Single-family residence other investment.
Purchase price: $68,500
Cash invested: $700,000
Sale price: $880,000
New construction, high-end luxury, home built in Knoxville, TN. We bought the lot, my construction company built it, and I listed it for sale as a Realtor.
What made you interested in investing in this type of deal?
I'm a residential contractor and Realtor in Knoxville, TN. I'm always looking for land to be able to build in great areas.
How did you find this deal and how did you negotiate it?
We found the lot from watching a Realtor put the sign up on the edge of the lot and immediately talked with him and locked it up.
How did you finance this deal?
This was done through cash along with a partner of ours.
How did you add value to the deal?
We built it new from the ground up, and made sure we dressed it to the style and expectations of today and what the neighborhood demanded.
What was the outcome?
We sold it during the COVID-19 pandemic within a couple of months of completion.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I myself being a residential contractor and Realtor was able to hand it from start to finish.
Looks great. Given your skill set, have you ever done a build to rent project? Just curious.
Nick, that looks incredible! I wish there were more pictures. I recently searched for BP members in East TN and saw your info come up; my wife and I are new to the area and hope to pursue buy and hold BRRRRs as we put down our roots, and Knoxville is the target location for our first.
Thank you. I would be happy to assist you and your wife in your investing venture here in Knoxville. Please send me a message and let’s talk details!
I’m actually in the middle of starting a few build to rent projects right now. It’s currently a great option with the lack of inventory and the ability to take a construction loan into a permanent loan with fantastic rates.
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