$1,000,000 Profit on a $16,000 investment 2002-2018
Investment Info:
Single-family residence other investment in Charlotte.
Purchase price: $320,000
Cash invested: $16,000
Sale price: $560,000
7612 Ballantyne Commons Parkway: I bought this property (NOT in a subdivision) on 1.3 acres of land-as Owner Occupied. That gave me a 5% DOWNPAYMENT, a 30yr term and low interest rate. In 2010 I rezoned from R3 To O.. turning this parcel into a Commercial Property.
What made you interested in investing in this type of deal?
LOCATION LOCATION LOCATION
I saw the appreciation potential of this parcel immediately.
How did you find this deal and how did you negotiate it?
I know Charlotte very well. My talent is in spotting undervalued properties with huge appreciation potential. I am a buy and hold investor.
How did you finance this deal?
NC State Employees Credit Union30 yr MTG with 5% dp as owner-occupied. My family and I lived here many years.
How did you add value to the deal?
I REZONED a residential property to COMMERCIAL.
What was the outcome?
As part of my divorce in 2018 (the prop was Joint Titled husband-wife) I sold the prop not for the $1.5 MM AND $1.8MM offers I had (because my ex-wouldn't cooperate) . I sold and closed in 30 days for $560,000.
Lessons learned? Challenges?
$1MM LESSON. Your name ALONE (Or your LLC) will be on TITLE for any property you buy. Anyone can be on the loan. In NC, 1 spouse can buy but it takes BOTH signatures at closing to sell. I advocate staying single and living together! Even a deranged spouse going thru divorce will 'sign off' at closing to get their 50:50 share Of $1MM.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Always recommend utilizing credit unions when you can.