Lots for specs and rentals

[Ben Baye]

Investment Info:

Other other investment.

Purchase price: $300,000
Cash invested: $15,000

Combination of 12 lots: 7 - 1/4 acre single family, 3 - 1/2 acre single family, 2 - R3 lots.

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

Our market is in need of both homes to sell and rentals

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

I got to know the owner and discused buying the remainder of his subdivision as he is getting older, he made me a good price offer and gave me the terms I wanted.

How did you finance this deal?

Land contract. 5% down, 4.5% interest 40 yr amortization with 3 year balloon. Individual lot but out to build on them.

How did you add value to the deal?

Was able to close on all lots instead of a couple to free him up from his last investment.

What was the outcome?

Still working on it

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

TM Title and Team Realty.