Building a duplex
Hey all,
I've been presented with an opportunity to have a duplex built in a to-be neighborhood to have 24 new construction duplexes. The area is the best school district in town, and right next to the schools. I expect the properties to be valued at the same market value it will cost to build; approximately $116/sqft. Today I met with the developer. He will be carrying the notes with a large loan to build them. He is one of the biggest and longest standing builders in the area. Luckily for me, this means no construction loan. Just a $1000 lot selection fee, that will go toward closing, and then securing financing after the home is finished. As a landlord himself, he gave me a small break out on excel of cashflow. I'm excited for the opportunity. Also, I would be living in one side for 12 months minimum. Please take a look over the paperwork and let me know if I've missed anything; or if there are any questions I should be asking I haven't. I've never had a property built. Also; 2/10 warranty from the builder.