Construction of new SFR, Lehigh Acres FL
Investment Info:
Single-family residence fix & flip investment in Lehigh Acres.
Cash invested: $265,000
Closed! Lot & Land in Lehigh Acres, FL. Size 0.285 acres, convenient location on a corner lot. Close to mayor highways and airport. Vacant residential, SFR 3/2 with a Den, approximately 1,625 sqft coming in 2023!
What made you interested in investing in this type of deal?
Looking to diversify my portfolio.
How did you find this deal and how did you negotiate it?
Found the land off market. Went straight to the broker and made an offer.
How did you finance this deal?
Line of credit.
How did you add value to the deal?
My experience with project management.
What was the outcome?
Home was finished in June 2023. I closed on the sale on December 2023
Lessons learned? Challenges?
Performing due diligence in this type of project, particularly for an out-of-town investor, is crucial. Managing dealings with a new county and permit office can present challenges. My advice for approaching this project is to meticulously oversee your budget and ensure strict adherence to deadlines.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, Sandra Aguilar form EXP Realty
Most Popular Reply
I wanted to make a minor correction to what @Robert Ellis said above about Lehigh Acres: it's actually outside FEMA's special flood hazard area, so no flood insurance would be required. I live in Gateway in Fort Myers, just west of Lehigh Acres and we're 18' above sea level here. We had no significant flooding, and certainly no storm surge, during Hurricane Ian. Thanks Robert.