Over the years I had many students ask questions constructor that important, as the size of the house I built, so I put in, where I build? Looking back is easy for me to take a decision now, but when I started building in 1975 was trial and error situation. And behind me is clear. It is very easy for me to look back and see things I want to know when they started to build. That?s what you learn in this article.
You will learn the advantages and disadvantages of a speculative builder or specifications (as opposed to a builder contract.) If you are unfamiliar with the terms, specifications constructor is the site you choose, choose a design, housing and then sell to the customer. A building contractor builders you hire to build a house for you. Indeed, the construction of specifications is how I suggest you start to build houses for others. I?ll explain why later.
I?ll start by showing how to become one of the best builders in the specifications for your area, even if never before built a house. I will extend this information, discuss items that are unique to construction specifications. Then we will see what are the points that are unique to construction contracts, and items relating to both the specification and construction contract.A word of warning
I want to emphasize that when you start a construction business, you must separate your business from your personal life. In the early 70?s was the sale of commercial real estate. I barely survived the Great Depression. Almost everything we had was in my name and confiscated most of it. Had I known what I know now, I have to keep that big house, the Mercedes and the airplane.
In the construction sector, there are many things that can happen, some of which have absolutely no control. According to the 2008 Annual Report of the National Center for State Courts, in 2007 Americans had more than 90 million dollars, more than a third of civil cases. This does not include the volume of legal disputes are resolved before a lawsuit ever filed. Based on the number of cases brought in and out of court, one could say that most Americans are at risk of being involved in a legal dispute at some point in their lives ? for many people, more than once. This is especially true for those working in occupations with high demand susceptibility, such as doctors, dentists and, yes, the builders of all! You should invest in hiring professionals to help you protect your assets. It?s easier than you think. This is a moment that can not be postponed. I can tell you some horror stories are nice but do not want to scare you so early in the game. Anyway, do not live in fear of what might happen. It will only lose if you do not play.
I. Speculative Buildings
A. Becoming one of the best builders in your area specifications
Before purchasing large quantities, before buying a house plan, the first thing I do is get your team?s success. I call the philosophy of Henry Ford. If you read about Henry Ford, you will learn that some people considered illiterate. On one occasion, sued the newspaper Chicago, who wrote an article that claimed he was illiterate. In the suit, Henry Ford stressed that does not have to know everything about everything because he hired experts to help in any way I wanted. This leaves the mind free and clear to do all the things that really know how. Well, I?ve learned from the philosophy that I for years. I realize that not enough time in life to do everything. Now that you hire an expert to help me in making my decision, and has been a positive factor in building my house a success.
Suppose you are employed. If you do not work, but his own work, then you should have a high credit score or result in a tax return for the past three years to qualify for a loan. If you currently rent a house or apartment and want to build a house for you, you are a candidate to borrow money to build a house ? by yourself. So, you get the money. You build a house. Put on the market during construction. Sell ??it. Go to the bank. To borrow money under the same premise. You get the money. You build a house. He put on sale. Sell ??it. Do this several times and then enter the bank and the banker looks at you and says, well, you must be a builder. And you.
Now, that?s the easiest way to start. Most every builder I know in the industry began in this way. This method will also be provided with minimal risk. Why? Because if you do not sell your home just moves it. In turn, this will make it easier for you to sell because the house is furnished usually sell faster than a house without furniture. It is very likely to sell and you can start the process again. The bad news is likely to move much. I remember a couple who wanted to own a home free and clear. This method is used in five homes, plow their profits into their homes. Your sixth house built entirely of cash. They have free and clear and out of the construction business. They just want to do what it takes to own their homes free and clear.
The farther you go to the previous situation, the harder it is to get the original loan when you are just starting out.
For example, say you currently own a home and want to borrow money to build another house for you. A banker will generally be negative. They tend to look down and maybe a comment like this. ?Sounds great, but now you have a house What would you do with your house??. His answer: ?I will put on sale in building this new house and then sell it.? Banker, said: ?Sounds good, but what if you do not sell your current home?? Bankers in general, see the negative side ? that is to be maintained with two house payments. If you are able to prove they can pay two house payments, it is possible that money.
You should always have a successful conclusion to the story you tell your banker. I?ve never seen the banker and said, ?Well, my God, all you borrow 70% of the appraised value if the bank to repossess the house the bank will have a negotiating bank could sell the house and make a good return on investment ? ? Never use this type of logic in a bank. The bankers did not want to be in the home business. Does not imply or even think in your mind that this happens.
If you do not get a job or have a problem with your credit card or if you have cash, the best method is to find investors who venture projects with you. I have done many large projects when they have the financial means to buy. What I usually do is to structure the investment to the joint venture partner with little or no money. Investors love it! What we need is a strong statement of their finances. Understand, there are many investors, such as doctors, who have exceptional financial statements, but they have very little money. Therefore, if you can make an investment structure that requires very little or no money, it becomes an investment that is relatively easy to sell. When I worked with joint venture partner, following the sale of the investment, the investor will pay cash invested, plus a Festival of Flowers has been agreed to face. All proceeds shall be divided 50% for me and 50% to investors. Usually in situations like this, investors let me cut costs out of pocket, but, understandably, do not let me have a salary.
You will not believe some of the, investments wild crazy fool require huge amounts of money that I?ve seen people put money into. Many of them have the same luck in the stock market than I have. These people should feel blessed that came into their lives with the proper real estate investing. I found these people talking with friends, go to investment seminars and ads in newspapers.
Related posts:
- The best time to save money before you begin building
- Building a home is a big decision
- Building a custom home is exciting
- Choosing a Home Builder
- Home Building Plans
Source: http://www.adjunctinstructors.com/a-word-of-warning/
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