Build Thread
invite response
2023 Apr 12, 5:06am 1,670 views 30 comments
by WookieMan ➕follow (2) 💰tip ignore
Fuck this noise. I don't want to do it, but this is the thread for building a house. Got pricing and I want to punch people. I don't know where this goes, but feel free to comment, shit on me or give advice. Not particularly thrilled right now.... $670k. I know I'm getting fucked. Looking at different builders.
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2
Eman
2023 Apr 12, 5:28am
Eman
2023 Apr 12, 5:28am
Get 3 or even 5 bids. If all contractors’ bids are in the same range, that’s market price regardless you like it or not. Then you get to decide if you want to move forward with the project or not.
Don’t forget to set aside at least 10%, preferably 20%, of the budget for contingency. Change orders and unforeseen expenses come up often for new construction.
Good luck.
Don’t forget to set aside at least 10%, preferably 20%, of the budget for contingency. Change orders and unforeseen expenses come up often for new construction.
Good luck.
3
tomtomtom
2023 Apr 12, 5:58am
1. Roof and floor plan look very complicated. Complexity adds to the cost of construction and maintenance.
2. Larger roof overhangs make siding and windows last much much longer. They do that in other parts of the world (e.g. Switzerland).
3. Soil grading and foundation are hard to change after the house is build. The best house is on the hill so the basement is dry without a pump. It is the worst idea to save $$$ on those. Saving on concrete/rebar/insulation/water management etc. Soil analysis is a must.
PS. Residential construction is a bit behind in comparison to how they do that in the other parts of the world.
2. Larger roof overhangs make siding and windows last much much longer. They do that in other parts of the world (e.g. Switzerland).
3. Soil grading and foundation are hard to change after the house is build. The best house is on the hill so the basement is dry without a pump. It is the worst idea to save $$$ on those. Saving on concrete/rebar/insulation/water management etc. Soil analysis is a must.
PS. Residential construction is a bit behind in comparison to how they do that in the other parts of the world.
4
zzyzzx
2023 Apr 12, 6:26am
zzyzzx
2023 Apr 12, 6:26am
tomtomtom says
Simpler roofs are less likely to leak and cheaper to replace.
1. Roof and floor plan look very complicated. Complexity adds to the cost of construction and maintenance
Simpler roofs are less likely to leak and cheaper to replace.
5
WookieMan
2023 Apr 12, 6:44am
WookieMan
2023 Apr 12, 6:44am
Eman says
Just disappointed. This was a contractor that came with great reviews. It makes no sense for the size of the house. They're selling $300k homes the same size in my area and obviously still turning a profit. I'm calling bull shit.
And yes I want to overbuild. This is the only time I'm doing this. But the numbers don't add up. More bids are gonna happen. I about puked when I was told the number. Stayed calm, but wanted to call the dude a fucking retard. It was a friends referral, so I chilled out and not looking to burn bridges. Feel like builders think they can fleece people in the current market. I don't "need" to build so get fucked.
Sexist as fuck, but don't trust your wife with builder referrals. I should have known better with my experience. The guy does good work, but it ain't worth $300k. Fucking cock.
Get 3 or even 5 bids. If all contractors’ bids are in the same range, that’s market price regardless you like it or not. Then you get to decide if you want to move forward with the project or not.
Just disappointed. This was a contractor that came with great reviews. It makes no sense for the size of the house. They're selling $300k homes the same size in my area and obviously still turning a profit. I'm calling bull shit.
And yes I want to overbuild. This is the only time I'm doing this. But the numbers don't add up. More bids are gonna happen. I about puked when I was told the number. Stayed calm, but wanted to call the dude a fucking retard. It was a friends referral, so I chilled out and not looking to burn bridges. Feel like builders think they can fleece people in the current market. I don't "need" to build so get fucked.
Sexist as fuck, but don't trust your wife with builder referrals. I should have known better with my experience. The guy does good work, but it ain't worth $300k. Fucking cock.
6
Tenpoundbass
2023 Apr 12, 6:53am
Tenpoundbass
2023 Apr 12, 6:53am
I have noticed that skilled tradesmen are trying to squeeze as much as they can out of customers.
