The Property:
This property was 9.58 acres of vacant land. It is located at 100 North 1550 West Springville, Utah.

The Find:
This property was listed and had expired.  The owner contacted Mike to see if we were interested in buying.  We knew that this property fit within the Springville, UT West Field Annex.  We told the owner it was going to be annexed making the property worth more, but he said that the city had been promissing him this for years.  He was in a distressed situtation and wanted to sell immediately. This property was zoned agricutural and was annexed to the city as residential ground 3 weeks after we closed on the project.

The Technique:
We offered a large down payment of $75,000 and the Seller agreed to carry $105,000  for 1 year with no payments or interest due during that time period.  Seller agreed to an additional $65,000 once the land was annexed as part of Springville.

The Contract:
The contract was a straight forward land contract from the state of Utah with an addendum explaining the terms.

The Result:
We purchased this property in 2003 for $280,000 with terms.  The property was annexed into the city of Springville, UT allowing us to develop the land for up to 53 build lots.  We sold this property for $670,600 and closed January 10, 2006. The Net profit on this deal was $370,000!