Developing 2 small lots in Covington

[Rachelle Wilson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $9,000

I have purchased 2 vacant lots in Covington and have started the process of development. These will be Buy and Hold projects. I am looking into alternative housing options such as Shipping Container Homes. This type of structure will be new to the area, so I anticipate various hurdles along the way.

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

Lack of low income housing in our area.

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

I have a Real Estate business. It was posted on our MLS and negotiated it with the seller's agent. The seller is an investor who had recently purchase 89 deeds in the area. Some of them he sells off, others he flips, some he holds.

How did you finance this deal?

Cash deal

How did you add value to the deal?

I am building a SF on each lot. Because the home values in the area are around $100K, I will need to be a bit creative with my budget.