Originally posted by @Jordan Williamson:
@Jason Luongo how did it all turn out? Get it fully rented? what did the numbers look like if you don't mind sharing. This stuff is interesting to me :)
It turned out pretty good. I purchased a double wide lot and split it with the city. So I built the duplex on one half of the lot. All in I ended up paying just a little under retail value/appraisal value. Around $300k. Each side rents for 1500$ so I’m at my 1% rule I like to meet. And it’s new construction so everything is brand new, and easy to rent out because people want to live in a new home. The deal will get sweeter because I still have the additional lot which I can build a second duplex on, or sell for around $30k. To build the second duplex should cost me all in around 275k. And should appraise for 310k 👍🏻
Your not making a bunch of wealth through forced appreciation and equity like you can on a brrrr deal, but this is simple, easy, and turn key basically. I love new construction for rentals. It does require some more capital up front for down payments.
