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 will still use alt. lenders from time to time depending on the circumstances but I will also achieve similar LTC financing through traditional banks and when I go to my capital partners with a term sheet for 85% LTC through a traditional bank with a fully capitalized interest reserve, healthy contingency funds and soft costs built in and the real estate great, its far easier to raise capital because far less equity is required to fund the deal but this all starts with the quality of the real estate.

Really fun activity but also requires alot of energy and meditation to determine the right kind of structure to grace the land and also frame the view of the soft prairie slopes.So I travelled to Sedona I didn't buy property there I wish I had that kind of wealth haha.

Your 'cost' should include everything, from land purchase, soft costs, holding costs, and hard costs.

Some costs are eliminated (such as 'soft charges') while others are accounted for in the interest rate. 

Just running very soft numbers if you used $5K for closing costs and used $20K for a down payment with 5% down on an owner occupied property you could purchase something up to $400K. 

With mortgage rates close to 7% and generally soft homebuying sentiment, strength in existing home sales is unlikely to be sustained," said Alice Zheng, an economist at Citigroup.

. - Roof was installed extremely poorly, they missed several decking boards that were soft, shingles installed either with extreme overhang or none, 1 ft dip on one side of the roof- Lots of other smaller issuesBUT Kenny is paying for everything - the extension on my hard money loan, the foundation inspection, subsequent repairs, the roofing redo, and other things in between.

Stay away from grey LVP pick warmer colors if possible, choose hard surfaces for common areas and soft for bedrooms.

With investment properties, most lenders I work with prefer to have an address to work with in order to provide a "soft" quote, which does not include a hit to your credit.