This is an idea that is still evolving in my head so I am still trying to work out some of the kinks. I am in North Carolina.
Seller financing would be part of the plan. I have the finacial ability to buy the lots and build a duplex without the help of a bank(may use one anyway though). When complete, if I can recover my costs plus a little profit in cash, then yes I would most likely take a note for part or all the down payment. This would maximize my return and provide a “Low or NO Money Down” deal for an investor.
I am currently looking at a few floor plans so that I can verify the dollars will work. If it does, then I am going to start constuction on one in the early spring…worst case is that I have keep it as another rental for my portfolio.
I own some rental property and I am also in the commercial construction business. I have found that I enjoy the construction side much more than I do the rental property side.
I know that many of us are in the hunt for the elusive “NO MONEY DOWN” deal. They are out there, I have a couple. But I guess you can say I am tired of being the hunter…instead I want to become the hunted. Instead of looking for the motivated sellers I will be looking for the motivated buyer.
What I have in mind is specializing in building small rental properties (Duplex, Triplex )that are easy to maintain and affordable. Then sell these properties to investors with low or no money down. This should allow me to get a good price for the property making this as Carleton would say a WIN/WIN deal.
I would be very interested in pursing this line of reasoning. What city/state are you considering? I am interested in opportunities in the VA and CA states.
Thanks.
Are you suggesting with the no money/lo money down that this would also be seller financing?