@Olan Marbun
As you know, we are not your builder that you hired & entered into a contract directly with. We present the best investment opportunities throughout the country to our investor database based on where we feel excellent opportunity is. We are always here to advise throughout the process as much as needed (assuming you reach out), but you will need to take responsibility to communicate with your builder directly to get updates. If you are having trouble getting updates from the builder, then please, by all means, reach out so we can assist you. I just looked through my email history and I do not have a single email from you asking to assist. RTR is not the one that will be providing build updates to you, or that is in control of the progress of your build. Now, all this being said, if you would still like some assistance or guidance I encourage you to email me directly as I have always stated. You are the investor hiring the builder, so you do need to take responsibility in communicating with your builder appropriately to see this through.
Let's look at the big picture for you. Here are the facts:
-Yes, the permitting process has taken much longer than anyone anticipated & it hasn't gotten any better. Unfortunately, much of this is in the hands of the city. You can track this online to see exactly where things are at in terms of progress. If they are waiting for the builder to turn in items, then you can remind your builder to do so.
-The lot you purchased is probably worth 2-3X what you paid for it. That means if you decided you wanted to cancel this build and just be done with it you could likely sell your lot for a large gain still making a significant return on your capital! Over 100% ROI on land is not a bad position to be in. I don't see how this is a negative experience...
-The cost to build the home that you have a contract for is extremely below market value allowing into the 6 figures of equity when the home is completed.
Ultimately you are in a very good position. You have a choice to continue the process to wait for the home to be constructed for a large equity position when it is, or you can decide not to proceed and still have a significant amount of equity in the land you purchased to build on. Either way, you are in a good position & you have choices. We are all aware that SWFL building is somewhat of a nightmare right now with permitting delays, health inspection delays, etc. That means the process will take much longer than anticipated. This is the exact same situation with my own personal builds there. Scott has shared resources with you on how to look up your permit status on the city site & what the expectations are in terms of contacting your builder to get an update. If you feel stuck, then you simply need to communicate this to us and we can provide some assistance. We understand you are frustrated about the timeline as we all are, but this does not mean you are in bad position from an investment perspective. Things are just taking longer than expected.
After investing in this area for a few years now, this is what I can tell you after seeing many completed projects. New construction will most definitely take longer than expected. This is a combination of city permitting, health inspection & survey delays. This is also on the builder as well in many cases when they do not remedy permitting delays in a timely manner. So either way, builds will take longer, but the market value and rents are also much higher than expected (significantly)! We originally projected these properties to rent out around $1,800, and now they are renting for ~$2,500. We projected they would have ~$30k of equity when completed, but we are seeing them well over $100K of equity now due to the market & demand for housing in this area. No one is happy about the process, but everyone is happy once the homes are completed and they see the results! Please reach out directly if you'd like to discuss further or review your options.
