Advice Needed: Helping my mother build homes

[Cian O'Donnell]

Hi Everyone, I am helping my mother evaluate an opportunity to build 3 houses on her land as a nest egg for retirement. She means everything to me and I would really like to thoughtfully evaluate this opportunity for her.

I have used a calculator here (Link should include calculations) and would like to know of any glaringly obvious errors/omissions? I would appreciate an experienced set of eyes to review with and ask a couple of questions to, either by email or even virtual meeting, if comfortable. 

Thanks in advance to this great community!

[David Lee Hall, III]

I want to know how you are getting 3 homes built for only $400k in today’s market. That just doesn’t compute. (Unless I am reading it wrong.) I could see 3 modular homes, but not stick frame. And assuming low end building, you aren’t getting peak appreciation or rents. I’m working with a family member to build a 2/2/2 ranch with unfinished basement around 1200sqft and it is $350k with a 30% price variance contingency because the builder can only get certain quotes good for 24 hours - let alone 6 months out when he needs em. That is on a plot that is already purchased.