This seems like a no-brainer to me and fits well into a vertical integration strategy (I'm also thinking about managing other people's rentals as even more vertical integration (aka side money).  

A lot of these are garden units.

i fyour getting paid off when the vertical loan goes on.. then your in first position . so not sure what the issue is? 

No matter the number of units, there is one roof, one property tax bill, one sewer line, one gardener bill, etc. 3.

You can feel the money in the air.Anywhere between Washington Ave to Spring Garden between Delaware and Schuylkill RiverU-City/ Spruce Hill (19104)Chestnut Hill (19118), Historic West Germantown (19144), Historic Mt.

The motivation is not necessarily to scale into larger opportunities but rather to achieve better balance and also optimize the performance of the projects and types of projects I currently pursue.I have no shortage of individuals who possess specific skill set who would want exclusive rights to that particular service vertical in return for contributing capital and a partnership interest (construction background and wants to take over all construction duties or someone who is a sales broker and wants to list all of the properties etc.)

Jan 2023: Slab poured and inspection passed.Next step - concrete blocks to be delivered and work to start going vertical.

I grew up in the land bizz  currently building out a 75 million dollar housing project in Oregon that I own and developed  I bought the dirt  7.5 mil cash and did all the horizontal in 3 phases about 2 mil per phase for development costs ( these were bank loans) then same bank gave me vertical loans and well we are down to the last 17 houses of which I have 11 presold and closings every two weeks for the next few months ..

It’s been bumpy with positive income. lots of expenses,  220 w batteryinstalled, utilities , gardener,  Water heater etc and cohost is eating up positive.

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.