We developed this 12 Home Community in year 2006.

We acquired the land and then hired a General Contractor to build these homes.

This is one of the most pretty and well designed of all our developments in the past few decades.   Alan personally spent a lot of time designing the homes with the architect.

We were the only investors in the development and were on track to make 1.5 million dollars on the project.    In a perfect world we would have profited, but unfortunately the Great Recession of 2007 and 2008 hit.   Many  other larger builders with huge home communities were absolutely wiped out and personally lost everything they had ever owned over the previous decades.

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We were very fortunate in that we didn't over pay to get the land and had a general contractor that ran a very tight ship and didn't let expenses and building costs run out of control.  We were also quick to react to the market downturn and quickly got rid of an underproducing real estate fire and then managed the sale of the properties ourselves and made the appropriate mark downs and buyer negotiations as needed.   

We also were adept at negotiating with the bank and we were able to re-finance

for a long enough period until the homes were finally liquidated.

We sold out of this project and have no further vested interests in it.

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We didn't lose money on the project and only made a very small profit.

We did everything right development wise on this.  
However, we did got blindsided by the recession.     Fortunately, between Alan with his MBA and his partner Greg with his decades of business experiences both good and bad, we were able to go into crisis mode quickly and avoid a complete catastrophe.  

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Although this development project was technically a loss for us, in the long term it was a huge win in that we now only develop during markets that are more stable and we are also more conservative on properties that we pick and choose.   We don't let our emotions get in the way and we are patient in our prospecting methods.   We only punch the button now on slam dunks.   We don't want to ever lose our money ever again on anything and that would go double for protecting the money of our potential investors on our future development properties.

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