New construction on a double lot

[Scott Wilson]

Investment Info:

Single-family residence fix & flip investment in Matlacha Isle.

Purchase price: $280,000
Cash invested: $750,000
Sale price: $1,500,000

Bought a double lot, right on the water, to build two $750,000 homes

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

The cost of the land right on the water was too good to pass up.

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

off-market deal through a developer I am partnering with

How did you finance this deal?

Cash for the land and construction loan for the new buildings

How did you add value to the deal?

Tore down a decrepit building on a double lot to build two new buildings

What was the outcome?

We are still under construction and they have not sold yet. Will keep you posted.

Lessons learned? Challenges?

Everything takes longer than you are told.

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

Working with a great partnership team - Dean and Laura Mlinarich