All Forum Posts by: Jim M.

wow, can't wait to see the rehab! Congrats!  

Is it a one building property or multiple?  You could take on one building at a time to get the property cash flowing as quick as possible.  Make sure to pick a contractor who has done this work before cause this will be a big one and you do not want any delays cause the bank loan would be eating your cash.  

I am closing on a piece of property in the Wesley Heights neighborhood of Charlotte NC.  I will be sub-dividing the property and will have a lot to sell.  I will be renovating the property next door to sell as well.  That home will be roughly 2500 sq feet when complete.  There actually haven't been any new builds in the neighborhood in about 10 years so this could be a solid deal.  Recent rehabs include a 3 bed 2 bath 1700 sq foot home that sold for 380k back in April, a current 1550 sq foot home 3 bed 2 bath home for 380k, several 2600 sq foot homes that sold for around 525k(these homes had very odd floorplans or needed reno so they sold a bit low).  Lot is about 1.25 miles from center of uptown Charlotte. 

Asking 165k.  

Sounds like the guy had a bunch of projects going on and got an offer he couldn't refuse. Made his investors some coin and opened up their cash to move on to the next project.

I'm biased towards flipping as well.  Turn that 100k into 130k, then 175k, then 250 and so on.  You could also use bank loans if possible so that you may do several projects at once.  But please don't do that until you have a few rehabs under your belt.  Listen to @will 

@Will Barnard undefined

Oh and actually went back and realized I was reading it as 25% OFF the list price.  lol.  

How do we know your house isn't overpriced?  

If it was two teens having mutual sex I wouldn't have an issue.  Make sure you print out the report and let the neighbors know actually what happened so they don't go to the registry and assume the worst.  Again check the facts.

So I've got a few projects going on right now that are getting ready to wrap up in the next couple weeks to month or so.  I'm always on the search for new projects and have gotten a bit frustrated the past few weeks with a lack of inventory out there.  Then get a call off a sign in front of a new build I'm doing(have done plenty of rehabs and additions but this is first new build) that a nice lady is looking to sell her house.  That was Wednesday night, set up meeting for Thurs am...goes like this. 

Meet my GC over there and it is a nice lady and her daughter.  Starts up with me...so you're looking to sell?  She responds with a story that she had to unfortunately move her daughter and grand daughter with her due to some spousal abuse(crazy with the ray rice thing going on) and that they are looking to sell and get down to South Carolina and buy a home closer to some family.  She goes on...hopefully he can't find us down there but I suppose he could just look them up in property records.   Also, they are working on a restraining order.  I advise to talk to an attorney about putting new home in a trust and shielding them from a search...she will look into that.  

We walk around the property for a bit and they gave me the low down on repairs and what not, the lot as well, and things about the neighbors.  I told her I needed to look into things and asked if she had an idea of what she thinks she might want to sell for.  She throws back the old tax value number...in my head I think oh boy cause the value is about 55k shy of that number.  I let her know I'm very interested and will buy at the right price and that when they find a home to buy in SC we can set up the closing to coincide with the purchase of their new home.  They have been looking for a couple weeks but haven't found anything they liked and seemed to be a bit frustrated by the search.  

I expected a call maybe next week with her having a very high asking price.  So I was probably leaning towards this may not be a deal.  Boom!  Get a call this morning that they went down to SC after I left and they found a home they all liked!  She wants to sell me her house and I ask what the number might be?  Pause...173.  I'm shocked cause I was going to offer 165 so we get the deal done at  170.  She goes on to say that the seller in SC is building a new house, hasn't broken ground yet but were thinking a November close as they have a place to go in the meantime.  So...60 day close which allows me to finish up a the projects and roll right into this one!  

Here's to a nice weekend!  I love when deals come out of nowhere! 

I'm sorry to hear that.  Maybe reach out to them and try to clear the air face to face?