Latest High End New Build Spec House in Charlotte, North Carolina
An investor I know who also wholesales from time to time brought me a tear down deal in a very desirable, high end area of Charlotte, North Carolina. He had just purchased the wholesale deal for 315,000 and was looking to resell it fast to recoup capital for another new build project of his. Within a few days, I was confident I could subdivide and get 2 lots out of it, so we agreed to 382k. After all development costs, including demolition of existing structures, site work and grading, utilities, I ended up at about 416k total, so about 208k per lot. During the construction process, we listed it and sold it full price for 1,100,000. I've attached pictures below. There are a few points I'd like to highlight, but one of the biggest ones is to not stress over what someone else is making. The wholesaler cleared 67,000 before costs, and I'm thrilled for him. I saw the value and worked my own numbers instead of watching his. I sure hope he brings me another deal like this :) Also, this home is a variation of a home I've built a couple dozen times. It really helps to have actual experience building a house so you know the costs versus "pro forma". Finally, it helps to pay an awesome realtor who can sell the dream, even when the house is in the middle of construction and is a mess :)