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
Here’s how it went down.
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!
What made you interested in investing in this type of deal?
While I was doing a live-in flip in Jacksonville, NC, I decided to move to Concord, NC. I needed a place to live and was not about to do another DIY live-in-flip.
How did you find this deal and how did you negotiate it?
I started looking for deals using Propstream. 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!
How did you finance this deal?
VA Loan
How did you add value to the deal?
Now, time for the problem. The previous 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 out of the country. 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.
What was the outcome?
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. They are amazing people!
Lessons learned? Challenges?
Opportunities can be hiding in plain sight. Don't be so quick to give up.
"Professional" is a loose term these days. Get someone who is OBSESSED with being the best at their job.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
This was another big reason I got my RE license. Ladies and Gentlemen, not all realtors are created equally.
