13 Senior Condo Development Project

[Tim Huyck]

Investment Info:

Large multi-family (5+ units) other investment.

Purchase price: $135,000
Cash invested: $70,000

Vacant lot purchased last year. Planning Commission approved our conditional use permit on February 6, 2019. We are moving forward with the development of 13 senior condos.

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

Great upside potential.

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

MLS. Submitted an offer.

How did you finance this deal?

Seller financing and a couple of cash investors.

How did you add value to the deal?

Had plans drawn and the project submitted to the city planning department.

What was the outcome?

Planning Commission approved our project. We are moving to the next step so that we can build it out.

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

I am a broker.