All Forum Posts by: Henry Shungu

Hello guys,

Hopefully every one is doing well.

We just have a property under contract for sale in HOT!!! Charlotte NC market.

This is a jewels, a diamond in the rogue kind of property.

The property is located in High appreciation Area .

It it's just a mile away from uptown Charlotte.

New houses right next to it are selling now from 250 K to 400 K. (depending on square footage.)

Close to free ways I-277, I- 77 and I-85,

Half a mile away from music factory.

1.5 away from the hot Plaza Mid wood neighborhood & NODA district

INVESTMENT STRATEGY

This property is right for Buy and Hold investors who want to collect rent and wait for appreciation.

or rehabbers who want to transform (Conversion)  by adding square footage to add value or completely rebuild and match the new houses around the block for a bigger profit.

COMPS IN AREA / LISTING 

*** Run your own comps ****

2421 Woodward Ave, Charlotte NC 28206 ====> 429 K (New Construction)  

3529 Oakwood Ave, Charlotte NC 28206 ====> 483 K (New construction)

1216 Fontana Ave, Charlotte NC 28206 ====> 249 K (Rehabbed)

1111 Woodside Ave Charlotte NC 28206 ====> 274 K (Rehabbed)

PRICE : Asking only 95 K or Best Offer.

If interested call Eddy for more details or pictures at 704 237 0595

REQUIREMENTS

Serious inquiry ONLY,

Cash buyers ONLY,

Must be able to close in the next 7 to 10 business days.

Must open an escrow account of  or more before signing the contract.

@Ethan Lee Great job, like your story, Great motivation to keep me going. 

Thank you @Kim Desimone.

I will definitely give Gary a call. 

Make sure to inform him to expect a call from me.

Thanks @Alex,

Yes, I already send @Bryan a request. 

My contractor came up with the estimate.  Actually he came with a lower estimate 25k. But I bump it up to 40k from the feed back of fewer investors buyers and their contractors that I was showing the property when I was wholesaling it. 

Thanks Guys for your responses and will appreciate more for those who got more suggestions on this Deal.

 Thank @Bryan, 

Send your info and will send you the details. 

Hey BP'ers

I am struggling with a deal on the hand right now and need help /advices.

I am completely new to REI. After attending few seminars and self education, I landed here in BP and I am grateful that I found it.

I  got my first deal under  contract. I initially wantted to wholesale to an rehabber . I did the marketing to few buyers in area but the few initial offers were way below the owners asking price. Excluding assignment fee completly. 

Went and renegotiate with the owners. They come down on the asking price but not a lot for me to wholesale. 

The deal doesn't meet the 70% rule for hard money loans. I have not cash of my own.

I am now just looking for a partner for a Joint Venture to rehab it.

Any interested investor should be able to bring the finances. Here are the numbers 

ARV 230k

Repairs 40k

Asking 140.

The property is located in on of the best area of charlotte NC.  Proximity from South Park mall and high end shopping centers and restaurants. 

Any help with a strategy to make this deal work will be appreciated. 

Thanks. 

@shalanna L. Pirtle

I don't think you need to disclose your holdings assets in you're chart of organization. But, Yes your LLC will be register with the state. And it will be visible to anybody who want to make sure you're legit before doing business with you. It's a public records unfortunately .

When me and my partner Register our LLC. We didn't Disclose any asset. In fact we did not own any. But to open up a business bank account. The bank had to make sure with the state that we are register.

Hope it helps your questions. 

Good luck investing.

Good advice, Home owners sometimes don't realize what options they have to sell their distress property,  You just outlined a pretty fair and time efficient option for them to consider. 

Great Job and thanks for sharing.

I am new to wholesale too. but from my understanding. You need two contracts. The  1st one you get the property under contract and has an assignment close in it (A to B transaction). 

The second contract (B to C transaction) is the one that you will get to your End buyer and should not have assignment close in it.  I don't know the rules about closes in your area but you can use the same contract just make sure the assignment is omitted/ remove from the contract with your end buyer so you don't give them the option to re-assign the contract.   

If I am wrong somebody here will definitely correct me. 

Good luck with your REI future endeavor.

Thank you for sharing your success story.  Good luck in your new and future marry life. 

Keep up the good work. Very inspiring for us beginners. 

This is a great statistics. 

Numbers don't lie.

It's wonderful to see that anything can show up in number. Good habits gives you great reward.  Post and get rewarded with connections, deals and more $$$.

Great job  and thank you for sharing.