Posted by jason sc on July 22, 2007 at 11:59:45:
With developing it is all in your plan. Apartments can be built cheaper than condos, because your not adding a lot of the extras. You might want to go be a secret shopper and look at some of the apartments in the area. My guess is there are no upgrades - basic kichen cabinets, basic appliances etc. There are several programs out there right now that you can get cheap money for the purpose of market rate apartments.
I grew up with my dad being a commercial builder - he built mostly apartments and strip malls. It is a tough business to build them. Everything is purchased in large bulk orders, but it brings your costs way down.
I would recomend looking for a builder to partner with? offer to pay overhead and give them part of the deal? I’m sure you can find one. I’m a SC liscensed builder and have look for those types of deals.
I’ve saw the storage condos before. I don’t know how well the sales of them do. The ones I saw could either be storage or even a small store/office front. They had the option of a bathroom, airconditioner and they were offering the option of a small kitchenette with 2 burner stove.