It lowers wages for us, construction wages have not gone up since 1960 likely due to illegal immigration.

While the property requires renovations, inspections and estimates have been completed, and construction is now underway.

Thank you all for the kind words and constructive input!!!

You always hire professional cleaners if it's an old person's home and construction cleaners if it's a disaster area.

Heather,First off congrats on the land investment and looks like your almost ready to start the pre-construction process.

If you get a high-paying tenant in there, you can increase your odds of increasing the home's value.So you’d prioritize cosmetics upgrades, or a whole remodel, rather than “new construction”?

Calvin Lee,You won't really find a 7 cap Dollar General in a strong suburban to urban core location unless limited years remaining on primary lease term and mostly cash deals or very small financing.The brand new Dollar Generals with upgraded construction all around in strong suburban to urban core areas tend to sell for 5.75 to 6.4 caps with new leases in place.The 7 cap new Dollar Generals tend to be in crap areas weak suburban to rural and cheap construction and many times on septic systems instead of county or city sewer.Every once in awhile in a strong location there might be a 7 cap with 10 years left on a high end Dollar General at 3 million in price or up.These have no rental increases in primary lease term so year over year your income dollar becomes worth less and less.

The hope is to build experience and open more doors in the future for new builds.I also just had lunch with a banker on Friday who said they have been opening up and relaxing on real estate again…for everything except non-owner occupied construction - that is still a no go for them.

I’m currently in the middle of a new construction deal, and have an investor that flips plenty of properties- just closed on 2 of his and we have quite a few more coming. 

Are there programs to look into either state wide (NJ) or nationally that will help with down payment assistance or a construction loan?