Class B multifamily (garden style)1 BR-902 BR-703 BR-5Total units 165Land: 6 acres @ $8/ftLand cost: $2,090,880Construction cost $115/ft (could be as low as $105, but we will use $115 to be conservative) = $14,875,250Club house/gym/swimming pool = $375,000Soft costs = $1,000,000Developer fee = $1,800,000 (split 50/50 between developer and myself)Total development cost = $20,141,130Revenue(90% occupancy) monthly = $182,750Extras = $8,250Total revenue = $191,000/monthExpensesInterest (5.5%) = $64,500 Taxes and Insurance = $45,000"Extras" = $30,000Total expenses = $139,500"Monthly profit" = $51,500 "Yearly profit" = $618,000ROI 12%After Construction loan is paid off and we move to a bank loan we start paying P&I--->ExpensesPrinciple + Interest (5.5%) = $86,500Taxes and Insurance = $45,000"Extras" = $30,000Total expenses = $161,500"Monthly profit = $29,500"Yearly profit = $354,000ROI 7%Capital raise of $5,035,283Bank loan of $15,105,848My questions/concerns:We have only met once to discuss the deal and I was given the basic numbers.

That said, my wife and I live in Pittsburgh with a couple of cats, 5 chickens, and a garden we love to work in. 

The neighborhoods we've looked into so far have been mostly BedStuy, Crown Heights, Lefferts Gardens, Ditmas Park, Bay Ridge, Forest Hills, Sunnyside,and Woodside.

Just a reminder we are a go Tuesday March 24th 7:00pm at the Brew Garden in Middleburg Hts.  

In the Disney World area or Orlando (Davenport, Kissimmee, Clermont, Windermere, Winter Garden), we eat sleep and breathe this stuff, and there is TONS of interest online for it.

Having the appraising experience has earned me credibility with the lender, my sales/negotiation ability has propelled my deals.I am so close to the general license that a part of me wants to finish even if I wanted to become a gardener.

Steve,:welcome:Longwood as in Longwood Gardens?

Yes, in Amarillo the buyer pool for homes over $400k starts shrinking fairly quickly, and I'm sure that contributes to the issue.The low end of this neighborhood starts in the lower $120s/ft starting with garden homes around 2,000 ft and ranges up to $180s/ft for new construction over 5,000 ft.

If you know any CPA with an investor mind, I would really appreciate the referral.Keywords: West Palm Beach, Jupiter, Palm Beach Gardens, Stuart, Boynton Beach, Lake Worth, Wellington, Royal Palm Beach, Delray Beach, Boca Raton.

And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Long Island" or "Garden City" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.Use the Find Members area to network with other members who are local to you or are in an area you're wanting to invest in.