Charlotte New Build

[Jim M.]

I have a deal here in Charlotte. There is a property with an existing home that would need to be scraped. I am doing a rehab/800 sq foot addition about 4 houses down and close on that one in about 3 weeks. I actually wanted this new build but the seller delayed in getting back to me on my offer, then accepted a very slightly higher offer who backed out just yesterday. These are some rough numbers below.

Numbers

Purchase- 335k

Build 250k (2700 sq feet)

commissions 5% 41k

holding costs 10k

Exit price 825-850k

profit margin close to 190k(825k price)

The time frame would be 5-6 months construction. Would put on the market during construction.

I'd be looking for 10-12 % and 100% financing. I have a great contractor, have done 10 projects in the last two years from 150k-450k.

Anybody interested?