Newsflash: [NYC] [New York] First time home buyer/builder looking for advice on buying land, building small starter

Hey, so I just turned 27 and I’m in a pretty serious relationship with my girlfriend – we’re both thinking about the future and like most 20-something New Yorkers, we have aspirations of having a home outside of the city, possibly to raise kids in one day. I sold a company a year or two ago and made a few hundred K post-tax, I’m privileged to have about $650-700K between savings/investments, at my disposal at this point. I think my girlfriend might be able to throw in 20-$50K too if she were to go in on it with me.We’ve always rented apartments so have very little experience with this. But our dream is to buy a piece of land that’s not just a half acre in a development, but has some true potential, and build a small house on it to start. Maybe add a few bedrooms/do a second part of the house in 10 years if we need it. But we’d both love to have a place that’s like, 1.5-2 hours from the city (fast commute), on something like 12-50-100 acres of land, with a long driveway that we can truly come home and escape to. Something with a view and our own little slice of nature that over the years we can make our own!My thought process, which I’d love some advice on, is something like:1) Decide on our max budget – I’m thinking something like 1-1.5million because we could take out a loan for some of the amount?2) Start looking at land 1.5-2 hours from the city – keeping in mind what’s nearby, how hard it might be to develop on, and maybe even how good the schools are (is it too early for that?)3) Narrow it down to 2 or 3 different areas and like 5 or 6 properties4) Start getting my architect friend involved in the site picking process5) Get a loan from a bank to either purchase the land or finance the construction or both6) Design and build a house with a kitchen, living room, 2 beds, and 2 baths to start that has a nice, clean, modern design with lots of great views! Build it so we can add things on later, like a pool, guest house, etc. Get my architect friend to work on the plans, and a General Contractor of some kind nearby the site to actually make it happen?I guess I’m just looking for advice on how to even begin this process, what books to read, who to talk to, how to get the best deal, if something like this is even possible with our budget, etc. Thanks for any perspective.

Read more at https://www.reddit.com/r/RealEstate/comments/6jfmoi/nyc_new_york_first_time_home_buyerbuilder_looking/?utm_source=ifttt

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