Updated over 2 years ago on .
New Home Build
Investment Info:
Single-family residence private money loan investment.
Purchase price: $565,000
Cash invested: $685,000
Sale price: $1,675,000
Knock down and new re-build of single family home
What made you interested in investing in this type of deal?
I prefer the larger homes in higher net worth area's.
How did you find this deal and how did you negotiate it?
Referral from a contractor. Negotiated directly with the home owner.
How did you finance this deal?
Combination of my own cash and conventional mortgage.
How did you add value to the deal?
New build from the ground up. Had to work with the DEP to gain approval since it was very close to a small lake.
What was the outcome?
Great investment and has led to other deals in the area.
Lessons learned? Challenges?
Any time you have to gain approval from a State agency count on a lengthy time consuming process.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. Sold it directly to a buyer.