All Forum Posts by: Account Closed

An investor I know who also wholesales from time to time brought me a tear down deal in a very desirable, high end area of Charlotte, North Carolina.  He had just purchased the wholesale deal for 315,000 and was looking to resell it fast to recoup capital for another new build project of his.  Within a few days, I was confident I could subdivide and get 2 lots out of it, so we agreed to 382k.  After all development costs, including demolition of existing structures, site work and grading, utilities, I ended up at about 416k total, so about 208k per lot.  During the construction process, we listed it and sold it full price for 1,100,000.  I've attached pictures below.  There are a few points I'd like to highlight, but one of the biggest ones is to not stress over what someone else is making.  The wholesaler cleared 67,000 before costs, and I'm thrilled for him.  I saw the value and worked my own numbers instead of watching his.  I sure hope he brings me another deal like this :)  Also, this home is a variation of a home I've built a couple dozen times.  It really helps to have actual experience building a house so you know the costs versus "pro forma".  Finally, it helps to pay an awesome realtor who can sell the dream, even when the house is in the middle of construction and is a mess :)

Hey @Paul Pessina, good to see you on bigger pockets.  PM me when you have time, or text me if you still have my number.  Happy to discuss, as I've done these types of loans before.  However, the rates you mentioned are more like bank rates, and I can not compete with those low rates. 

Sweet,  going to try and make this one

Very cool offer, Jordin

@Account Closed, Thanks!

If you message me where they are, I'll see if I can help

@Jordin Boyd, congrats on finding what could be a great deal!!   I'd be interested in buying depending on location and price.  If nothing else, I'm happy to chat offline (if you prefer) to help you value it.  I focus a lot of my business in 28205 and know just about every street :)

@Laura A., I'm a builder and I also own multifamily in Charlotte.   Let me know if you'd like to discuss and I can give you my thoughts

@Michael Shoniker, thanks.  This is in Plaza Midwood. 

@Don Harris, LOL thanks :)

Bought this lot in Charlotte, NC for 333,500, and subdivided it into 2 city lots.  Sales prices of the houses were 558,000 (2,200 sq ft) and 562,500 (2000 sq ft).  Both were under contract before completion.  The larger home took 5 months to build, and the smaller home took 6 months (though that was also during the holidays).  Given the crazy market here, and that it's getting harder to keep labor on site, and that both of these had basement garages, I'm happy with those build times.  We sold the larger home last October.  Unfortunately, the banks wanted to have that presale before funding the 2nd, so  we started the 2nd one later, and we just completed it.  On the positive, we did see some appreciation as you'll notice that the smaller home sold for more than the larger.  Pics below :)