My first time doing new construction as an investment property.
Investment Info:
Single-family residence buy & hold investment in Covington.
Purchase price: $4,500
Cash invested: $190,000
SF 3/2 new build. LTR
What made you interested in investing in this type of deal?
Found a large lot that I could divide into 2 parcels. At that time, properties that were on the market were so dilapidated they would have been a near tear down anyway. This vacant property was priced right. However, by the time I started construction, supply costs had gone up due to Covid.
How did you finance this deal?
Cash, then did a cash out refi.
Lessons learned? Challenges?
This was the first time building from ground up on a vacant lot. I did have a coach who lead me through the process. No significant challenges other than finding the right crew to do their job in a timely manner and correctly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a licensed Real Estate professional.
