From $400k to $577k in 6 Months, Thanks to Prime Location in 28205!

[Account Closed]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $400,000

Multifamily duplex in Merry Oaks, each unit is 2 bedroom and 1 bath, this transaction was a Judicial sale sold as is and was subject to 10 day upset bid period with Mecklenburg County w/ free and clear title, 6 months later & Zillows zestimate is $577,100 before any repairs or updates have been made.

1827 Merry Oaks Rd, Charlotte, NC 28205 📍#realestate #realtor #investing #property #houseflipping #realestateagent #biggerpockets

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

I capitalized on a unique opportunity that emerged from a combination of multifamily prospects and a Judicial Sale. While some less experienced Realtors may shy away from courthouse sales due to the complexities involved, I recognized the tremendous potential this presented and dove in headfirst.

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

Utilizing my online MLS portal, I negotiated a purchase agreement for the property in its current as-is condition, ensuring no disruptions for the current tenants. Despite being aware of the initial no-repair status, I opted for a home inspection, which yielded pleasantly surprising results with minimal concerns, primarily cosmetic. Moreover, during the inspection process, we discovered an unexpected basement space, adding further value to the property.

How did you finance this deal?

Cash

How did you add value to the deal?

In this deal, I remained committed to upholding my standard realtor duties and due diligence process, despite the unique circumstances of a judicial sale. While others might have suggested skipping certain steps, I recognized the importance of thoroughness and professionalism. By conducting a comprehensive inspection and treating the transaction with the same care and attention as any other, I ensured that my interests were fully protected which gave me a peace of mind.

What was the outcome?

Short Term Rental Property, nearby hospitals, furnished to travel nurses.

Lessons learned? Challenges?

Exercising patience throughout the judicial sale process proved essential. While there were challenges, such as adjusting to the nonrefundable deposit requirement as a percentage of the purchase price, I remained steadfast in my vision. Ultimately, everything unfolded according to plan, reaffirming the importance of perseverance and foresight in navigating complex real estate transactions.

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

Represented by me.