Purchasing Property on Monday - Building to Sell

[Leilah Davis]

Investment Info:

Single-family residence other investment in New Orleans.

Purchase price: $45,000

We're closing on this peice of vacant land on Monday and plan to build a single family residence to sell. I'll try to update this as we make progress on the build

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

My husband has almost 10 years of experience in construction and has his GC lisence. This will save us a ton in building costs. We're also able to do this deal entirely with cash, which means we don't have to deal with a construction loan. Also, the older homes in this area that have been "fixed up" by fippers don't seem sell at the same price tags as new homes, even though investment costs are about the same.

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

We found this deal on the MLS. It was listed on RedFin. The property was listed around 8pm one night, and was clearly priced to sell. We ended up offering $100 over the asking price, and thank god we did! We later found out that the seller received 5 offers the first day it was on the market, all in a similar price range.