Updated over 6 years ago on .
Horizontal, residential subdivision
Investment Info:
Other note investment investment in White Salmon.
Purchase price: $1,000,000
Cash invested: $600,000
23 acre, Rural Center zoning in Klickitat County. Purchased the property on an owner-carry contract, completed due diligence and have been granted preliminary approval for 50 lots. Pro-forma is very positive with conservative assumptions. Currently raising 1.5 million for infrastructure work.
What made you interested in investing in this type of deal?
The high-demand for housing in the Columbia Gorge.
How did you find this deal and how did you negotiate it?
A neighboring property by the same seller was listed and I noticed the open, vacant property and asked if they are open to owner carry contracts.
How did you finance this deal?
Owner carry contract and hard money loan.
How did you add value to the deal?
-Facilitated incredible owner carry contract terms
-Managed due diligence
-Public outreach to gain enough support and avoid appeals
-Got preliminary approval from the county
What was the outcome?
Still in progress
Lessons learned? Challenges?
Have an attorney draft contracts with partners and vendors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My partner, the seller and myself are all real estate agents.