New luxury construction build in Knoxville, TN

[Nick Cantey]

Investment Info:

Single-family residence other investment.

Purchase price: $68,500
Cash invested: $700,000
Sale price: $880,000

New construction, high-end luxury, home built in Knoxville, TN. We bought the lot, my construction company built it, and I listed it for sale as a Realtor.

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

I'm a residential contractor and Realtor in Knoxville, TN. I'm always looking for land to be able to build in great areas.

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

We found the lot from watching a Realtor put the sign up on the edge of the lot and immediately talked with him and locked it up.

How did you finance this deal?

This was done through cash along with a partner of ours.

How did you add value to the deal?

We built it new from the ground up, and made sure we dressed it to the style and expectations of today and what the neighborhood demanded.

What was the outcome?

We sold it during the COVID-19 pandemic within a couple of months of completion.

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

I myself being a residential contractor and Realtor was able to hand it from start to finish.