The price I got for Custom cabinets in my Kitchen was appalling. I could buy all of the tools and materials and build my own, a lot cheaper.
Then what in the hell would I do with table planers, table saws, vacuum presses and a paint booth when I'm done?
The price I got for Custom cabinets in my Kitchen was appalling. I could buy all of the tools and materials and build my own, a lot cheaper.
Then what in the hell would I do with table planers, table saws, vacuum presses and a paint booth when I'm done?
7
ForcedTQ
2023 Apr 12, 7:48am
That contractor isn’t hungry, doesn’t want the work of what you are saying is accurate.
8
RWSGFY
2023 Apr 12, 7:53am
RWSGFY
2023 Apr 12, 7:53am
Tenpoundbass says
Sell them, duh.
I have noticed that skilled tradesmen are trying to squeeze as much as they can out of customers.
The price I got for Custom cabinets in my Kitchen was appalling. I could buy all of the tools and materials and build my own, a lot cheaper.
Then what in the hell would I do with table planers, table saws, vacuum presses and a paint booth when I'm done?
Sell them, duh.
11
Eman
2023 Apr 12, 4:27pm
Eman
2023 Apr 12, 4:27pm
WookieMan says
It’s funny as I have a similar size 4plex that I’ve been thinking of building, but the city of Oakland has gotten so hostile with property owners recently that I want to say F….it. I’m not going to build and sell it with the approved plans.
The approved plans are for a 2-story 4plex (Four 1/1’s) totaling 2,200sf. I got an estimate to build with permit fees of $1M. I laughed. This is an apartment grade for god sake. Just putting things in perspective compared to your number.
Still debating if it’s worth my time and effort to build, or sell it with the approved plans. I’ll get a couple more bids then decide. With the current interest rate and cost to build, I’m not in a hurry. The existing on-site 4plex generates over $2k/month positive cash flow after all expenses and property management (PM). I haven’t seen the 4plex in the last 3.5 years. Let the PM deal with it. Mortgage rate is 3.25%. It’s nice to have options and not desperate.
Eman says
Get 3 or even 5 bids. If all contractors’ bids are in the same range, that’s market price regardless you like it or not. Then you get to decide if you want to move forward with the project or not.
Just disappointed. This was a contractor that came with great reviews. It makes no sense for the size of the house. They're selling $300k homes the same size in my area and obviously still turning a profit. I'm calling bull shit.
And yes I want to overbuild. This is the only time I'm doing this. But the numbers don't add up. More bids are gonna happen. I about puked when I was told the number. Stayed calm, but wanted to call the dude a fucking retard. It was a friends referral, so I chilled out and not looking to burn bridges. Feel like builders think they can fleece people in the current market. I don't "need" to build so get fucked.
Sexist as fuck, but don't...
It’s funny as I have a similar size 4plex that I’ve been thinking of building, but the city of Oakland has gotten so hostile with property owners recently that I want to say F….it. I’m not going to build and sell it with the approved plans.
The approved plans are for a 2-story 4plex (Four 1/1’s) totaling 2,200sf. I got an estimate to build with permit fees of $1M. I laughed. This is an apartment grade for god sake. Just putting things in perspective compared to your number.
Still debating if it’s worth my time and effort to build, or sell it with the approved plans. I’ll get a couple more bids then decide. With the current interest rate and cost to build, I’m not in a hurry. The existing on-site 4plex generates over $2k/month positive cash flow after all expenses and property management (PM). I haven’t seen the 4plex in the last 3.5 years. Let the PM deal with it. Mortgage rate is 3.25%. It’s nice to have options and not desperate.
12
Ceffer
2023 Apr 12, 4:52pm
Ceffer
2023 Apr 12, 4:52pm
I would never build a custom house. They say lawyers alway buy pre-built houses, never custom, because they have seen so many lawsuits and divorces over custom builds. I can verify that.
In tri valley above us are custom mansions, and many of them started and stopped midway because couples divorced or the contractors were going way over budget and adding and padding. One of them at the base sat empty for years half built before somebody bought it and finished it. A guy I know in Santa Cruz who is a builder and contractor himself decided to build his 'final' house close to a beach area, and talking with him as it was going along It was major, unmitigated stress the whole way.
