All Forum Posts by: Account Closed

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $400,000

Multifamily duplex in Merry Oaks, each unit is 2 bedroom and 1 bath, this transaction was a Judicial sale sold as is and was subject to 10 day upset bid period with Mecklenburg County w/ free and clear title, 6 months later & Zillows zestimate is $577,100 before any repairs or updates have been made.

1827 Merry Oaks Rd, Charlotte, NC 28205 📍#realestate #realtor #investing #property #houseflipping #realestateagent #biggerpockets

What made you interested in investing in this type of deal?

I capitalized on a unique opportunity that emerged from a combination of multifamily prospects and a Judicial Sale. While some less experienced Realtors may shy away from courthouse sales due to the complexities involved, I recognized the tremendous potential this presented and dove in headfirst.

How did you find this deal and how did you negotiate it?

Utilizing my online MLS portal, I negotiated a purchase agreement for the property in its current as-is condition, ensuring no disruptions for the current tenants. Despite being aware of the initial no-repair status, I opted for a home inspection, which yielded pleasantly surprising results with minimal concerns, primarily cosmetic. Moreover, during the inspection process, we discovered an unexpected basement space, adding further value to the property.

How did you finance this deal?

Cash

How did you add value to the deal?

In this deal, I remained committed to upholding my standard realtor duties and due diligence process, despite the unique circumstances of a judicial sale. While others might have suggested skipping certain steps, I recognized the importance of thoroughness and professionalism. By conducting a comprehensive inspection and treating the transaction with the same care and attention as any other, I ensured that my interests were fully protected which gave me a peace of mind.

What was the outcome?

Short Term Rental Property, nearby hospitals, furnished to travel nurses.

Lessons learned? Challenges?

Exercising patience throughout the judicial sale process proved essential. While there were challenges, such as adjusting to the nonrefundable deposit requirement as a percentage of the purchase price, I remained steadfast in my vision. Ultimately, everything unfolded according to plan, reaffirming the importance of perseverance and foresight in navigating complex real estate transactions.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Represented by me.

As the representative for the tenant, I oversaw a remarkable six-month renovation project on a 15,000SF project that revitalized the property from an uninhabitable church to a stunning showcase car dealership. This property's journey from a former church to a modern showroom is a testament to its potential and adaptability. Through meticulous planning and execution, we have created a dynamic space that now stands as a beacon of innovation in the automotive industry. The comprehensive renovation result is a state-of-the-art facility that not only meets but exceeds the needs and expectations of our client. With its prime location and striking aesthetic, this transformed property offers unparalleled visibility and appeal. It serves as a testament to the power of vision, collaboration, and dedication in realizing ambitious commercial ventures. For businesses seeking a distinctive and versatile space to showcase their offerings, 3925 Beasley Ln presents an experience the transformation firsthand and discover the endless possibilities it holds.

Zillow's leases are legit. You can also google NC Standard Residential Lease and will find very similar options. Turbo tenant is another option but they charge for their standard leases. Not sure about loan LLC situation but if your investment properties are with you LLC then you can use that to count as income. Hope this helps!