we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

I finished all my renovations in early November.

In my market, which is a fairly economical place to build, I am friends with full time builders that are in their properties about $150k/door for construction level finishes.  

I just finished listening.  

My first start to finish was in Gastonia NC, then Burlington NC then this one in Lexington NC.

I've had bigger pockets pro for almost 2 years and this is the first time I've finished my account.

we underwrite 10% land cost to finished build value.

If you building 2 , again depending on your lot size and projected finishes. 

I am currently working on starting a youtube channel that will teach what I have learned in becoming a builder, along with following some of my builds start to finish.  

I'llTell you about he deal.We're just finishing up Demo on the first floor.