Other other investment in San Antonio.
Purchase price: $14,500
Cash invested: $17,500
Sale price: $40,000
Purchased an off market MF double lot in the 78207 area and sold 3 months later.
What made you interested in investing in this type of deal?
Multifamily double lot that was available off market in an area with active new construction.
How did you find this deal and how did you negotiate it?
Asking price was 17,500. Property had 1 year of back taxes and liens attached from city for lot cleanup. Offered a lower price and covered all taxes and cleared liens through title.
How did you finance this deal?
How did you add value to the deal?
Comps based on recent MF purchases for new builds.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Chicago Title and my Realtor.
@Matthew Tyson Great job man! I'm curious as to why you didn't build something on it for cash flow or to just sell? I know that area is not the best zip code to flip in, but depending on the lot size you definitely could have built and sold, or built and had it rented out!
Great JOB!! To Michael's point, could of been a bigger plan to create some bigger value out of it. Great job, nonetheless.
Thank You @Michael Guzik ! My first thought was to build, I could have fit a duplex on both lots easily. At the time though, I had my eye on some other properties and really just wanted to test my theory that I was sitting on a great property and could flip it quickly.
@Jesse Ramirez Thank You Jesse! That was my original plan, but I wanted to pull my capital back out so I could jump on some other properties I had my eye on.
Buildable lot flipping can offer low stress profits imo. Not a hundred moving parts involved is one factor. Double to triple investment is fairly common it seems. The % roi that quickly could be hard to beat. Good luck!
@Matt R. Thank You! I agree, when I was weighing my options, I couldn't turn down the immediate ROI for such an easy transaction.
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