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This is how the numbers broke down #️⃣
The seller wanted:
$200,000 for the 20 lots so $10k/lot
Houses 🏡 sold around $275-$325k for these specific build types so let's call it $300K Sale Price x 20 houses = 6M
Cost to Build each home is is around $180K each plus the 10k to buy the lot and we also added 10k/lot for unknown risk so 200K x 20 houses = 4M
It sounds pretty good here, until we get to the costs to actually develop the two blocks 🏡🏡which is about $800K and I'm rounding to 1M in case things take longer and our loans cost us more which is something flipping houses with hard money 💸taught me. This may be overkill to some but I rather be conservative- conservative before spending 20k and 3 months 🤑 to prepare this deal just to be too tight on money later.
So Now we were at over 5M and we hadn't really factored in the city fees, replat and survey fees, holding costs, associated agent fees or taxes...
It turned out *if* current interest rates are similar we'd net just over 100K making this a huge waste of time 📆📆if we bought it... & until house 🏡 prices go up this land won't be worth developing. & BIG Big shoutout to my @brandis15 and UHL Engineering for the assists deals like this. 💪🏽🙏🏽
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