Even with 'regular' houses, it is clear many of the blue collar types will not honor their work. If they have their money in hand, they will just lie and fob you off forever until you are exhausted trying to chase them. If you go the litigation route, the lawyers will skin you alive and the guys your are chasing might just declare bankruptcy, with is common with contractors. There are contractors who go bankrupt on a regular basis, just to keep their offended clients from continuing to come after them. Bankruptcy for them is an art.
One of the places above us with huge picture window views of the valley has gone through three separate foreclosures and three major renovations in the time we have lived here. It was empty for years while live in guys dinked at one of its renovations.
Contractors are weird, and some are very quick and efficient, and others take literally forever to finish projects. Also, a lot can change even over the period the house if being built.
You're already freaking out, just in the blueprint stage. I think you are a candidate for an off the shelf house or at most a renovation of an existing house that is a proven quantity..
In tri valley above us are custom mansions, and many of them started and stopped midway because couples divorced or the contractors were going way over budget and adding and padding. One of them at the base sat empty for years half built before somebody bought it and finished it. A guy I know in Santa Cruz who is a builder and contractor himself decided to build his 'final' house close to a beach area, and talking with him as it was going along It was major, unmitigated stress the whole way.
Even with 'regular' houses, it is clear many of the blue collar types will not honor their work. If they have their money in hand, they will just lie and fob you off forever until you are exhausted trying to chase them. If you go the litigation route, the lawyers will skin you alive and the guys your are chasing might just declare bankruptcy, with is common with contractors. There are contractors who go bankrupt on a regular basis, just to keep their offended clients from continuing to come after them. Bankruptcy for them is an art.
One of the places above us with huge picture window views of the valley has gone through three separate foreclosures and three major renovations in the time we have lived here. It was empty for years while live in guys dinked at one of its renovations.
Contractors are weird, and some are very quick and efficient, and others take literally forever to finish projects. Also, a lot can change even over the period the house if being built.
You're already freaking out, just in the blueprint stage. I think you are a candidate for an off the shelf house or at most a renovation of an existing house that is a proven quantity..
13
B.A.C.A.H.
2023 Apr 12, 5:39pm
B.A.C.A.H.
2023 Apr 12, 5:39pm
Ceffer says
Yeah.
I knew a guy who had a contractor's license. He liked to renovate homes in gentrifying neighborhoods in the Bay Area then sell them for profit. One time I went to his home in Willow Glen, a former old working class neighborhood of mainly craftsman era homes in SJ that was gentrifying into the artsy fartsy place it's become.
They wanted to live in the house while doing the renovation. They had all the necessary permits.
The plan was to build the new home around the original, like one of those nested Russian dolls. It was really something when I saw it during the project. The original home was a one-story bungalow with a flat roof. The new home would be a two story home with roof sufficiently peaked for a walkabout attic (unusual in San Jose). When I visited they had erected the exterior walls all around the perimeter. Tore out some select pieces of the original, just enough to erect load bearing walls for the new larger home, then put the up the roof.
When I visited, much of the joists for the second floor were in place. They were tearing down the roof of the enclosed old house, hauling out bits and pieces through the front door as they went, and working on wiring and plumbing for the new house while still using the utilities for the old house.
Their project was hilarious.
They didn't live in the place for more than a few months before they sold it and went on to their next project.
Contractors are weird
Yeah.
I knew a guy who had a contractor's license. He liked to renovate homes in gentrifying neighborhoods in the Bay Area then sell them for profit. One time I went to his home in Willow Glen, a former old working class neighborhood of mainly craftsman era homes in SJ that was gentrifying into the artsy fartsy place it's become.
They wanted to live in the house while doing the renovation. They had all the necessary permits.
The plan was to build the new home around the original, like one of those nested Russian dolls. It was really something when I saw it during the project. The original home was a one-story bungalow with a flat roof. The new home would be a two story home with roof sufficiently peaked for a walkabout attic (unusual in San Jose). When I visited they had erected the exterior walls all around the perimeter. Tore out some select pieces of the original, just enough to erect load bearing walls for the new larger home, then put the up the roof.
