[majesty2009]

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The problem you will have in California is getting everything approved to build a building. I know people who wanted to build 1 house on a large lot in the middle of nowhere in SLO county and it took close to five years to get everything approved. Butterfly studies, Tree growth studies, Water Table studies, etc. etc.

Also with as little cash as you will have, you need to do these one at a time Id think. Carrying costs can eat up any profit and leave you in a cashflow crunch if you end up holding the property for any time. I know it is California, but even cheap million dollar homes take awhile to sell sometimes.

I know a couple of other builders who tried building spec homes in different areas. First time they had to hold a house for 6-12 months to get it sold, they went back to contractor work because of the stress.

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You should have no problem getting this approved in Carlsbad. I currently have a project going to put 6 units on an acre of land in El Cajon. San Diego is encouraging affordable housing and it should go right threw. Appartment conversion is slow but what your talking about should be no problem.