New Builds in Gastonia

[Derek Wilson]

Investment Info:

Single-family residence other investment.

Purchase price: $20,000
Cash invested: $400,000
Sale price: $485,000

Purchased vacant lot. Subdivided into 3 lots built 2 new spec homes and sold one lot.

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

Wanted to gain experience in new builds

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

off market. networking found someone that was wanting to sale land

How did you finance this deal?

owner financed the land, construction line of credit

How did you add value to the deal?

Built new houses

What was the outcome?

Only profited 65k but it was a great learning experience.

Lessons learned? Challenges?

I learned a lot about financing new builds, pricing new builds and finding subcontractors

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

Yes! Myself!