I paid an option fee of $1,000 and that was the only money I personally put into the deal. With an architect I was able to put together a Joint Venture deal whereby he covered all architectural costs up front. I also had a three way creative finance deal with investors providing funds, a Joint Venture partner contributing some finance and the bank.
From researching the site area, I was able to determine if the site had development potential and could make a profit. My nine townhouse will take approx. 18 months to complete and within an expected profit of $700,000.
– Nat Porter
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