Architectural Designs

Can I work as a contractor and build my self a house that cost me $1million and sell it for $2million+?

I am very interested in becoming a doctor and right now that is my main goal. But I know that I am supposed to have a back up plan. Well I figured that since I love to look at different houses and I wouldnt want to be a real estate agent that I should learn how to construct luxury houses in luxury places. I still want to build/design my home anyway. If it cost under 1,000,000 build (materials and work) to build but the amenities (such as large kitchen, extra rooms, a theater and sauna, maybe a home gym, etc.) make the house valued well over $2million, can I sell it for that price. I would love to do that and then I would have made a million when the sale finally went through (I know that it would maybe take a while to sell. With that money I could use it to build more and more and make lots of many doing something I love. Is this a realistic alternative to being a doctor? I would probably need someone to invest but they are almost guaranteed their money back and then some.

Public Comments

1. Sure no problem. Any idiot can just step up and build a $2 million house for $1 million. First off, there are a LOT of things to learn before you could even begin to try something like that. Most have to be learned in the hard real world, not from books, from doing. Second, it's great that the investor, in your scheme would be 'virtually guaranteed' to get their money back but they would want a heck of a lot more than that, and certainly won't be loaning you the money on your unsupported word. On the other hand, this sounds like a far more likely scenario than you ever becoming a doctor, and at least this way you won't kill anyone.
2. thanks for the laughs. sorry the two becoming a doctor and building a 2mill house as self contractor are in no way doable in same decade. it is one or other per decade.
3. That you even asked this is an indication that you cannot complete this task. What investor is going to walk into such a situation and just assumes that a builder, who has no experience in construction or local real estate trends, will build a home on time, and under budget and be able to sell it for twice what it costs? Oh, and you want them to pay for the mortgage while you wait around for that one sucker to overpay for the house? Please give me a call when you find this person. I have a few freezers in Alaska to unload.
4. There are a lot of geniuses in California and Arizona that had this same thought and are now stuck with very expensive houses that they can't sell. The market for $2 million houses isn't very large either.
5. Sure, its easy. Any bank will lend you the money. In fact if you are serious I will lend it to you. I just need you to send me about 50k so I know you are serious. If you are let me know.