New develpoer needs to establish relationships and needs guidance.

[Salim Howze]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Dover.

Purchase price: $126,000
Cash invested: $10,000

1 acre property to be subdivided into three lots. Then place a duplex on each lot.

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

Multi-family units are hard to come by.

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

I looked for land near critical infrastructures, airport, hospital, universities. I told the owner that I wanted to improve upon the neighborhood and he gave me a lower price.

How did you finance this deal?

Land loan through a small bank. Construction loan later

How did you add value to the deal?

I haven’t yet

What was the outcome?

I’m in the beginning stages

Lessons learned? Challenges?

I had to learn to establish relationships with people in the real estate investment field prior to purchasing and building.

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

Not interested in mentioning yet.