Big discount on a practically new house!

[Drake Johnson]

Investment Info:

Single-family residence other investment in Concord.

Purchase price: $125,000
Cash invested: $1,000

My most recent purchase:
SFH - 3bd 2ba - 1150sqft
Purchase price: $125k (VA loan)
Seller paid $5k in closing costs
Current Value: $145k
PITI: $570

While I was doing a live-in flip in Jacksonville, NC, I decided to move to Concord, NC. I started looking for deals and found my current residence using Propstream. It was a failed listing from 2019. Here’s how it went down.

I called the owner and he did not answer. A random South Dakota number calling on a Saturday afternoon probably looked a bit suspicious. I texted him, told him who I was looking for, and what I was inquiring about. He texted me back immediately. We set up a meeting to discuss the property and I found out it was remodeled in 2018 from the floor joists up. A new roof, new HVAC, fresh paint job… a seemingly great flip!

Now, time for the problem. The owner built an addition onto the house. Due to the addition, the new HVAC and a corner of the house crossed the lot line by less than one foot.

I asked the owner why he did not contact the lot owners. He was told they lived in Israel. They did not respond when his previous realtor sent them a letter…a letter. LOL. Imagine that. I pulled up the deed and immediately found the owners, four siblings. After skip tracing, I got hold of one of their spouses whose husband signed the easement for the house and cleared everything up. Honestly, I need to send them a gift card for a nice date night to thank them for simplifying the process tremendously!

I am currently debating whether to get a roommate and turn this property into a house hack.

I solved a small problem for a $20k discount on a fully remodeled house. If you are in the Charlotte, Concord, or Kannapolis areas, let’s get connected!

How did you finance this deal?

VA Loan

How did you add value to the deal?

I got an easement from the serviant estate owners.