Updated almost 5 years ago on . Most recent reply
Granville County Land Purchase
Investment Info:
Other buy & hold investment.
Purchase price: $127,500
Cash invested: $31,875
13.2 Acres in Creedmoor, North Carolina. No one is making new land. We'll use for hunting leases, timber value, camping, personal use, and appreciation until we pay it off. At which point, it will continue to be a buy & hold or switch to being a tract for a personal home. Appraisal came back $30K over purchase price, day one already have built in equity.
What made you interested in investing in this type of deal?
No one is making new land! Granville County is growing as Raleigh, Durham, Wake Forest and Wake County expands. Perk Test and Survey has been completed and shows ability of subdividing if desired. All about those multiple exit strategies!!
How did you find this deal and how did you negotiate it?
MLS - This property came on the market, we moved quickly and sent through a solid offer as we knew many of the details in regards to perk/survey/potential land usage by being local and knowing the area and our investing criteria.
How did you finance this deal?
Local Credit Union - there was lots to learn about Land Financing that is very different than traditional residential. (RMAs, Deeded Easement Access, Perk Tests, Surveys, Appraisals)
How did you add value to the deal?
Knowing exactly what the usage of the land will be for - buying at a great price - being able to procure financing that did not involve 30%+ down payment amounts when so many land deals wind up having to have large down payments/cannot get financing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Have a great land/farm lender if needed - great real estate agent in Granville County - great closing Attorney in Granville County.
Most Popular Reply
Hey Grayson, looks like a good deal. I am here in Cary and I'm looking to buy some land as well. I'm just not sure where to purchase because I don't know which direction the growth is headed...