I’ve been having a hard time finding the time to post this week as I’ve had to actually act like a developer. With ground-breaking on the 100K project approaching and a second project beginning, I’ve had a lot of development duties to tend to.
The first bit of good news is that we officially sold our first house yesterday. We signed an agreement with the clients for the M&M 100K Plus House (I really should’ve done a better job naming that) yesterday as our due diligence period on the land is ending tomorrow. It’s a bit odd to me that we sold a home in our second project that we’ve only been working on for a few weeks prior to the 100K House project, but we are very please none the less.
Secondly, we met with our loan officer to discuss the second project in more detail to make sure everything looked good for two projects and four homes. When we first started this thing we had a hard enough time finding a bank that would trust us to build one or two homes. For this reason we have been a little anxious about getting four homes to fly at the same time. The combination of us committing to purchase the 100K House and pre-selling the larger house in the second project looks to be paying off. My lovely wife and business partner also made up a binder or scrap book of all the press that we have been getting an gave it to our loan officer today. He was impressed and said it would go a long way when he was seeking final approval now and in the future.
The last bit of development news has to do with our building permits for the 100K project. On Monday, I took the last pieces of the puzzle down to our assigned inspector. She got back to us today with a couple of questions it sounds like we will be wrapping up all the loose ends tomorrow and should have our official building permits by the end of the week or early next week at the latest. Now all we have to do is settle on the land.
That’s all for now. I still have a list of research topics to post on and we’ll dive back into the details of the budget soon as well. We still have some cuts to make to reach our 100K goal…
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