All Forum Posts by: Joshua Stroup

Hi Everyone -

We are looking for folks who have an interest in State College, PA.  If you have experience in this market, please let me know. Thanks!

Sure!

Hi Rex, this house was in total 2700 sq ft. It is comprised of 4 modules that make up 2 stories set above an ICF lower lever. The production process took just over 3 weeks to complete.  It is located in the Upper Lawrenceville neighborhood of Pittsburgh.  It was originally designed as a second home for myself. However, we elected to sell.  

$85,000 was the price of the land. It was already 'improved' for water, sewer, etc., which made things significantly more simple.

As for customization, we have the ability to work with almost any custom design. We also carry a very wide variety of finish options as well (Kohler, Delta, Andersen windows, Pella windows, etc.)  Our local architects work with the client to design their ideal home, as well as submit the necessary plans to local zoning/permitting. As for the shapes of the homes, these are not all square/rectangular homes. We have the ability to design/build almost any architectural style.  The idea is that you would never know that a home is modular simply by looking at it.

Investment Info:

Single-family residence other investment.

Purchase price: $85,000
Cash invested: $330,000
Sale price: $689,000

Ground-up new construction of a SFR modular home. After 24 days in factor, the modules were delivered to the jobsite. We assembled the home in under 12 hours.

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

We believe strongly that modular construction represents the future of the construction industry. One of biggest problems facing developers and investors is the lack of quality labor available. In addition to lack of supply, rising labor costs continue to erode developer profits.

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

Due to the increased complexity of new construction, vacant land does not see the same level of competition as traditonal 'fix and flip' / distressed properties.

How did you finance this deal?

Hard money.