Mixed - Use Development

[Rhett Kelton]

Investment Info:

Other other investment in Murfreesboro.

Purchase price: $295,000
Cash invested: $100,000

I purchased several tracts of land and put them together, got them rezoned with the intention of building a 13,800 sq/ft mixed use building. We have come up with elevations, site plans, architectural and engineering documents. Our primary strategy has been to sell the residential units to pay back the bank debt and then keep the commercial debt free.
This doesn't really fit into any specific category, as we are developing, with our primary strategy to sell/build to rent, secondary strategy to build all the building to rent, and third strategy to sell the entire development.

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

Understanding all the different moving parts of development and raising money through syndications.

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

Drove past a FSBO originally. I didn't really negotiate it- they were originally handshake deals, until

How did you finance this deal?

Owner financing, personal loan, LOC