Another Way To Create a Highest and Best Use Of a Property
Building senior housing to fill the rapidly increasing demand in Southern California is one of the many, many things that we do here at Mike Watson Investing to create Highest and Best Use. Let’s give Tim Huyck and Victoria Huyck another huge shout out on his 2nd deal under contract this year! He found this property in an RM-10 Zone which allows for 8.7 units on 10,000 sq. ft. min. lot size with 75 ft. of frontage. With 100% density for senior housing, we will put in 13 units! Normally we wouldn’t expect 100% density, but this city only requires 1 parking stall per unit for senior housing.
Flying down to meet with Tim, Victoria, and two other rockstar students there in Yucaipa, California, and see this property in person was great. The meetings that we had with the city were informative and rewarding. There are literally dozens of mobile home parks in the immediate area surrounding this property. The city wants and needs senior housing, and upgrades in general to what they currently have. Leaving those city meetings, we were armed with a greater understanding of what specifically they were looking for and how best to serve the city and the community.
Tim has, in the past, attended Mike Watson’s Seller Finance Camp and has put what he learned to use here in an incredible way! This property had a total asking price of $135k; Tim was able to negotiate only a $30k down with the rest in Seller Financing!! (Even in today’s market!)(Especially in today’s market!)(Why aren’t you doing this in today’s market?!)
Only one thought comes to mind, have YOU signed up for the Seller Financing Camp which is to be held March 22nd – 24th?! If you haven’t, it’s not too late! Click on the events section to the left for more information, or you can call Mike direct at 801-636-0100. If you’re reading this after the fact, please know that we hold a Seller Financing Degree Camp once a year. Check the events section for updates!
Great job Tim and Victoria, and all of the students who are working towards and are doing deals! We love our students and are grateful to be able to have them partner with us and watch lightbulbs come on in their minds as they learn the process of Highest and Best Use here at Mike Watson Investing.