Potential Lot of Land for sale OR construction opportunity

[Justin Leonetti]

Investment Info:

Single-family residence buy & hold investment in Rocky Hill.

Purchase price: $235,000
Cash invested: $27,850

I also have a .47 acre lot of land already zoned for a residential building. Lot value in Rocky Hill is $140-150k. Potentially looking for $135k+ or a partner to build a 4Be/3Ba 2200sqft house (Sells ~$400-425k)

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

The purchase had an opportunity of improving the current 2Be/1Ba into a 3/2 as well as the extra lot of land

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

Through my broker - We moved and submitted the offer/acceptance within 24 hours

How did you finance this deal?

Owner occupied

How did you add value to the deal?

Renovating and improving the house from a 2/1 into a 3/2 with a master & en-suite

What was the outcome?

Still in process

Lessons learned? Challenges?

Renovation costs are currently 25% above budget, yet now finding hidden cost cutting

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

Yes - My broker is fantastic