I noticed that lot long time ago (of course, his office is next to Carribou coffee, which will be included in the development) but such dragging negotiation/advance expenses are just too risky if my cash has not reached a certain level (say 5 million in this particular case).
Nowadays a 500k (cost) complete reno generates less than 50k profit (timeframe is 4-5 months if you know your way around).
New but small development (2-10 units) return is a bit higher--but in general no more than 25% on the asset (per year). 2.5 times leverage generates 62% or so in a year. But even such low margin, but easy developments are very hard to come by (usu. done through connections, instead of through the open market).
Could you elaborate?
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