The recent sold comps, and those listed are of buildings from the 70’s... and sold for about $100,000 less than we can build it for. There are a few reasons we are looking to build:
1) in house building- means that our cost to build as a great margin.
2) gives us the opportunity to keep and rent, or sell individual units at a price that is still selling- aka it is still affordable.
3) two of our money backers only are interested in building
There are other reasons but these are the more important ones. That being said- all of your comments are valid. At the moment we are still in the exploring the options and seeing if it works. We are a few weeks away before we will have all the numbers back and plans. I’ll be sure to come back for opinions on the real numbers if we move forward!
Thanks! I love hearing everyone’s thoughts!
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