Lot Purchase/2 Family Dwelling

[Kenneth C.]

Investment Info:

Other buy & hold investment.

Purchase price: $23,500
Cash invested: $23,500
Sale price: $25,000

Vacant lot purchase. Intent is to build a 2 family dwelling with roof deck and basement.

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

I was sick of losing out on deals for existing buildings, so I opted to by land to build new (less competition)

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

Searched on the MLS

How did you finance this deal?

I used my own finances to purchase the land. A construction loan will be leveraged to build the duplex.

How did you add value to the deal?

A structure will be built on this parcel

What was the outcome?

Still in progress. Zoning permit has been issued, and now I'm working through getting the building permits.

Lessons learned? Challenges?

Dealing with the city is a headache. I'll update this section once I break ground.