Quick Vacant land Flip made us about 40K

[Kelly Ellis]

Investment Info:

Other fix & flip investment.

Purchase price: $25,000
Cash invested: $10,000
Sale price: $75,000

We found an old run down block house on the lake in Inverness FL. It was covered with thick trees. We contacted the owners and made them an offer on the property. We had someone buy the one acre of land with the old home on it and then we owned the second acre free and clear. We then cleared the property, added a little dock on the water and some sod. Ended up selling and making quite a quick return. We were in no place to be able to afford to built on the property at that time.

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

Everyone at the time was looking for property on the lake but it was too expensive.

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

We did boating for dollars and looked up the owners and made them an offer.

How did you finance this deal?

cash

How did you add value to the deal?

we used our own clearing equipment and dock building knowledge

What was the outcome?

A great return to help kick start us in REI

Lessons learned? Challenges?

There was an easement on our side of the property that took a chunk of the acre. We didn't check for easements before we bought it and that could have cost us dearly if it was a more aggressive easement.

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

I am a real estate agent and I would most definitely recommend myself! :)