When I visited, much of the joists for the second floor were in place. They were tearing down the roof of the enclosed old house, hauling out bits and pieces through the front door as they went, and working on wiring and plumbing for the new house while still using the utilities for the old house.
Their project was hilarious.
They didn't live in the place for more than a few months before they sold it and went on to their next project.
14
WookieMan
2023 Apr 13, 9:27am
WookieMan
2023 Apr 13, 9:27am
Eman says
This is where we are at. We don't "have" to build and can keep living cheap as fuck. We just need to figure out if we want to burn the option on the lots or extend them. Little money, but it's money. $1,200 for the rest of the year, $1,600 to date not including architect at $2,300. We have all the leverage, but we need a bigger damn house at some point, but the owner doesn't know that. If we didn't have the nephew we'd just stay for sure. Love the kid, but fuck family that are deadbeats. Venting. This wouldn't be a conversation without him.
Our biggest issue is a 3rd bathroom. With a 3/2 the mornings are pure fuckery with the kids. We could do a basement bathroom, we already have it laid out. BUT, I'd rather just build my modest dream home that's not damn near $1m in a town where $500k is max. I'm in the get high and listen to music phase to work it out personally. We'll get other bids. Disappointing week. I'll make it happen like I always do. Wouldn't be sitting in this house without my craftiness. Life can eat shit at times....
Still debating if it’s worth my time and effort to build, or sell it with the approved plans. I’ll get a couple more bids then decide. With the current interest rate and cost to build, I’m not in a hurry.
This is where we are at. We don't "have" to build and can keep living cheap as fuck. We just need to figure out if we want to burn the option on the lots or extend them. Little money, but it's money. $1,200 for the rest of the year, $1,600 to date not including architect at $2,300. We have all the leverage, but we need a bigger damn house at some point, but the owner doesn't know that. If we didn't have the nephew we'd just stay for sure. Love the kid, but fuck family that are deadbeats. Venting. This wouldn't be a conversation without him.
Our biggest issue is a 3rd bathroom. With a 3/2 the mornings are pure fuckery with the kids. We could do a basement bathroom, we already have it laid out. BUT, I'd rather just build my modest dream home that's not damn near $1m in a town where $500k is max. I'm in the get high and listen to music phase to work it out personally. We'll get other bids. Disappointing week. I'll make it happen like I always do. Wouldn't be sitting in this house without my craftiness. Life can eat shit at times....
15
Eman
2023 Apr 13, 5:35pm
Eman
2023 Apr 13, 5:35pm
Wookie,
I know the desire is to build your own house to satisfy your needs, but sometime buying an existing house maybe a better option given the price difference.
I know homebuilders can build tract houses for a fraction of the cost compared to contractors who build custom homes like yours. I used to be a civil engineer who did consulting many big homebuilders including Lennar, Centex, Pulte Home, KB Home, Toll Brothers, SummerHill Home, etc….. I also designed high rises and bridges. Thankfully, I’m no longer doing it.
I know the desire is to build your own house to satisfy your needs, but sometime buying an existing house maybe a better option given the price difference.
I know homebuilders can build tract houses for a fraction of the cost compared to contractors who build custom homes like yours. I used to be a civil engineer who did consulting many big homebuilders including Lennar, Centex, Pulte Home, KB Home, Toll Brothers, SummerHill Home, etc….. I also designed high rises and bridges. Thankfully, I’m no longer doing it.
16
WookieMan
2023 Apr 13, 5:50pm
WookieMan
2023 Apr 13, 5:50pm
Eman says
I think I'm just going to do it. I get your point and it's accurate with tract homes. I literally have no timeline. My mom is picking up our current home. It could take 3 years for all I care. I have a solid knowledge of costs of building. Our quote is absolute shit for IL. The guy is lucky to even have someone build a house.
I'll figure it out. Always have. I think I'm going to have to GC it myself at this point. Between the wife and I we know a ton of people. I just didn't think it would be a $200k markup. We'll get more quotes, but by early May I'm just gonna start getting bids. Might be better in the long run.
Wookie,
I know the desire is to build your own house to satisfy your needs, but sometime buying an existing house maybe a better option given the price difference.
