I’m back with my most recent real estate adventure to report. I’m happy to say that as of yesterday, I closed on two LOTS to build duplexes on. At least that is my goal. I have a silent partner on this deal and I’ve been working at this for over 6 months. I also have a reputable and experienced builder that will show me the ropes and assist me along the way. It’s a relief to finally close and get this project moving.

As of now there are 2 separate LOTS which I want to get two separate deeds for. What we plan to do is split one of the LOTS and build 3 duplexes…Selling each unit separately. I’m very excited about this project and pray everything goes well. Of course, time is always a factor so it’s time to get the show on the road.

My first step is to work toward securing the funding to build the units. Right now the mortgage market is at one of its lowest points. Underwriters are scrutinizing everything down to the last penny. Banks are getting very strict with lending money to builders because of the higher risk involved in getting the units sold. I am very optimistic about being a builder now because the profit margin is there even if we needed to set the prices below market. In any case, in order to get the bank to approve any loan, I will need to get my plans approved by the city. There are a couple steps that are needed to make that happen. I’ll give you updates and let you know the steps I’ve taken along the way.

God Bless & Happy Investing!

PS. Pray that all goes well as it is my number one priority to have God’s Grace over any project I do.