Yea, we’re about eight months behind "schedule" on my little project to force a bit of appreciation. Who wants to buy and hold property when you can buy and build, and achieve a leveraged return on investment of 100, 200% or more in a fraction of the time? Nothing wrong with doing either, of course, and the former — provided you pay some attention to location, location, location — is the closest thing to dummy-proof investing you’re ever going to find.
Here’s what one of the two buildings is going to look like, which we’re certain is far superior to those units we modeled this project after (and which are pictured at that link, above). Those units have all sold now, and for prices that would provide us with excellent returns if we only do that well. (Click on the image for the larger version.)
Needless to say, I’m pretty jazzed about all this. Just today, we received the first of two bids by well-known, recommended, verified competent (I stood in one of their current projects last Friday) contractors and the price knocked me over. It’s very nearly as low as our wildest dream price and far below our make or break.
Early on, I decided to take my sweet time on this. Even still, I made mistakes that total at least $10,000 in needless expense. Had I rushed it, I can easily see that being $50,000 of tuition expense.