I know homebuilders can build tract houses for a fraction of the cost compared to contractors who build custom homes like yours. I used to be a civil engineer who did consulting many big homebuilders including Lennar, Centex, Pulte Home, KB Home, Toll Brothers, SummerHill Home, etc….. I also designed high rises and bridges. Thankfully, I’m no longer doing it.
I think I'm just going to do it. I get your point and it's accurate with tract homes. I literally have no timeline. My mom is picking up our current home. It could take 3 years for all I care. I have a solid knowledge of costs of building. Our quote is absolute shit for IL. The guy is lucky to even have someone build a house.
I'll figure it out. Always have. I think I'm going to have to GC it myself at this point. Between the wife and I we know a ton of people. I just didn't think it would be a $200k markup. We'll get more quotes, but by early May I'm just gonna start getting bids. Might be better in the long run.
17
tomtomtom
2023 Apr 13, 7:48pm
You may consider prefab homes like
https://bensonwood.com/
imho, these are much better than those build in the field by the lowest cost sub-sub-sub contractors who often don't even get payed.
I live in Illinois too and our present home is a bit disappointing. Sometimes I want to build our new home but I don't have any free time for that.
https://bensonwood.com/
imho, these are much better than those build in the field by the lowest cost sub-sub-sub contractors who often don't even get payed.
I live in Illinois too and our present home is a bit disappointing. Sometimes I want to build our new home but I don't have any free time for that.
18
zzyzzx
2023 Apr 17, 5:15am
zzyzzx
2023 Apr 17, 5:15am
What's so special about your build that you can't buy an already built home?
19
zzyzzx
2023 Apr 17, 5:23am
zzyzzx
2023 Apr 17, 5:23am
WookieMan says
That's what I would do as well.
I think I'm going to have to GC it myself at this point.
That's what I would do as well.
20
WookieMan
2023 Apr 17, 5:44am
WookieMan
2023 Apr 17, 5:44am
zzyzzx says
Location and design. Anything built in the last 30 years is pure trash if it's not custom. Shit cabinets, doors, bath finishes, appliances, etc. I live once and I'm done with projects and spending $100K plus to fix a shitty builders job and my time. I've been in well over 1k plus homes and condos. Not bragging, I just know what I want and an existing house doesn't have that without a similar cost.
Older more well built houses are too small in my area, like my current house. If I do an addition I might as well build. I'm not going for developer grade stuff. I know the neighbors and we'll have almost an acre in an in town area with sewer and water. I can build my pool for 20-30% less because we can dig at the same time for the foundation. I won't have to winterize it here in IL.
It's also not a massive house by any stretch. There's no ranches in town that I'd try to force people to sell. It's a unique situation. And I'm picky. I like control. I also have no timeline since my mom is taking our current house and hers is paid off and doesn't "need" to move. I get it doesn't make sense to many, but I'll be in this house for 15 years, maybe 20.
What's so special about your build that you can't buy an already built home?
Location and design. Anything built in the last 30 years is pure trash if it's not custom. Shit cabinets, doors, bath finishes, appliances, etc. I live once and I'm done with projects and spending $100K plus to fix a shitty builders job and my time. I've been in well over 1k plus homes and condos. Not bragging, I just know what I want and an existing house doesn't have that without a similar cost.
Older more well built houses are too small in my area, like my current house. If I do an addition I might as well build. I'm not going for developer grade stuff. I know the neighbors and we'll have almost an acre in an in town area with sewer and water. I can build my pool for 20-30% less because we can dig at the same time for the foundation. I won't have to winterize it here in IL.
It's also not a massive house by any stretch. There's no ranches in town that I'd try to force people to sell. It's a unique situation. And I'm picky. I like control. I also have no timeline since my mom is taking our current house and hers is paid off and doesn't "need" to move. I get it doesn't make sense to many, but I'll be in this house for 15 years, maybe 20.
22
FortwayeAsFuckJoeBiden
2023 Apr 23, 8:53am
Booger says
no, happiness is family and kids. taking kids out to hunt, fish, swim, simple things in life. and no neighbors who worship faggot shit.
no, happiness is family and kids. taking kids out to hunt, fish, swim, simple things in life. and no neighbors who worship faggot shit.
