Updated 27 days ago on . Most recent reply
30A Ground Up construction Sell or Keep as STR
Investment Info:
Single-family residence other investment.
Purchase price: $375,000
Cash invested: $145,000
Sale price: $750,000
Ground up construction loan with 50% LTV. Once construction is complete, I will look to sell the property and 1031 exchange the profits into another lot. My goal for next build is 1.8 to 2 million dollar edit with 700k profit.
What made you interested in investing in this type of deal?
Solid profits for when I decide to sell and instant cashflow if I want to keep it as STR.
How did you finance this deal?
ground up construction loan.
How did you add value to the deal?
Paid for survey, permitting, tap fees, landscaping and architectural plans plus hoa deposits to start the build.
What was the outcome?
Completion in 8 months.
Lessons learned? Challenges?
Have cash ready to deploy with new construction and make sure there is enough meat on the bones for the time you are putting in.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a Realtor.