Uptown Charlotte Condo Fix n' Flip

[Mike Feehley]

Investment Info:

Condo fix & flip investment.

Purchase price: $165,000
Cash invested: $25,000
Sale price: $250,000

This was a 1/1 in Uptown Charlotte. The condo had been owned by the original owner, who had owned it approx 30 years. The condo was located in the center of Uptown and provided a great location and also offered secure parking.

What made you interested in investing in this type of deal?

This unit had never hit the open market before.

How did you find this deal and how did you negotiate it?

I was presented this opportunity through a friend. My friends aunt had dies and they did not want to take on any renovations that were needed within the condo. I was able to secure hard money loan which allowed for a quick purchase and the extra funds to renovate without pulling from my personal funds.

How did you finance this deal?

Hard Money

How did you add value to the deal?

Total renovation although the unit was small. Tore out all flooring (tile), kitchen, and bath. Placed LVP throughout, new kitchen and quartz countertops, paint, and light fixtures.

What was the outcome?

Sold 1 day on the market.

Lessons learned? Challenges?

Building is in one of Charlotte Historic Districts which caused an issue with replacing the HVAC unit on the roof. Oddly, several other units were replacing theirs at the same time and they were not held up by historic... I guess I was just the lucky one :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Me, I am the agent.