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I'm glad that you have that opinion, just less comepetition and more money to make for me.
People go to work 5 days a week for 48 weeks of the year to earn $50k a year and still get taxed, but it isn't worth it for a spec home.
I think its a fantastic return in a short amount of time using mostly borrowed money.
Remember tax is a good thing, it means you are actually making money. Think of what doing 2,3 or 4 of these homes at a time equals $$$$$. We are doing 4 at the moment and we have doubles our expected return. We have bought land retail and only got a $1500 discount on each house from the builder. So it is ver doable, all on a 95% lend.