Alvin development project 12 houses.

[Todd Horman]

Investment Info:

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

Purchase price: $55,000
Cash invested: $535,000

purchased 12 lots in Alvin TX, put in sewer / electricity. With a team of an architect / Engineer / General contrator and financing from a local bank, we developed plans to build 12 homes in an underserved area of Alvin Tx. The project was built in 2 phases - 6 houses per phase. To date 12 houses were built and over 2 years 7 houses have been sold while still holding and renting 5 houses. strong rental demand in the area. Now looking to sell the remaining 5 houses.

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

I did several BRRR projects during the 2009 - 2012, but found it harder to do BRRR process, But I found a deal on 12 lots and decided to instead of BRRR to develop from the ground up. Great experience.

How did you finance this deal?

Brought significant of my own money and used a regional bank for the construction loan

What was the outcome?

Great outcome with experience gained and great houses to sell and rent.

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

Jennifer Hurst with Platinum properties has sold the 7 houses and helped place tenants in the other 5 houses. Great to work with.