Vacant Lot in Ogden, Utah to become an 8-Plex!
Wow! Another student partnership! Take a look at this deal submitted by two of our very own students Don and Erica Ashby.
We have this property under contract for $85,000. This is a vacant lot on which we could put up to 8 units, and after running some quick numbers has a potential NOI of $51,840 after all construction is complete! With a little research, Don and Erica were able to find this property, its Highest and Best Use, put the numbers together, and submit the deal to us. When they had submitted the deal they thought it would fit 6 units, but after some digging, we found out that it would fit 8 just nicely! What a welcome surprise that was to the Ashby’s.
Our Engineer just sent us over the footprint for the 8-Plex, which is attached below. The process is quick once our students submit deals to us. Our team reviews the details of each submitted deal, and either sign off on it or explain to the student what was missing or why that particular deal would not be a viable option for development. If it’s a deal that we would like to move forward on, we create a specific and comprehensive deal binder, move through the steps, and bring the student(s) along for the ride! At Mike Watson Investing we do deals, and boy is it fun!
Fortunately, this one looks like it will be another great student partnership with us here at Mike Watson Investing! Please join me in congratulating the Ashby’s on this amazing deal!