Flipping/ Rezoning Land and selling per lot

[Charlie Massey]

Investment Info:

Other other investment in Hoschton.

Purchase price: $178,000
Cash invested: $45,000
Sale price: $750,000

We bought 5 acres on the outskirts of a small city downtown area. We worked with the sewer department in an agreement that they would bring the main line to our property. We got this rezoned for 30 townhome lots. Our plan was to build this out, but the property owner behind us wanted to tie in and make a larger development. They paid us 'per lot' on the land, and made it a quick turnaround for us.

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

We have the capacity to build something like this, and it is a growing area.

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

I actually found this on the MLS. It popped up and we put an offer in on the first day. The listing agent came back to us and said they like our offer because there were no contingencies; however, the seller wanted us to raise the PP by $5k. We left our offer at the same price, and could have forfeited this huge deal by only $5k. Luckily, he still took our offer.