Building a SF home on an infill lot for an investment property

[Rachelle Wilson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,500
Cash invested: $100,000

Building a SF home. Still under construction. I plan to rent as Air BnB.

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

After looking at homes that needed rehabbed, I decided building on an infill lot may be a better long term investment.

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

I found the lot on the NKY MLS.

How did you finance this deal?

As of now I have been paying cash. I am in the process of getting a HELOC incase I need to pull extra money out. After the build is complete, I plan to refinance to pull my cash out and repeat on another vacant lot I have already purchased.

Lessons learned? Challenges?

This is my first development from ground up. My general contractor has allowed me to actively participate so I can learn the step by step process of developing a raw piece of land.

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

I am a licensed Real Estate professional in KY/OH.