Closed/sold an infill project today - 4 unit townhome that I developed last year.

August 2023: Bought the lot for $160,000 cash

Sept 2023: Signed contract w/ builder for $778,000

Sept 2023: Got a construction loan for $742,000 from a local bank (property appraised at 1,050,000)

Oct 2023: Leased all 4 units (as a vacant parcel - land only) for $10,000 month. I told the bros "You gotta trust me bro"

July 2024: Property complete

July 2024: Listed property for sale at $1,459,000 (interest but no offers)

August 2024: 12 Sigma Nu move in to bro down, put couches in parking lot immediately

Sept 2024: all 12 renew their lease at $12,000 month

Nov 2024: Re-listed at $1,600,000

Dec 2024: Contract at $1,580,000 w/ cash buyer

Jan 2025: Closed today at $1,580,000

Total Basis is ~1.05 (interest, design, fees, taxes, fees, everything etc)

Net post commission, lawyers: ~1.470

The best part about all of this is leverage:

- Bank: ~$740,000 for 75% LTC
- Builder: Built the building
- Designer: Made all the choices

I mostly was paid for judgment.

Is this the most tax efficient choice? Absolute not.

But it's fun + profitable, and those tenants have to call somebody else as of about 90 minutes ago.