Updated almost 6 years ago on .
Approved 50 Unit Subdivision - 20%+ Pref Returns Avail
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
Owner-carry contract
Due diligence completed
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?
Low housing inventory
Even lower inventory under $300,000
How did you find this deal and how did you negotiate it?
This property was not listed but we showed the neighboring property and noticed the vacant 23 acres and approached them with our dream to provide attainable housing in the area.
How did you finance this deal?
Owner-Carry.
How did you add value to the deal?
Negotiated great terms for all sides to make the deal work.
What was the outcome?
Still in progress. The property has preliminary approval and we are looking to raise capital for infrastructure.
Lessons learned? Challenges?
Always use an attorney for contracts.
Complete due diligence before purchasing the property.
Foster good relationships with all organizations in the area by giving them the opportunity to talk and be heard.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Both sides are Realtors and represented themselves.
