able to get good comps for the new homes?

And there are lots more questions they need to go over before jumping in unless they have an unlimited supply of money

Have A Great Day

Doris Freeman          "TEAM MOTHER DAUGHTER"          dorisandsherri@yahoo.com

  

Jul 07, 2008 02:55 PM
Chris Cox
Coldwell Banker United, Realtors - Tyler, TX

DORIS: Hey, those are great points to remember and double, and triple check. Thanks for the comment.

Jul 07, 2008 02:57 PM
* Rate A Home
Rate A Home - Saugatuck, MI

Chris, I was a builder from 1978-2007 and had to shut the biz down due to the economy. Each area is different of course but I built affordable, move up and luxury homes, affordable was my main focus. The younger buyers are more demanding now then ever, but still a fun biz to be in. And yes, you would be able to remain in R/E, it goes hand and hand. Good luck on your decision.

Duane

Jul 11, 2008 12:10 AM
Chris Cox
Coldwell Banker United, Realtors - Tyler, TX

Duane, thanks for the comments. It's good to hear from a builder's perspective. I am continuing to gain information, and have just been contacted by another guy wanting me to help him build. Looks like things could get interesting soon.

Jul 11, 2008 01:51 AM
* Rate A Home
Rate A Home - Saugatuck, MI

Chris, you are welcome, it's a fun business, I think you would enjoy it.

Jul 11, 2008 01:53 AM