The Property
This property consists of 15 acres of raw land on Galveston Island, Texas. The project consists of 59 lots that are zoned Single Family Residence. There is a retention pond (lake) in the middle.  The lots are platted and permitted with the city. We broke ground in September 2007.

The Find
We are partnering on this property with Kevin Liu, and Jim Stephens, MWI students from Houston, Texas. Jim and Kevin understand the importance of Power Teams. They have a highly functioning Power Team, and this property was actually found by a member of their team!

The Technique
The team member found the opportunity while searching for land on Galveston Island, researched it a little, and we wrote up an offer.

Short Term: Royce Homes (National Home Builder) has 30 lots @ $45K each, under contract, with an option on the remaining 29 lots.

Long Term: Sell the 30 lots to Royce Homes, and keep the 29 lots to sell to local home builders at a higher price of $55K per lot.

Current Use
Vacant Land.

Highest and Best Use
The highest and best use for this property is 59 building lots.

Acquisition Price
$1,500,000.00 acquisition with $250,000 Seller Financing. Developer/ contractor will carry their $200,000 cost/profit until we sell.

The Result
Our Short term plan is to sell the remaining 29 lots to Royce Homes with a profit of $544,667. The Long term plan is to sell to local home builders at a higher price for a profit of $916,430.