Double vacant lot in 43205

[David Yoder]

Investment Info:

Single-family residence wholesale investment in Columbus.

Purchase price: $7,000
Cash invested: $7,000
Sale price: $18,000

Double vacant lot that butts up to the highway

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

Great price due to negotiating

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

I was looking for vacant lots. I contacted the nonprofit and explained all the eyesore issues.

How did you finance this deal?

401k funds.

How did you add value to the deal?

Researched the feasibility to build and networked.

What was the outcome?

A cool $10,445.86 assignment fee.

Lessons learned? Challenges?

Start leaving yourself 45 days to close so that you don't get into a time crunch. Advertise earlier and build your buyer's list before you need it.

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

Yes, a seasoned investor went to the closing table instead of me.