1427 Stone Bridge Crossing

[David Slack]

Investment Info:

Condo other investment.

Cash invested: $10,000
Sale price: $239,000

This condo was built as a new construction unit. The unit was used as a model in a local parade of homes event in June of 2008. I was unable to sell it to the rapidly declining market conditions in 2008. I ended up offering it as a lease with an option to buy. The property was leased in November of 2008 and it was sold and closed in May of 2009.

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

The deal was born from necessity.

How did you finance this deal?

Commercial Portfolio Loan

How did you add value to the deal?

I put the potential profit from the construction side into the deal.

What was the outcome?

The property was able to be sold in a very poor real estate environment.

Lessons learned? Challenges?

Don't build too many spec homes. Altering my expected outcome on the fly, in an unknown market condition. This also taught me a little bit about creative finance.

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

This unit was listed with a local agent.