Quote from @Account Closed: Hey guys,I have no experience but after looking at all my options I have come to a conclusion that my best move is to buy land and develop multi-family apartment building (15-20 unit) 2 story somewhere between Miami Jupiter.Budget for everything 3MDone with cash + 6% line of creditLooking for long term holdI would love to hear any insight on what areas I should look at, ballpark of build price (hard costs and soft costs) and would love to network with anyone in the area on this.ThanksIf you're looking to develop a 15-20 unit multifamily building with a $3M budget between Miami and Jupiter, there are a few key things to consider:Land Budget: Aim to keep land costs around 10% of your total budget.

The fact that 8 acres were developed and 200 were left as farm is a clue there is some issue.Another first step would be to determine the possible economics of the development.

(I couldn’t find if that was a nice gradual increase or mostly done in 1-2 years.)

To me this is very market dependent and product dependent.. in our Market some developments that are red hot that Lennar owns they might only offer 5k on a 600k sale.

We have an investment property in downtown SF - the relatively nice and safe SOMA area.

You hold it long enough or pay it off faster, now you got a property for low initial investment with a chance of cash flowing a nice amount when I get older.

Generally the time horizons are longer and you need deeper pockets.If you have already had some success in SF rehab, moving to apartments is not as different as moving to development.

With over an estimated $300 billion of extremely delinquent debt yet to be liquidated to the secondary market, there is a a lot of opportunity to reposition these loans, keep folks in their homes and make a very nice profit for all involved. 

nice, we've been looking at making one of these in-house, seems like a challenge but if executed well should payoff quickly

This is just one of those nobody is at fault issues and sucks for the owner, but that's life.If you just want a nice FO letter: Dear Neighbor:Thank you for contacting me about the issue in your unit.