$1,000,000 Profit on a $16,000 investment 2002-2018

[Lisa Hoover]

Investment Info:

Single-family residence other investment in Charlotte.

Purchase price: $320,000
Cash invested: $16,000
Sale price: $560,000

7612 Ballantyne Commons Parkway: I bought this property (NOT in a subdivision) on 1.3 acres of land-as Owner Occupied. That gave me a 5% DOWNPAYMENT, a 30yr term and low interest rate. In 2010 I rezoned from R3 To O.. turning this parcel into a Commercial Property.

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

LOCATION LOCATION LOCATION
I saw the appreciation potential of this parcel immediately.

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

I know Charlotte very well. My talent is in spotting undervalued properties with huge appreciation potential. I am a buy and hold investor.

How did you finance this deal?

NC State Employees Credit Union30 yr MTG with 5% dp as owner-occupied. My family and I lived here many years.

How did you add value to the deal?

I REZONED a residential property to COMMERCIAL.

What was the outcome?

As part of my divorce in 2018 (the prop was Joint Titled husband-wife) I sold the prop not for the $1.5 MM AND $1.8MM offers I had (because my ex-wouldn't cooperate) . I sold and closed in 30 days for $560,000.

Lessons learned? Challenges?

$1MM LESSON. Your name ALONE (Or your LLC) will be on TITLE for any property you buy. Anyone can be on the loan. In NC, 1 spouse can buy but it takes BOTH signatures at closing to sell. I advocate staying single and living together! Even a deranged spouse going thru divorce will 'sign off' at closing to get their 50:50 share Of $1MM.

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

Always recommend utilizing credit unions when you can.