River Gorge Run Spec Home

[Robby Nash]

Investment Info:

Single-family residence other investment in Rougemont.

Purchase price: $18,000
Cash invested: $245,000
Sale price: $335,000

New Consruction spec home built with the help of a hard money loan from Upright (Fund that Flip at the time). 1420 sqft, 3 bedroom, 2 bath home on 1.8 acres.

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

My business partner and I created Quality First Builders, LLC, to build new construction spec homes in the Triangle and surrounding areas. My partner has extensive experience in the new construction industry, and see opportunity in the triangle for in-fill and rural lot new construction.

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

We originally purchased side-by-side lots in this neighborhood for $68k from the local MLS.

How did you finance this deal?

After selling one of the lots for $55k, enough liquidity was freed up to partner with Fund-That-Flip (now, Upright) to finance this project.

How did you add value to the deal?

We took a vacant lot and built a quality home!

What was the outcome?

We were able to quickly sell this spec house on the MLS at full asking price. There are now some first time homeowners enjoying their new home, oh yeah, and we made some money.

Lessons learned? Challenges?

My biggest take-aways from this project were confidence, trust, and excitement.
- Confidence in our ability to produce a quality product and improve our systems
- Trust gained in the hard-money lending community
- Excitement for future projects!

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

I was the RE agent in the purchase of the lots as well as the sale of the spec home. Eager to help others in the area looking to do similar projects.