i just came back from my bank earlier today, for a construction loan. This is my 3rd build, going on 6 doors. 3400 sqft, $90 sqft build. All MEPs are licensed contractors, finishes I just get my guys to do, this is where i save on build costs rather than subbing it out.😁
@@JF-vw9lv Purchased the lot outright, $78k cash,get with a local architect to create drawings. Put a budget cost for 2600 sqft. duplex. Went to my banker, used lot as collateral for downpayment. Bank will ask for current financial statements and last 3 years of tax returns.Drawings and budget cost. Closed on loan and began construction. Once I was done with build, bank appraised it at $380k, loan was for $170k. this was in 2019. Hope this helps!
Very good info here! Just CRAZY what it costs to build in your area. I'm starting an ADU in Durham, NC and my architect, planning and permitting is about $2500. 🤑 I will be allowed to connect to the exiting homes water and sewer versus about $23k new connections. I'll pay the water bill for the tenants and just adjust in the rent. Project managing it myself for 4 months should be about $110k all-in for 800sqft adu with huge loft attic room. Of course home values and rent is lower here....for now. What a difference to Seattle! Thank you for the info
I wonder what mine will be in rural CA. Are you doing any of the work yourself ? Does the loft room count as SQFT? I’m hoping to get my framing , plumbing , roof and electric done by pros and do the rest myself
i just came back from my bank earlier today, for a construction loan. This is my 3rd build, going on 6 doors. 3400 sqft, $90 sqft build. All MEPs are licensed contractors, finishes I just get my guys to do, this is where i save on build costs rather than subbing it out.😁
Congrats on your 3 build. Do you mind sharing what steps you took to get the 1st one done?
@@JF-vw9lv Purchased the lot outright, $78k cash,get with a local architect to create drawings. Put a budget cost for 2600 sqft. duplex. Went to my banker, used lot as collateral for downpayment. Bank will ask for current financial statements and last 3 years of tax returns.Drawings and budget cost. Closed on loan and began construction. Once I was done with build, bank appraised it at $380k, loan was for $170k. this was in 2019. Hope this helps!
are you the GC yourself ?
@@10ahmedhassan yes
you can be the GC yourself with an LLC and depending on your local and state regulations
Very good info here! Just CRAZY what it costs to build in your area. I'm starting an ADU in Durham, NC and my architect, planning and permitting is about $2500. 🤑 I will be allowed to connect to the exiting homes water and sewer versus about $23k new connections. I'll pay the water bill for the tenants and just adjust in the rent. Project managing it myself for 4 months should be about $110k all-in for 800sqft adu with huge loft attic room. Of course home values and rent is lower here....for now. What a difference to Seattle! Thank you for the info
I wonder what mine will be in rural CA. Are you doing any of the work yourself ? Does the loft room count as SQFT? I’m hoping to get my framing , plumbing , roof and electric done by pros and do the rest myself
Very well explained -- you definitely experienced team to handle a construction project and have deep pockets for any unplanned cost
Got to stay on budget! Great video bro!
Great info. No video like this. Building my second home now. Still have alot to learn
I definitely need to join your team
Thanks!
Good stuff
Thaaach 😃
Hey teach I’m a contractor in the Seattle area can you mentor me in my journey I’m trying to get into the brrr team
I need a mentor