Toured a facility in phase 1 this week that was 50% full (300 units roughly) and they were only 10 months in, but yes, most don’t fill up quite that quickly.

Never made it that far as their was no real value in the first two phases.

I see he touts this particular arm of his company quite a bit lately, offering preferred returns during the "hold" phase and returns on invested capital on the exit side with multi family acquisitions.  

Depending on how much you make for your W2 income, those losses are deductible, phased out, and not allowed at all.

Essentially I am finding and procuring the land/lot via traditional financing and funding everything through the development phase until we get to Construction Loan. 

As a reminder, bonus depreciation started to phase out in 2023.

Once the development phase is completed minus the last part which is pull permit for the build, you have a building blue print in your hand, you can send the site plan and building plans out to your local builders for bids on the build.

We are excited about the news for phase II of Lee + White (among some other coffee shops and restaurants coming to the area) and the Microsoft campus coming to the upper west side, just 3 miles away.

We usually like to see the land purchased and the permits in hand before we fund the construction phase, but the amount spent on the land and other soft costs go towards the down payment.

It seemed as though every 3rd house was in some phase of repair, really amazing to see.