All Forum Posts by: Cordell Critchell

Hello everyone, 

I am new to land development and looking to connect with other developers. Looking to learn more about other people's deal and maybe advice. This is raw land looking to make lots and sell as ready to build sites. This seems like a much smaller community in the over all investment world and looking to connect with others. 

Investment Info:

Other fix & flip investment in Star Valley Ranch.

Purchase price: $475,000
Cash invested: $475,000

35 Acres of rural zoned flat farmland. I plan to develop this land into 7 (5) acre lots providing access, power, fiber to lots edge.

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

We were told by an associate they were moving to the area. I started looking into the region more closely, I had been in the area a handful of times. So many signs pointed to big growth.

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

I found it online and worked with a local realtor. Property was listed for $495,000 and had been on the market for a few months. We offered $405,000 to see what a counter what look like. They countered at $475,000 and felt that was a fair price.

How did you finance this deal?

Cash from my previous two deals.

How did you add value to the deal?

Hopefully by successfully developing the land.

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

Purchase price: $380,000
Cash invested: $120,000
Sale price: $613,000

A single family, 3 bed 1 bath rental unit in a highly desirable neighborhood. Very walkable neighborhood with public transportation.

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

In one of the hottest walkable neighborhoods in the city. Near the university and downtown. I was eager to have a rental property and I knew the market was going to keep climbing. I thought a single family rental would be manageable in terms of my first tenants, it was only a few blocks from my house, and I thought as an exit strategy this would always sell as a home because of its location.

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

It was in my neighborhood. I looked at a duplex the weekend before and got outbid. My realtor called me the next weekend with this property and thought I would be interested because of its location.

How did you finance this deal?

20% down on a 30 yr term at 4.3%

How did you add value to the deal?

New roof, refrigerator, and washer dryer

What was the outcome?

$208,000 gross outcome