Speculation investment in great area in Nashville

[Lanse Whitcomb]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $605,000
Cash invested: $191,000

Investment was made using 1031 exchange funds from 2 previous flips. I put $20,000 in to convert a bonus room to a master suite in order to get a 3 bedroom rental. Strategy is to hold it as rental, and either sell to developer/contractor or develop myself when the market picks up in 2024-2025.

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

Speculative value of a full 1 acre property in a great area of Nashville.

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

MLS. The list price was $790K and I negotiated way down with a seller who was moving out of country.

How did you finance this deal?

1031 Exhange funds, and a commercial loan for remainder.

How did you add value to the deal?

Added a master suite in a bonus room that was begging to be made into a master!

What was the outcome?

Property cash flows, and will provide for a good speculative investment in a highly regarded area in Nashville.