The Harrisville 80 acres

[Garrett Balsick]

Investment Info:

fix & flip investment in Calhan.

Purchase price: $35,000
Cash invested: $35,000

"The Harrisville 80" This was an FSBO that had a sign on it for over 6 months. This 80 acre piece has an old gravel pit with an active mining permit on it and has incredible views. The soil is very sandy and at the top of a hill, so we must be very careful with the grass on the property, as to not overgraze it. This will be a million dollar view for someone who wants a house with a walkout basement.

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

We are always looking for new land that fits into our ranch. This view this property offered is what made it such an incredible deal for us. We needed a place to keep our bulls for a few months in the late winter early spring and this place does exactly what we need it to!

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

I found this property as an FSBO driving by one day and made the call on the sign.

How did you finance this deal?

Cash purchase

How did you add value to the deal?

What was the outcome?

We currently have a use for the property, so until it sells we are happy sitting on it. (Plus we have got a couple deer and antelope on the property. It is full of wildlife which makes it a fun property.

Lessons learned? Challenges?

Mining Permits suck and are a major headache and stay away from them unless the gravel is really good and you can find a contract for the dirt.

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

We used Empire Title in Colorado Springs and recommend them to everyone we can.