23
Blue
2023 Apr 23, 11:52am
Custom built is very very bad idea for average people unless they are dealing with small shacks and compromise with shape and quality based on two instances I am aware of. First case the house looks reasonable good from outside except part of the wall kept back side which is from old structure to continue CA 1978 prop 13 to continue leaching on tax payers pretending it’s still “old” house to continue almost zero property taxes. But inside looking really terrible for me. They went through few “design” iterations with architects, contractors, city and neighbors! The man who is an exec for a public co. stuck at work all the time and sent his wife to oversee who focused on how it should look. I’m guessing they paid much more than they planned initially.
The second case almost same that the wife oversaw occasionally. They paid much more than planned, good that they own a 2 companies, money is a zero issue for them. But the house looks so beautiful both inside and outside.
It was almost more than 15y, at least the second one went up 6x from purchase price and now even over priced building is irrelevant.
Bottom line is it’s not economical unless one who oversees has both working knowledge and execution skills that national builders have.
The last but not least, can the structure last multi decades like the one built by recognized national builders without major headaches.
I am not discouraging anyone but just comparing with good national builder in terms of time, budget, quality.
The second case almost same that the wife oversaw occasionally. They paid much more than planned, good that they own a 2 companies, money is a zero issue for them. But the house looks so beautiful both inside and outside.
It was almost more than 15y, at least the second one went up 6x from purchase price and now even over priced building is irrelevant.
Bottom line is it’s not economical unless one who oversees has both working knowledge and execution skills that national builders have.
The last but not least, can the structure last multi decades like the one built by recognized national builders without major headaches.
I am not discouraging anyone but just comparing with good national builder in terms of time, budget, quality.
24
WookieMan
2023 Apr 23, 12:24pm
WookieMan
2023 Apr 23, 12:24pm
Blue says
Quality isn't the concern. I'm probably going to GC it and hate my life for a year. Most builders do 2 houses a year and make $100k off each. He's giving his brother a kickback on trim with the bid so he's out for now. Even with inflated supply costs there no way my design costs more than $350-400k labor and materials. I have flooring, trim, electric, plumbing, concrete, excavation, siding, garage doors, kitchen all lined up. I just have to put each to bid. All quality too.
The pool is my biggest bitch. That industry fleeces you. Need a new liner on our current pool. Guy told me $11K. I told him to fuck off and get off my property. It's a $3-4k job max.
I am not discouraging anyone but just comparing with good national builder in terms of time, budget, quality.
Quality isn't the concern. I'm probably going to GC it and hate my life for a year. Most builders do 2 houses a year and make $100k off each. He's giving his brother a kickback on trim with the bid so he's out for now. Even with inflated supply costs there no way my design costs more than $350-400k labor and materials. I have flooring, trim, electric, plumbing, concrete, excavation, siding, garage doors, kitchen all lined up. I just have to put each to bid. All quality too.
The pool is my biggest bitch. That industry fleeces you. Need a new liner on our current pool. Guy told me $11K. I told him to fuck off and get off my property. It's a $3-4k job max.
25
Eman
2023 Apr 23, 2:07pm
Eman
2023 Apr 23, 2:07pm
Blue says
A lot of good points. I had witnessed them myself too. Our company was a consultant for a custom built house in Los Altos Hills for a billionaire. The fees for the architect alone was $1M. The owner liked certain designs so the architect had to fly to Italy to get the designs, dimensions and replicated them for his house. Money was not an option. When all said and done, it costed $35M for this 17,000sf house. It doesn’t make financial sense for the average Joe, but for a billionaire, it wasn’t a problem.
