REAL ESTATE ASSETS

6 Months Ended

Jun. 30, 2023

Real Estate [Abstract]

REAL ESTATE ASSETS

5. REAL ESTATE ASSETS

As of June 30, 2023 and December 31, 2022, real estate assets consisted of the following:

	June 30, 2023		December 31, 2022
Construction in Progress	$	4,660,812	$	15,506,572
Land Held for Development		3,395,701		7,943,126
Rental Properties, net		31,388,691		31,169,031
Total Real Estate Assets	$	39,445,204	$	54,618,729

Single family residential properties

As of June 30, 2023 and December 31, 2022, the Company owned 132 Single Family Residential Properties (“SFRs”). The Company’s aggregate investment in those SFRs was $31 million. Depreciation expense was $276,125 and $173,119 in the three months ended June 30, 2023 and 2022, respectively. Depreciation expense was $519,827 and $318,743 in the six months ended June 30, 2023 and 2022, respectively. These homes are located in Montgomery and Harris Counties, Texas.

The following table presents the summary of our SRFs as of June 30, 2023:

	Number of Homes		Aggregate investment		Average Investment per Home
SFRs		132	$	31,388,691	$	237,793