As a broker, I tour all sorts of investment properties with my clients. I too get tired of viewing high levels deferred maintenance, incorrect expense calculations and over priced properties. If you can't find the perfect small investment property or are tired of looking at investments with deferred maintenance, it may be time to consider the opportunity to buy and build! We are working with a local builders and recently taking advantage of the low lot prices and very low construction costs.
An example: Our client is purchasing a duplex lot ready to go. Our contractor partner will build a brand new duplex on the lot. Features include: side-by-side 3 bed 2.5 bath units, each with a 1 car garage, nice finishing's, landscaping and fencing. Each unit will be 1350 SF and rents are expected at approximately $1250 per side. The effective CAP rate will be 7.2%. The best part...costs all in will be under $297,000
The high inventory of vacant land has led to some great deals for ready to go lots in Whatcom County. Our contractor partners are very aggressive and provide great pricing.
So if you can't find it then build it!
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