REAL ESTATE ASSETS

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

REAL ESTATE ASSETS

5. REAL ESTATE ASSETS

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

	September 30, 2022		December 31, 2021
Construction in Progress	$	12,155,652	$	8,597,023
Land Held for Development		7,943,126		7,098,104
Rental Properties, net		31,485,036		24,820,253
Total Real Estate Assets	$	51,583,814	$	40,515,380

Single family residential properties

As of September 30, 2022 and December 31, 2021, the Company owned 132 and 109 Single Family Residential Properties (“SFRs”), respectively. The Company’s aggregate investment in those SFRs was $31 million. Depreciation expense was $161,182 and $38,533 in the three months ended September 30, 2022 and 2021, respectively. Depreciation expense was $474,936 and $53,755 in the nine months ended September 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 September 30, 2022:

	Number of Homes		Aggregate investment		Average Investment per Home
SFRs		132	$	30,998,258	$	234,835