Quarter Acre Lot in a Golf Coarse Community

[Palani (Pono) Wright]

Investment Info:

Other other investment.

Purchase price: $3,987
Cash invested: $5,430
Sale price: $17,900

This is a portion of the listing ad:
Wonderful, Level lot, Overlooking the 13th Green of the Flying L Golf Course * Build a home on your time schedule, or just hold on to it as an Investment, because they aren’t making anymore land in the Texas Hill Country;) Many Oak trees adorn this 1/4 acre lot and a good portion of the lot has been cleared of cedar * The lot is almost a perfect square, which is great to build on

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

I've been wanting to test out a new market like Texas for a while

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

I sent out a offer letter to absentee owners who owned property in the Flying L Ranch subdivision with a price I would be willing to pay for their property.

How did you finance this deal?

I self financed the deal.

How did you add value to the deal?

I looked at previous sold and listed property in the area, came up with a median valuation and than offered a percentage of what I thought the values were.

What was the outcome?

I listed it with a realtor and had it sold a few months later.

Lessons learned? Challenges?

The major lesson that I learned with this deal is I have to be more aware of the flood zones in the area. Luckily, this property was not in a flood zone but another property that I had a opportunity to purchase,( a few hundred feet away) was partially in a flood zone that could of dramatically affected the exit should I had bought that property.

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

Yes, I called a few agents in the area that seemed to have a lot of land listings but found it very difficult to get any of them on the phone. My hopes would be to list this property with agent that I could use for future deals but I don't think that will happen.