From Vacant to Residential

[Adrian Lemus]

Investment Info:

Single-family residence hard money loan investment in West Palm Beach.

Purchase price: $75,000
Cash invested: $237,000
Sale price: $430,000

This was a fun build and a bit of a learning curve because of the Transmission lines that ran across the front part of the lot which is why FPL took a long time to put the Electricity to the house but the house was built by March of 2020. It only took me 2 months to build after permits were issued and I had a buyer right away. The house market is booming down here in South Florida and I'm loving it!

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

It was a great opportunity and the location was great!

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

Through Realtor and I have my own real estate agent who works on my behalf

How did you finance this deal?

I paid cash for the lot and had a Private investor finance the build

How did you add value to the deal?

Clearing out the lot and Building a New Construction SFR

What was the outcome?

More knowledge that I had before, More Experience, and the Profit was Great!

Lessons learned? Challenges?

FPL takes there time in this area so if you don't have it handled from the beginning they will keep you hostage until they decide to get to your case. Since then I have them already aware of my new builds and they sit by for my call to go out and install the same week which before they took 4+ months because of the paperwork, surveys, etc.

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

Yes.

[Duriel Taylor]

@Adrian Lemus interesting post and project. I would be honored to speak to you on how we could partner on similar deals here in FL. I will PM my information.