In the month of December, we collectively made around 15+ offers on potential fix/flip properties, taking a little bit of a step back to focus on closing our current projects. Out of those 15+ offers we had 1 new offer accepted which we closed right before the new year, had a recent property we had under contract before closed and we also have another one soon to be under contract (fingers crossed!). We also had a few of our projects officially sell as well! The real estate market for fix/flips in the Charlotte, NC area is always very competitive, but there are deals to be found. It is important to keep making offers that work and not get too risky with your numbers. We are seeing a lot of investors currently getting in trouble because they are overpaying for properties, this causes them to have to list properties higher than they should, which makes the listings sit for a long time. We always make offers that limit the risk on our deals and are very numbers oriented, especially in the current market. You can not get emotional in real estate investing with your purchases, that is where you can really make a mistake and lose a lot of money!
New Waxhaw, NC Whole-tail Closed!
We have purchased a new whole-tail project! We secured this property from a wholesaler just before the new year and made sure to close before 2025 arrived. The sellers needed to sell this property before January 1st, 2025 or they were going to get hit with a large fine due to personal family situations. We made sure to close this property very quickly and help them out of that situation. Because of the speed we moved and helped them out on, we got this property for $415k and it is worth as-is around $540k! All this property needs is a few touch ups, cleaning and then can be immediately listed. We are looking to spend around $5,000 on this and list it within a week or two. A whole-tail is a situation where you can get a property for a great discount that does not need much, if any, work at all. This is the definition of a wholetail and we are excited to get this listed and turn a profit very quickly!
Charlotte, NC Fix/Flip Closed!
We have officially closed on our new Charlotte, NC flip! This deal was found by utilizing our real estate agent network and this particular agent had a seller that was in a time crunch. They needed money from selling their current house to be able to secure the loan and purchase their new property they were under contract for. This is where we stepped in to purchase the property very quickly to allow them to have less stress knowing they will sell their home in time for their move. We bought this property for $260k and the after repair appraisal came back at $390k! This is higher than the $370k we underwrote for, so that is very good news. The property needs some touch ups and also a new renovated kitchen where we are expecting to spend around $35k-$40k after getting some contractor quotes. We are expecting to be able to fix this up and get it listed within 45-60 days of closing to quickly turn around and sell it. This is a win-win for everyone involved that we can make some quick profit on, while helping these sellers get into their dream home stress free. Stay tuned for more updates on this project!
