All Forum Posts by: Adrian Lemus

Another fun Build. An investor of mine was holding a lot that he bought back in 2010 located on

a weird looking lot and right under the highway, when he mentioned this to me i suggested why not build a new SFR on it. He slept on it and before I starting my day, I received the text "let's do it"!

So we started the process and before he knew it I had it built and ready for my realtor to sell it for him.

End Game:

Lot: $30k

Build was $197k

Sold within the week at $350k

Permits took 28 days for apporval and the build took 7 weeks.

Thank you!

That area code 33407 is not as bad as it seems. For rentals is great and that area comps has been getting better because My GC and myself has built a lot of new Construction homes in the area and the surrounding areas.

ONLY thing if you are going to do rentals, I suggest to have someone reliable to be able to follow up on the tenants on a monthly basis. THE PLUS is here you will hardly have any vacancies. 

Hi, lmk if you still need anyone. 

Investment Info:

Single-family residence hard money loan investment in West Palm Beach.

Purchase price: $75,000
Cash invested: $237,000
Sale price: $430,000

This was a fun build and a bit of a learning curve because of the Transmission lines that ran across the front part of the lot which is why FPL took a long time to put the Electricity to the house but the house was built by March of 2020. It only took me 2 months to build after permits were issued and I had a buyer right away. The house market is booming down here in South Florida and I'm loving it!

What made you interested in investing in this type of deal?

It was a great opportunity and the location was great!

How did you find this deal and how did you negotiate it?

Through Realtor and I have my own real estate agent who works on my behalf

How did you finance this deal?

I paid cash for the lot and had a Private investor finance the build

How did you add value to the deal?

Clearing out the lot and Building a New Construction SFR

What was the outcome?

More knowledge that I had before, More Experience, and the Profit was Great!

Lessons learned? Challenges?

FPL takes there time in this area so if you don't have it handled from the beginning they will keep you hostage until they decide to get to your case. Since then I have them already aware of my new builds and they sit by for my call to go out and install the same week which before they took 4+ months because of the paperwork, surveys, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

THANK YOU!

It's a SFR 3/2 with a den. 2435 total Sqft - 1924 Living.

It took about 45 days to get the permits. 

Thank you! It was a huge learning experience and found what I love in the Real estate world. Waiting on my permits to get approved on my next project and for the new challenges on that build. 

I started off the year bad in March when I got let go from work due to COVID BUT everything happens for a reason! 

PERFECT TIMING!!!

It gave me enough time to learn to build Custom Homes before my permits got approved and finding a way to get the funds to do the build. I had a crashed course and went on my own as soon as I got my permits. What a learning process it was! BIGGEST CHALLENGE was FPL do to that I was building where the Transmission lines ran across in front of the lot and thanks to them I can be confident that my first custom home gave me every single challenge that I can get thrown at me but with my networking, my subs, and my GC I would have ant problem at me resolved in a couple of hours. I unofficially finished the Build in July which only took me 3 months to build but FPL held me back 7 months, now I can OFFICALY say that I am done by getting the CO today AND YES, the house has been under contract since August and tomorrow we are doing the closing. The house only lasted one week on the MLS after Construction was done, The FINISHED PRODUCT.

I cant thank enough my peers, investor, my GC, and my fiancé for believing in me. With that said I'm already starting on my next custom home and my goal is to finish it in two months from the day we break ground.

New Investors always welcomed!

SFH at West Palm Beach

I found that lender through my mortgage broker and they were giving a good rate. I'm not necessarily looking for out of state, I've been looking for a local lender since then.