New Construction Spec Build

[Austin Phippen]

Investment Info:

Single-family residence other investment.

Purchase price: $575,000
Cash invested: $575,000
Sale price: $625,000

New construction spec home in a developing neighborhood. The goal was to be the first in the neighborhood at our price point.

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

To learn new construction and spec building in a new popular neighborhood.

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

Long time realtor friend.

How did you finance this deal?

Family money

How did you add value to the deal?

I was the on-site general contractor doing scheduling and leading labor crews.

What was the outcome?

We profited $50,000 after selling the house

Lessons learned? Challenges?

How to better set the budget to not go over and estimating worst-case scenarios first.

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

Sara Staber - Keller Williams Durango, CO