Spec 9 sale

[Feather Ann Hryczyk]

Investment Info:

Single-family residence other investment.

Purchase price: $96,000
Cash invested: $450,000
Sale price: $720,000

Purchased the land and built a custom spec. 5 bedroom, 3 bath, 2676 sf in Lincoln Palisades subdivision in Lincoln City, Oregon.

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

My husband, business partner and I build custom spec homes. We have built 10 in the past 9 years and continue to seek out affordable property to build.

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

This property had a FSBO sign, so I brokered the deal as a single party purchase. Other properties have been purchased from the subdivision's real estate agent and/or the developer/declarant. We send out prospecting letters as well.

How did you finance this deal?

Cash.

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

Ben Davis, North Star Mortgage was the buyer representative and he did a fabulous job.