I'm looking to build a business, I want to build things. Larger projects would be more fun but a spec house is a good start. I don't plan on living with it, heck I'll have it on the MLS as soon as I got the land. I need to raise capital, capital to do larger developments, golf courses, and shopping malls.
I see my other family members slamming down these huge profits on spec homes, I want a piece of the action.
As for the money it would be with cash, mine and my dads who has done some building.
As soon as I am done with school and move out I'm getting a 2-3 family. I found a pretty decent 2 for $300k that is in a really, really good area. So it would probably be a good long term buy.