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.

With carpet...I shampoo and steam clean it time after time after time...then when you think its destroyed...I dye it for $150...looks new....then the cycle starts over again...shampoo and steam cleaning at each turnover....finally after it has been reduced to basically indoor/outdoor carpet thickness....I replace it with the cheapest carpet I can possibly find...usually about .69 cents labor and materials.

They make every effort to remove any artwork (copyright violation) from the shots and keep it indoors unless you have a very private outdoor area.

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.

I am a landscape designer, with some indoor and outdoor lighting experience, and so I'm interested right now in Owner-occupied multi's that I can fix up and rent out, although I'm finding it hard to believe that I could ever apply this model in Los Angeles.

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?