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. If you live in the house and it is your primary residence for two years you would be exempt from capital gains for up to $250,000 if you are single and $500,000 if you married filing jointly. Any profit over those amounts would be subject to capital gains based on your income tax bracket. But in all honesty if it were that easy to make a million everyone would do it, but in the current recession we are in it is much easier said then done........
2. Yes People do this all the time. IF you have land and build a home on it you can sell it for what ever you want. That does not mean you will get what you ask for. IF you have ever heard of T.O. He had his Realtor knock on someones door and asked if they wanted to sell there house for lets say 2 million Dollars they said no the Realtor said how about 3 million the people then asked the Realtor how soon do you want us out. That's a true story but I'm not sure about the numbers. I could be low.