Alright let's start first with building new construction Turn Key Rentals. We had a contract from a company in Utah at first it started at 150 and it went to 300 Doors Five Hundred Doors then a ridiculous contract that my ex partner signed for 3,000 doors in multiple States( fell apart by 450 doors ). Now keep in mind these are brand new construction rental or Turn Key Rentals. From day one the numbers never made sense to me. We were using track builder so we had the cost down to about $76 a square foot our Market is about $100 a square foot to build. We built 36 and the 52 most of the southern states we could not match that number . We were located on SC just on Charlotte NC border.Some market we could keep building cost close to it as we were dealing with big builders. Yet our normal Builders could not touch those numbers. Now a multitude of the projects in the Carolinas in and around Charlotte. Some as far as 60 miles outside of Charlotte. We had to go just to find land that would potentially zoned for duplex or multifamily projects. We built one project in Salisbury North Carolina it was one of the last projects(52) I was with the ex partners of mine. Again I'm a numbers guy and I did not agree with the numbers. We were the builders though not the sellers. Still the numbers never made sense to me. Getting back to the building the city of Salisbury which is a very small town. About 45 minutes outside of Charlotte. The city would not allow duplexs built. So we had to build a duplex style townhomes on each lot but separate units. Another project I was actually involved with these guys was a 97 unit project off Graham Street in Charlotte. We tried for almost 2 years. To get the zoning change keep in mind this was late 2015 ealry 16. I left and created my own company after that project.That project they still own land and trying to sell condo project. I recently found a piece of land that we're building 6 plexes on.@mindy Jensen. Mindy I'm not advertising please do not delete this post I'm just trying to explain to this gentleman risk and trouble he faces.
It took me two and a half years to find that piece of land zoned to build this. We have multiple agents searching . We've done multiple projects. So it's just not something that comes available much. It's a great concept unfortunately the numbers just usually don't make sense or add up. Finding land with this zoning extremely hard.
So for somebody new or somebody without the contacts. Lacking the experience it's definitely not the Avenue I would go.
Please if I can ever help ask away.
Sincerely
Alex
Again bare with spelling and grammar typing this from my phone which makes it a bit difficult. I think it's time for the eyeglasses. Besides sitting in sonar at the gym
