How do you make money on a spec build?
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- เผยแพร่เมื่อ 12 ก.ย. 2024
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Today we tour one of my spec home projects. This is a new build that is a few months in, with about 4-6 more months worth of work to go. Over the course of these next several months I'm documenting the entire build process here on my TH-cam channel.
I hope that you enjoy this video and if you have comments please leave them below! See you next video!
-Scott
#realestateinvesting
Disclaimer: This channel, and any communication shared during these videos, should not be taken as financial or legal advice. Viewers should retain their own legal counsel or financial expert(s) before making their own decisions. If you need legal advice, please contact an attorney directly. If you need financial advice, please contact a Certified Public Accountant or a Certified Financial Planner or other licensed professional. I (Scott Edward) am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, or financial advice. Opinions shared in these videos are my personal opinion and are for entertainment purposes only. And one more thing.. Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel.
Meant to get an update out yesterday but have been a bit behind. Make sure to leave any more questions in the comments!
Scott, polished concrete floor is great and don't fret as 2-3mm is removed when you polish. Even if they drop a hammer and a chunk comes out you can fill with epoxy before adding sealer. Very popular in Australia . Floor can look austere / industrial so try and off-set with some timber stairs etc. Have fun....
I love your videos!! As a contractor myself, I feel like you do a really good job of explaining the build process in really simplistic terms!
Question, though, how are you planning to make much money if you’re not a general contractor yourself? Anywhere from 10-25% is what I’ll charge depending on the market. As of right now (the market is rough) and I’m only able to charge around 10-12% on spec builds. I feel like the house would be incredibly overpriced if you’re charging a premium on top of the contractor’s cut.
Hope of works out for you! 👍🏼 the house is going to be awesome! Love the stained concrete floor
Thanks Reid! I’ll keep the videos coming. I can address this one in my next video. You’re right though… it’s very tough to find one where the numbers work for me. That’s why I’m only doing a couple per year at most.
house is getting put together pretty well. excited to keep seeing progress
love these videos scott, hope you show us some more of your projects.
Thanks Kevin, I’ll keep them coming 👍🏻
Looks great!! the floor is going to be amazing... and during the process they remove a couple of mm... so don't worry about any abuse... you will never know it. I just did a project here in MN where we built a pool house for a customer and did the pass thru... it turned out amazing... and its frustrating to not have stairs, we always wait as long as we can to install for safety reasons... like to have windows in first... of course in MN, the windows go in usually immediately after framing... in fact, our framers install them most of the time.... Good luck, it looks awesome! you prob are already planning on this... but make sure they stub in a hard line for patio a misting system... you will be thankful.. :) any special lighting plans for the outside? that place would look amazing with the right exterior Illumination!
wow, good update, second story and stained concrete detail. it is going to be really interesting to see the finishes - already ready to see! hahaha. wondering if you feel a bit of competition with the house being built "2 doors down" or is that a good thing for your build? thanks for sharing…
I’m ready as well, if only I could snap my fingers and have it done haha. Good question about the neighbor, I’ll talk about that next video 👍🏻
You are good at what you do so I’m sure you will make a tidy profit. Keep up the great work Scott and continue cranking out these videos and I will keep watching them. Thanks for all the information and insight! 😎
Thanks for the update Scott! I love the addition of that tiny balcony that overlooks the pool! Such a simple add that gives so much.
I’m looking forward to seeing more of the design choices. I remember past flips you’ve done and was just wowed- you didn’t choose basic flipper stuff. Excited to see what you come up with!
it's crazy that houses in America are so cheap since they're made out of wooden frames! i would have thought they would be made out of brick at this size. the design is really nice Scott, well done.
those plywood walls!! they make the cheapest furniture with that material over here in europe!
stained concrete floor = AWESOME !
I think so too!
Looking forward to when there's a stair case and the upstairs is reachable. Would be interesting to see sort of what the view from the balcony would be!
We‘ll get up there within the next 2 weeks !
@@Real.Estate.Report Would you look at under the stairs storage ... Especially, if that is near the kitchen area.
