REAL ESTATE ASSETS

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

REAL ESTATE ASSETS

5. REAL ESTATE ASSETS

As of June 30, 2022 and December 31, 2021, real estate assets consisted of the following:

	June 30, 2022		December 31, 2021
Construction in Progress	$	9,365,935	$	8,597,023
Land Held for Development		7,943,126		7,098,104
Rental Properties, net		25,831,478		24,820,253
Total Real Estate Assets	$	43,140,539	$	40,515,380

Single family residential properties

As of June 30, 2022 and December 31, 2021, the Company owned 112 and 109 Single Family Residential Properties (“SFRs”), respectively. The Company’s aggregate investment in those SFRs was $25.7 million. Depreciation expense was $173,119 and $15,222 in the three months ended June 30, 2022 and 2021, respectively. Depreciation expense was $318,743 and $15,222 in the six months ended June 30, 2022 and 2021, respectively. These homes are located in Montgomery and Harris Counties, Texas.

The following table presents the summary of our SRFs as of June 30, 2022:

	Number of Homes		Aggregate investment		Average Investment per Home
SFRs		112	$	25,663,582	$	229,139