My First Round Up Build - Land Purchase

[Carey Edmund]

Investment Info:

Single-family residence other investment in Houston.

Purchase price: $60,000
Cash invested: $340,000

I am closing the land portion of the project this week. It will be a new spec build that will consist of two 2-story SFR's

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

I listened to Thatch Nguyen on the BP podcast and liked that he added doors to his hold portfolio through building. This will be a build and sell but the profits will go to a build and hold project.

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

MLS with the help of an agent

How did you finance this deal?

I purchased the land cash. The build will be financed through a local bank but more to come on that piece of the project as it kicks off.

How did you add value to the deal?

I will be building two new spec homes on the property

What was the outcome?

There were a lot of challenges to getting the land purchased but we are finally clear to close.

Lessons learned? Challenges?

The seller was they type of seller that could get everything they ask for but then comes back for more. After going back and forth with the seller we came to an agreed price of $60k. Right before the docs went out for signatures the seller said he wanted all closing cost covered by me. I said no and that I would walk away before giving into a last minute move like this. He caved and agreed to sell at our original terms.

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

I worked with Caylee Loville at Equinox Realty in Houston and she was amazing. She is changing offices so reach out to me directly if you need her contact information.