Great Video. Huge fan. Grab some Ram board from home depot and lay it out over the floor. It works great for protecting floors from debris and just wear from the construction process. Also when you mud the sheet rock and do painting you do not have to worry about trying to cover the floor again. I have found this works really good for slab on grade houses also works good to install over flooring.
LOVE THESE HOUSE UPDATES!!!
I’ll keep them coming!
Can not wait to see numbers on this project.
The project is certainly taking shape Scott, well done. The polished concrete is a great look.. 👍👍. What are the pool fence regulations in your garden? Keep posting the updates.. it’s great to watch the your progress.. 👏👏
A few months waiting is not For Ever. Just come here to my place in Spain and you just will wait for YEARS!! just to obtain the municipality building permit alone.
💧Scott, with the water restrictions coming into effect in your region of American, large size home developments have new water usage compliance rules to deal with ... Your property and other spec home developers should see selling price increases with less stock available 🙏🏽
Good call out, I hope you’re right 🤞🏻
I live in Arizona and i HATE concrete floors. It makes it seem as if the seller (mostly flippers) are cheaping out and cutting corners. I would pass on a house with them. But other than that, thanks so much for sharing the process. I really enjoy watching your videos!
That’s good feedback to know! Oddly enough, the exposed concrete floors will end up costing me more than if I lay tile. It may appear simpler on the surface but it’s a labor intensive job to get right
@@Real.Estate.Report Yes, In the UK polished concrete is a high end finish ... But we have it on the walls also with clean finish or rough for the rustic or industrial look.
@@Real.Estate.Report Regardless of the process, I just personally think concrete AND tile in the main living areas (living, dining, kitchen) cheapen a house. I know those two materials are common in warmer climates, it's just not my personal preference. I'm sure you've done your research and know what will work for the demographic that you will be marketing to. I'm sure whatever you decide on the floors, the house will be beautiful and will sell quickly! I'm also glad that, in spite of the yard size, you are putting in a pool. Again, being an Arizona native, I am a huge fan of swimming pools! And if I can make one more comment (LOL!) - I see so many houses here in Arizona with the cooktop in the island - PLEASE DON'T DO THAT! Again, thanks for sharing and I will be excitedly following along with the progress of this house.
Lay ramboard over the concrete
Can’t wait for the finished product!
Loving this series, channel is awesome
To what extent do you see interested buyers caring about building performance? Is it marketable, or do people typically look only at appearance and amenities?
Very interested in how this turns out for you but you make it hard to watch these on site videos. Camera work is so shaky and harsh I’m about to throw up.
I disagree, his vids are fine
Thanks for the feedback. I have image stabilization turned on. But maybe need a gimbal
Is that really just wood 😮 is that stable enough? What about isolation? Nor steel framing / concrete for walls and ceiling? No basement/cellar?
Did you ever do a video on the concrete floor?
I'm glad to see that the work is progressing, but as Europeans, the way it's done and the materials used mean that you could never call it a house in Europe - at best, you could say a garden shed. 🤣🤣🤣
😂 that made me laugh. I suppose things are done much differently out here
@@Real.Estate.Report In Europe, houses are built in brick and mortar, and if they're made of wood, they're made of hardwood, not framewood.
I find it incredible that Americans aren't more interested in buying more solid, higher-quality construction.
Scott, I'm a designer for sfh, mfh, commercial and sky scrapers. Let's get in contact and see if I can save you some money on your next developments.
My email is in the description... please send over some info on your company
Cigarette butts + sawdust + exposed wood frame...
Haha good catch
Are you not worried about the fire risk using all that wood?
Do you speak to neighbors? What's your relationship with the neighbors usually?
Why stick frame vs other methods
Will talk about this next video
Why do you not GC it yourself?
How do you run your numbers?
add a
Should have covered the floor
sloppy construction workers. Good luck Scott, keep up the hard work.
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@Jack Paker I just sent him a message now. With all the recommendations I've seen here, I'll definitely give it a try.