Updated 6 days ago on . Most recent reply
Approved vacant lot for development
Investment Info:
Other buy & hold investment.
Purchase price: $20,000
Cash invested: $2,142,616
Sale price: $24,900
Land acquisition and hold for construction of SFH or Multifamily units (duplex) close to expanding University and medical facilities. Can also qualify to apply for HUD programs Section 8. Have worked with client to purchase single turnkey property on same block actively rented.
What made you interested in investing in this type of deal?
Owners expanding portfolio in same zip code area
How did you find this deal and how did you negotiate it?
Inquiry through public records. Contact reached out if buyers would be interested.
How did you finance this deal?
Buyers paid cash
How did you add value to the deal?
Research indicated taxes were based on previous structure once standing. I represented buyers would not close until Title company had city had to reassess property to vacant land status before we would close. Able to get under agreement for 20k and hold to terms.
What was the outcome?
Successful close.
Lessons learned? Challenges?
Working with remote title company. Property was presented with clean title. Title was inaccurate showing a structure where there was none yet taxed as if still present.