INVESTMENT PROPERTY!! 8 UNITS LAKE ELSINORE HISTORIC DISTRICT!!

[Steven Woods]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Lake Elsinore.

Purchase price: $98,000
Cash invested: $100,000
Sale price: $98,000

Vacant land zoned R3 with option to build 8 units

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

Seeing the development taking place within the city of Lake Elsinore and noticing a pattern of big money investors closing in on mult family zoned land in the historic district

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

While driving around the area searching for potential deals we came across this vacant lot with a for sale sign on it

How did you finance this deal?

All cash purchase

How did you add value to the deal?

We will build an 8 unit complex with covered parking and potentially a value add by building a side building with coin operated washer and dryer accompanied by a vending machine that's loaded with materials related to washing/drying clothes.

What was the outcome?

We were able to close escrow days ago and already in the process of developing the land

Lessons learned? Challenges?

Know what you want so when you see it, you know it's perfect!

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

I was my own agent in the deal which helped gain a ton of experience working with the sellers agent and escrow company