Wholesale vacant lot in Cleburne golf resort community

[Benjamin Portnoy]

Investment Info:

Other wholesale investment in Cleburne.

Purchase price: $1,500
Sale price: $9,000

Wholesaled vacant land in residential golf resort community.

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

Currently buying and selling vacant land parcels throughout Texas and beyond.

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

Direct mail to absentee owners. After performing due diligence, we made an offer based on local comps, pricing the lot roughly 20% below retail. Sold to a local builder.

What was the outcome?

Roughly 300% return

Lessons learned? Challenges?

Good lessons: perform more intensive due diligence on lot and owner back taxes, HOA and other liens before making offers. Be specific on who pays what closing costs.

[Daniel Parnell]

I live near that resort, lights up the MLS map in that area. Literally hundreds of lots for sale. Congrats on moving yours