Investment Info:
Other other investment in Montgomery.
Purchase price: $79,000
Sale price: $155,000
I bought 8 acres with the intention of subdividing it into two ~4 acre lots, but found a buyer willing to purchase the whole 8 before I finished the subdivision process and sold it.
What made you interested in investing in this type of deal?
Opportunity
How did you find this deal and how did you negotiate it?
Family friends were trying to sell their land quickly and I thought I might subdivide it to resell later at a profit.
How did you finance this deal?
With a HELOC on my personal residence.
How did you add value to the deal?
I had it surveyed and two acres cleared to have the septic mapped and had two percolation tests done.
What was the outcome?
I sold it to someone interested in buying the whole 8 acres before finishing the subdivision process.
Lessons learned? Challenges?
Sometimes, it makes more sense to try and find a buyer who will purchase as-is before going through with your plans. In this case, I wasted time and money because I didn’t follow up with a lead before I went ahead with my endeavors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I didn’t work with any agents on either end of this deal.
