This deal came to me while I was on vacation with my family. I met the developer while I was down there who has the goal to become the number one developer on the island and the story is history after that. The seller reached out to him with the discounted lot because of previous correspondence, I ran the numbers to learn who our target market was and what type of property they want, designed it with my partner and his team, networked with Realtors to confirm a solid ARV and brought that information back to the states to raise private money to build. What made the deal unique was the fact that it was in Honduran territory with a completely different legal system and process for closings. It was also my first investment deal and was done remotely.
How did the FortuneBuilders team and resources help you to accomplish this deal?
Trust the process. Everything that I learned from Fortune Builders about understanding a new market was implemented in this deal. Everything from partnering with local real estate agents, pulling comps, understanding your target market, raising private capital, understanding that if it's a deal the money will come, etc. And of course, I used the deal analyzer to run the numbers and calculate all holding costs