Model home for a gated community

[Scott Blake]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $1,220,000
Cash invested: $650,000

The property listed is my model home in my development. I only do ground up new construction. I currently have a little over 6 million in active homes being sold. I am getting ready to do a large multi family development.

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

I have been a builder and developer for 30 years. This development is in a gated community nestled in the mountains of Western NC. I needed a model home to promote the homes I build, and it gives people a chance to see the finishes in the homes I have listed for sale during the construction process.

How did you finance this deal?

Construction loan and cash injection.

How did you add value to the deal?

I built it. It appraised at 1.22 million.

Lessons learned? Challenges?

I have been a builder for 30 years. I have built 100s of homes.

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

I am a licensed broker, so I list my own properties. This allows me some leverage in case of market downturn and having to fire sale properties and still obtain profit.