Brand New - Build 2 Rent Duplexes in Kissimmee, FL

[Brock Holliman]

Investment Info:

Small multi-family (2-4 units) other investment.

Sale price: $380,000

QUALIFIED OPPORTUNITY ZONE PROJECT: We are currently under construction on this duplex (that is under contract) that will perform some great cash flow numbers in an appreciating area of Kissimmee, FL.

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

These duplex lots that we acquired are located in one of the fastest growing counties in the entire country, Osceola County FL. The neighborhood in which these duplexes are located happen to fall in a Qualified Opportunity Zone (QOZ).

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

I found the lots off-market. The seller was actually in negotiations with another builder and had a verbal agreement to make a deal. Before the other builder could get a contract to the seller, I had one hand delivered to his door step 3 hours away in Miami!

How did you finance this deal?

We are financing these builds out of pocket.

How did you add value to the deal?

Since it was a ground up construction project, the value was added pretty easily. :-)

What was the outcome?

The duplexes are currently under construction and will be completed and closed by the end of March 2020. We are actively trying to pre-lease the units out for the investors purchasing the deal.

Lessons learned? Challenges?

Of course there are always challenges, especially when building from the ground up. But thankfully, nothing out of the norm has come up yet on this particular deal!

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

Thankfully I hold my own license to purchase, build, & sell my properties.