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Updated about 2 years ago,
Seller financed development play
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $175,000
Cash invested: $25,000
Duplex purchased via seller financing @ 10% down 5% interest. Development play. We will tear down this property in 3-4 years once city approves project.
What made you interested in investing in this type of deal?
We plan to build on the entire block in 3-4 years.
How did you find this deal and how did you negotiate it?
Asked the seller if she was interested in selling anything else.
How did you finance this deal?
Seller financing
How did you add value to the deal?
Paint, HVAC repair, new LVP flooring in one bedroom and bathroom
What was the outcome?
BAH
Lessons learned? Challenges?
We need to purchase one more property on this block in order for the city to let us develop on the land.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am in investor agent. Best job in the world haha. A roller coaster tester would be cooler but that ship has sailed.