"I bought a lot of older homes that became rented, open market or to college students, he said. After those homes appreciated, some even doubled and tripled in value, I began to sell these older homes and buy vacant lots. We only own within this county, so that gave me a chance to learn exactly how all the building rules work here."
"As the supply of affordable infill lots has dwindled, Maynard has been forced to get creative. It's become harder to find vacant land where I need to be for my program to work, he said. We're looking to build four- and five-bedroom homes on lots that have a land price around $50,000, and that's pretty much unheard of now."
"If I buy a lot for $100,000 and I can build two, then I'm back to my $50,000 per home in land money, he said. That's the economic criteria we're looking for $50,000 per built home in dirt money, as they call it. Typical construction costs hover around $250,000 per unit, a figure that has risen with material price hikes but remains manageable, even with recent tariffs, Maynard said."
Purchased older homes that appreciated and sold them to buy vacant lots, concentrating ownership within one county to learn local building rules. Developed four product types: larger homes with four or five bedrooms, two or three baths, and a 22-foot maximum width. The 1,944-square-foot Pelican model provides a ground-floor fifth bedroom by converting a garage to serve families with medical or multigenerational needs. Every home includes off-street parking and complies with setback and zoning requirements. Dwindling infill lots have pushed a strategy to find lots where two units can be built to meet a $50,000 land-per-home target, with construction costs around $250,000 per unit.
Read at www.housingwire.com
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