The Skinny On Spec Building

elvinstheman

I know very little about residential spec building but am very interested in it. So, what is the most important thing in getting started? A bundle of cash? How much? (In our area, median house price is around $420K.) Great credit? (I guess if one had enough cash, there would be no need for credit.)

Anyhow, I would like to do this someday in the (possibly far off) future and just am not clear what it takes to get started. Any info would be much appreciated.

Thanks!

Glasshousebltr

Elvin, I think it depends on the type and level of your skills. Your not giving us much info on your background and location as well.

More input?

Bob

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Bob

elvinstheman

Let me clarify - how does one finance a spec house project? I could get access to around $100K cash from some investment properties I have but my credit is only in the fair to good range. Do spec builders get loans for the property and for the construction? Is that even possible or do they usually wind up shelling out a bunch of cash for the construction?

I'm in the Seattle area. As for my skill level, I've been doing remodel and repair stuff on and off for about 15 years but have never built a whole house before (only sheds and whatnot and have been an assistant on a couple of buildout additions).

Cole

Hard money lenders is one option.

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