Is this a great investment opportunity?
I was in the process of looking for a JV partner for my fix and flip deals in the Charlotte, North Carolina area, So I got in contact with a potential funding source we had a brief conversation an while on the phone he told me about a new program they had started in North Carolina. The program was that they were looking for a investor or investors able to invest about 30,000 to purchase raw land, once the land is purchased they would build a house on it around the 150,000 range to buyers who are already pre-qualified to buy the home an has signed a agreement to buy the home. The closing takes about 3 to 4 months so once the closing has token place the investors will get back around 10,000 dollars( so the investor puts in 30,000 after 3 to 4 months get back 40,000). I was wondering if anybody has heard of any investment like this? And does this sound like a legal and legitimate investment opportunity?