I'm looking at the Mannington Adura Max Prime Tribecca Timber (quoted $2.90/sq foot).

And home price have not caught up to make new builds profitable.. land use red tape can keep new builds down.I looked at some New builds in the area ( lots a few years back) and as a builder investor the Margins were quite thin if you have to sell new builds at 100 to 120 a foot.. there is very little margin.. you need 150 to 200 a foot to make sense of it.

It takes more than money to be a continued financial success in the real estate business.The Hard Way – Start from the bottom and learn the business – study neighborhoods – attend auctions (don’t bid, just observe.Take courses – but be very selected – don’t over pay – don’t chase the Get Rich Fast programs from Fast Talking Know Nothing Promoters – most of them are trashGet in the field – drive around – farm – talk to neighbors – get listings – call FSBO’s, have agents keep you informed of trends and off market properties – train a real estate buyer’s agentLearn to make offers – but first you need to know what to make offers on, you must understand clauses and contracts – you need to know and understand every word and what that word will do for you or how it can hurt you – my clients are trained to use a contract form we call a Skinny Contract – it is a one page document – it has the address – the offer – and clauses that allow you to sandwich yourself in for an assignment fee and most importantly – full disclosures and what happens if you cannot settle – Set goals ----yep – sound silly, but it works – set a goal to look at 50 properties – My clients call this the 50 house rule – select an area – make appointments with FSBO’s and agents – keep a journal, write down everything about the property especially the cost per square foot, financials, the owner and the building – look at 50 properties – but don’t make offers – just look and study the market – A doctor will studies for years, watches others doctors slice open patients and after many years he has a chance to be a real doctor who has learned to heal people – study your potential profession and work as hard as a doctor would – expose yourself to experience – your job is to know your market better than anyone – it takes a medical student many years to reach their potential – you can earn as you learn without spending years in the process.Working the 50 house rule – don’t make offers on any of them – just keep looking.The purpose of the 50 house Rule is to know every detail about properties on the market, the expired listing market, the tax sale market, the HUD market as well as the market at the court house steps.

The building is up for sale for a measly $69k and contains just under 3k square feet (not including basement).

These could be day to day accountability numbers, or a 10,000 foot view metrics.  

The neighbors were impossible to talk to, the city couldn’t or wouldn’t take action, and we ended up building another fence on our side of the chain link fence, a six foot wood privacy fence, and that solved the problem.

Secondly, you have to look for existing assets where the square footage of each unit can be modified to the co-living layout.

A big thanks to everyone for your camaraderie as I start with 1 foot in the business. 

Picture 23 (the enclosed porch before) on the listing above became picture 12 (additional square footage by adding AC and a chandelier to make a dining room) and in the back of picture 10. 

Health, safety, and systems are the most sure-footed areas in my opinion.