Little confused?
How did you buy it so much under market value?
It's not often, actually very very rarely that the bank will value something above purchase price. And if comparable properties are selling for $340,000 then why wouldn't the bank value the property at $340,000
All of this isn't adding up, do you know the developers builders to get a below market price? Please provide more info
Hi Brady, the purchase is $275k because the land developer is reasonable with the land price ($95k). The builder is Ventura Homes who gained exclusivity on the lots by providing reasonable build prices ($180k).
I am CEO & Licensee of the company marketing these, but doesn't mean personally I am not an investor, nor that this investment is unique for me. When I personally saw this estate when we were not involved, I liked it so much I wanted it for our investors. So I made inquiries to get the agency.
I've been watching this thread since June and many other threads for some time. It was only when natmarie73 wrote "you couldn't get anything for $250,000 in WA" with a sad face that I felt the need post my personal experience.
The banks value these at or around the purchase price. Most investors understand what happens to the build value when they bring a completed property to the market in a good area. A good technique for researching the 'value for money' fundamental in your due diligence, is to look at what is being marketed or sold in your investment location of similar configuration. Its not an exact science but can give you a 'feel'.
Sorry if you thought my post resembled sales but it wasn't my intention. After re-reading my post now I can see what you mean. I can only say I was excited at the time I wrote the post after just receiving my bank valuation.
If property was your field of business, how would you post about something you thought was a good investment without it coming across pitchy, and does me being associated with FPA make the investment less appealing? I dont hide who I am or what I do so please take my words as intended.
Thanks knightm for linking the information, but I posted what I did as an investor like most forum members. I just provided information that there are low priced investments in WA. Feel free to complete due diligence on my investment and present any feedback here if it isn't a good investment. I like learning new things and I'd like to think I understand a good investment when I see one regardless of where it comes from.
To sanj
Does Douglas think we're all idiots?
would you think any person would successfully run a service based company if they thought people were idiots? Its not fair that you would assume I think this. I believe no person should be sold anything, but every person should be educated and informed.
Is this where I write how you can contact me to purchase? joke