The Property:
Mike purchased .47 acres of raw land zoned R-2 in Las Vegas, Nevada.   This property lies within a “overlay” district where the county is allowing higher density building.

The Find:
This was a referral from a Las Vegas agent. She knew that there was opportunity but only wanted to be involved in the deal as an agent.

The Technique:
The seller accepted a discounted cash purchase price of $200,000.  Mike knew that this property could easily be changed to R-3 zone with the “overlay” option in the county.  We submitted a zone change with the county and got it approved as R-3 zone which allows us to put up to 8 units on the same piece of ground.

The Contract:
The contract was a straight forward land contract from the state of Nevada.  We offered a quicker close with cash.

The Result:
We changed the zoning from R-2 to R-3 which has enhanced the equity position in the property. We just listed the property for $399,900.  We will net a great return for less than 20 hours of work!