I also worked on a few custom built homes in Menlo Park and Atherton. To keep the Prop 13 basis, the owners would demolish the entire house except leaving one wall up, or the main entry/front of the house, and calling it “remodeling or addition”. Once the house was completed, they would obtain another permit and rebuild the entry/front. It was a 2 steps process. The owners got a bran new house while keeping the lower Prop 13 tax basis plus the cost of “improvements” which they could claim whatever vs. the true building cost. This was in late 1990’s and early 2000’s time frame
Custom built is very very bad idea for average people unless they are dealing with small shacks and compromise with shape and quality based on two instances I am aware of. First case the house looks reasonable good from outside except part of the wall kept back side which is from old structure to continue CA 1978 prop 13 to continue leaching on tax payers pretending it’s still “old” house to continue almost zero property taxes. But inside looking really terrible for me. They went through few “design” iterations with architects, contractors, city and neighbors! The man who is an exec for a public co. stuck at work all the time and sent his wife to oversee who focused on how it should look. I’m guessing they paid much more than they planned initially.
The second case almost same that the wife oversaw occasionally. They paid much more than planned, good that they own a 2 companies, money is a zero issue for them. But the house looks so beautiful both inside and outside...
A lot of good points. I had witnessed them myself too. Our company was a consultant for a custom built house in Los Altos Hills for a billionaire. The fees for the architect alone was $1M. The owner liked certain designs so the architect had to fly to Italy to get the designs, dimensions and replicated them for his house. Money was not an option. When all said and done, it costed $35M for this 17,000sf house. It doesn’t make financial sense for the average Joe, but for a billionaire, it wasn’t a problem.
I also worked on a few custom built homes in Menlo Park and Atherton. To keep the Prop 13 basis, the owners would demolish the entire house except leaving one wall up, or the main entry/front of the house, and calling it “remodeling or addition”. Once the house was completed, they would obtain another permit and rebuild the entry/front. It was a 2 steps process. The owners got a bran new house while keeping the lower Prop 13 tax basis plus the cost of “improvements” which they could claim whatever vs. the true building cost. This was in late 1990’s and early 2000’s time frame
26
WookieMan
2024 Apr 24, 11:37am
WookieMan
2024 Apr 24, 11:37am
God damn it's been 6 years out of RE. Lenders can fuck themselves. We're approved, but this fucking woman with the bank can't fully explain the god damn down payment amount for the construction loan. I just need a fucking number to give YOU cash. You the bank.... Thinking of switching lenders.
FWIW don't build a house right now. Fuck me running this has been a fucking hassle and haven't even broke ground. Mind you this is custom and no cardboard bull shit, but fuck the living fuck out of me this is taking too long. I think there are successful women, not biased, my wife is a boss in business, but I wouldn't do business with women moving forward that I don't know. Ever.
I'm not going to post the email but imagine a retard on mushrooms... I'm not doing keyboard warrior here and maybe I have years on her since she's younger and hasn't done many deals. I'm saying don't do business with women. You can find a 1%'r that's a rock star. Good luck. I want to go to the bank right now and drop kick her in the pussy. This is math. Give me the fucking number I need to get this moving.
Sorry for the rant. The pressure is on me. I need to get 6 figures, which we don't have liquid. I can get it, but I need to know the fucking number to start the loan. It's as if she doesn't want the business. This is why I fucking quit RE. Everyone is a fucking idiot or I have to be a complete ass hole to get anything done.
FWIW don't build a house right now. Fuck me running this has been a fucking hassle and haven't even broke ground. Mind you this is custom and no cardboard bull shit, but fuck the living fuck out of me this is taking too long. I think there are successful women, not biased, my wife is a boss in business, but I wouldn't do business with women moving forward that I don't know. Ever.
I'm not going to post the email but imagine a retard on mushrooms... I'm not doing keyboard warrior here and maybe I have years on her since she's younger and hasn't done many deals. I'm saying don't do business with women. You can find a 1%'r that's a rock star. Good luck. I want to go to the bank right now and drop kick her in the pussy. This is math. Give me the fucking number I need to get this moving.
Sorry for the rant. The pressure is on me. I need to get 6 figures, which we don't have liquid. I can get it, but I need to know the fucking number to start the loan. It's as if she doesn't want the business. This is why I fucking quit RE. Everyone is a fucking idiot or I have to be a complete ass hole to get anything done.
27
BigSky
2024 Apr 26, 7:45am
WookieMan says
That's too bad, I finally found this thread with your plans and was interested in seeing the progress.
