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how long is it taking to build a home (not a owner-builder)on the big island? i'm sure the amount of time is different if you are using wood, concrete or other masonary products, multifacetted, custom or kit homes. can any of these types of homes be built in 6 months or less?
our immediate neighbor's home, 5 bedroom 5 bath with balcony and lanai 2-story is supposedly going to be finished in 5 months. they just might make the deadline. in 5 weeks all the framing including the roof is done. this is all wood concrete foundation.
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w. james
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Generally you can have two of the three attributes: speed, quality or price. Yes, if you throw enough money at it you can have it fast as well as get a quality job. You can have it fast and cheap but it will be junk quality. Etc.
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Kurt Wilson
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Our house was pretty much finished in 4 months...3 people, nailgun, and rain.....rain......rain.....did I say rain? Oh yeah and rain.
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I have built eight homes in the recent past. On the average, it takes 30 days to get the building permit (though I once got it in seven days) and you can't start without the permit. Most of the homes I built took about 6-7 months to finish, but one took 10 months.
I assume the GCs are less busy now so you might be able to get it done in less time.
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i'm waiting for a response from an intermediary as to how a construction type of 1031 exchange can fulfill the time frame of 180 days. this is the reason for asking. 6 months does not seem like a long enough period of time to construct a house although a couple of you have given examples and permitting aside.
there's no way for us to do owner/builder so it would be the gc and his/her subcontractors. john: you said, "i built." did you mean you had someone build it for you or you actually did the building?
nancy: are you satisfied with the construction and would you recommend/refer your contractor to other interested parties?
"chaos reigns within.
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order shall return."
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w. james
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My husband, my son and myself built our home so I know how it was built[  ]...we subed the elec and plumb.
But if you pick a good contracter, they will do a good job even if it seems fast going up.
I can recommend a contractor...I think his co. is Blue Honu Builders and his name is Casey Francis and his no. is 982-5595. Just explain your timeframe and see what he says.
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quote:
Originally posted by kani-lehua
i'm waiting for a response from an intermediary as to how a construction type of 1031 exchange can fulfill the time frame of 180 days. this is the reason for asking.
john: you said, "i built." did you mean you had someone build it for you or you actually did the building?
Sorry for the confusion, I had those houses built, I would never be able to build a house myself. Heck, I can't even change a light bulb! [  ]
As to your 1031, I would recommend to forget it. You would have to finish the building within 180 days of your closing of the first property and there are no exceptions. There are too many "if" factors and it's too risky. I have a 1031 file, if you want it e-mail me directly.
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John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
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thanks nancy for the referral. i know that there have been other recommendations in similar threads for a general contractor.
john: 1) so are you saying that one cannot get an extension for the 1031 exchange?
2) this is my understanding: the exchanger has 45 days from the date the house is sold to identify the replacement like kind property. then 180 days to build/acquire the replacement property. is that correct?
3) aren't there different types of 1031 exchange methods? i thought i read something like "reverse exchange and delayed exchange"?
the home that we want to exchange is held in an llc (bad planning on our part). we most certainly do not want to pay any capital gains tax and prefer to defer as much as possible. also, we still have a mortgage on that property.
thank you. i'm waiting for a response back from the intermediary that we may/may not work with regarding this method. should i require further information, i'll most definitely send a direct email to you.
"chaos reigns within.
reflect, repent and reboot.
order shall return."
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"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
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quote:
Originally posted by kani-lehua
john: 1) so are you saying that one cannot get an extension for the 1031 exchange?
[] That is correct.
2) this is my understanding: the exchanger has 45 days from the date the house is sold to identify the replacement like kind property. then 180 days to build/acquire the replacement property. is that correct?
[ ] Sorry, wrong. It's not 45 days AND 180 days. You have 45 days from the date the relinquished property is sold to identify the replacement property(ies.) You have 180 days from the date the relinquished property is sold to close on the replacement property.
3) aren't there different types of 1031 exchange methods? i thought i read something like "reverse exchange and delayed exchange"?
[] Correct, there is a "Reverse 1031 Exchange."
the home that we want to exchange is held in an llc (bad planning on our part). we most certainly do not want to pay any capital gains tax and prefer to defer as much as possible. also, we still have a mortgage on that property.
[ ] Not necesserily, the LLC can do a 1031 too.
"Delayed Exchange" is just another phrase for the 1031 Exchange. (It's also known as the "Starker Exchange.") Make sure you work with a Qualified Intermediary.
Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
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john, mucho mahalo for the clarification.
we will be using OREXCO1031 (old republic title insurance group)if we choose the 1031 method.
instead of doing an "improvement exchange" because of the time frame of 180 days, we just might use the most common method 1031 exchange and replace the property with an existing home. i also found out that we cannot use our lot up at mauna loa as part of the exchange, but would have to purchase another lot then construct. argh.
"chaos reigns within.
reflect, repent and reboot.
order shall return."
microsoft error message with haiku poetry
"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
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