Buying a lot to put shipping container homes on!

[Philip Nelson]

Investment Info:

Other buy & hold investment in Sweeny.

Purchase price: $4,000
Cash invested: $10,000

So I bought a small lot and plan to put two 40 shipping containers on the land and rent them each out either weekly or monthly. Lot is in a great location, right outside of town on the way to the local plant.

I have been taking my time and paying for this deal out of pocket. The lot still needs a septic/water well/electricity/containers but will hopefully get the ball rolling faster once I sell the tiny house I built.

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

I was interested in the deal because the price was fairly low and a great location.

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

A family friend owned the lot and offered it to me without a listing agent involved.

How did you finance this deal?

Paid for it out of pocket.

How did you add value to the deal?

I added value to the deal by cutting down a few trees and keeping the grass mowed. I also added a drive way and built a privacy fence.

What was the outcome?

The deal isn't finished yet but will hopefully turn out as a great passive income source.

Lessons learned? Challenges?

Takes time and money. Learned how to save money by not having to pay closing costs.

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

No.