Why are you doing a construction loan? That is an expensive way to borrow (interest only with principle lump payment at end, rate 1% to 2% above conventional mortgage). Also down payment of 20% to 30% and I have never seen a bank grant a construction loan to a homeowner, just to someone with a Contractor's License and insurance. Do you have a local Contactor's License? Or are bankers in Illinois willing to grant construction loans to homeowners? It seems that banks granting construction loans to homeowners would charge a additional rate premium. Even if you have the "construction/permanent" loan, still expensive with high down.
Why not just pay as you go? You said your wife makes more than the President and you live in a low cost area, so that seems the leave some surplus cash to build with. You could cover the land expense with a lot loan. Then channel some of that wife money from whatever investment it goes into now to pay the site work and get the lien release. Then pay the framer when he is done and get that lien release. I presume the lot is about $100,000 and that will be covered by the lot loan. That leaves only about $500,000 to pay in draws from the wife's pay or sell some stocks that do not look like they will go up or get loans on those stocks. Whatever you have you cash tied up in, it is unlikely to beat the high rate of a construction loan over the next year or so it takes to build your house.
FWIW don't build a house right now. Fuck me running this has been a fucking hassle and haven't even broke ground. Mind you this is custom and no cardboard bull shit, but fuck the living fuck out of me this is taking too long.
That's too bad, I finally found this thread with your plans and was interested in seeing the progress.
Why are you doing a construction loan? That is an expensive way to borrow (interest only with principle lump payment at end, rate 1% to 2% above conventional mortgage). Also down payment of 20% to 30% and I have never seen a bank grant a construction loan to a homeowner, just to someone with a Contractor's License and insurance. Do you have a local Contactor's License? Or are bankers in Illinois willing to grant construction loans to homeowners? It seems that banks granting construction loans to homeowners would charge a additional rate premium. Even if you have the "construction/permanent" loan, still expensive with high down.
Why not just pay as you go? You said your wife makes more than the President and you live in a low cost area, so that seems the leave some surplus cash to build with. You could cover the land expense with a lot loan. Then channel some of that wife money from whatever investment it goes into now to pay the site work and get the lien release. Then pay the framer when he is done and get that lien release. I presume the lot is about $100,000 and that will be covered by the lot loan. That leaves only about $500,000 to pay in draws from the wife's pay or sell some stocks that do not look like they will go up or get loans on those stocks. Whatever you have you cash tied up in, it is unlikely to beat the high rate of a construction loan over the next year or so it takes to build your house.
29
WookieMan
2024 Apr 26, 12:32pm
WookieMan
2024 Apr 26, 12:32pm
BigSky says
Already have the land. Money isn't a problem even if it's borrowed at a high rate. So we vacation less. Just getting back into dealing with people like I did in my real estate years. I have to do everything and in this case I'm the customer. It's just annoying.
You could cover the land expense with a lot loan.
Already have the land. Money isn't a problem even if it's borrowed at a high rate. So we vacation less. Just getting back into dealing with people like I did in my real estate years. I have to do everything and in this case I'm the customer. It's just annoying.
30
WookieMan
2024 Oct 2, 9:59am
WookieMan
2024 Oct 2, 9:59am
Update: Hoping to finally break ground in November before winter. This has been a 2 year bitch of a mother fucker. Combining two lots and getting utilities to sign off has been a nightmare. 3 more signatures in two weeks and I'm finally fucking done. Puling permits tomorrow.
Fuck regulations. More houses would be built if there wasn't this bull shit. Who wants a god damn 1/4 acre lot? Had to buy two and still want the third to own the block.
Next step is getting the village to put in a fucking stop sign. 45 in a 25 is insane. I got the village president in my corner. I'll get it done, but damn I almost get run over every time I'm over there. I know half the people and I'm like what the fuck? What's the rush. Get moving earlier or be patient getting home.
Fuck regulations. More houses would be built if there wasn't this bull shit. Who wants a god damn 1/4 acre lot? Had to buy two and still want the third to own the block.
Next step is getting the village to put in a fucking stop sign. 45 in a 25 is insane. I got the village president in my corner. I'll get it done, but damn I almost get run over every time I'm over there. I know half the people and I'm like what the fuck? What's the rush. Get moving earlier or be patient getting home.
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