All Forum Posts by: Aaron Wilson

@David Macias I'm affiliated with Fathom Realty in the Triangle area and started serving as a mentor for new agents recently. Feel free to reach out with any questions about Fathom or the mentorship program! The mentorship program is solid, but success as a real estate agent is ultimately up to the individual and their work ethic.

I lead a real estate team in the Triangle and we aren't seeing this happening with our transactions. With that being said, we also pull comps before we show a property so any of our financing clients would most likely pass on viewing a home where the list price has little comp support.

Investment Info:

Single-family residence fix & flip investment in Raleigh.

Purchase price: $480,000
Sale price: $743,500

My GC partner and I purchased a 1964 split level home in the North Hills area from the original owner. This home has 4 bedrooms, 3 full bathrooms, and 2,068sf. We positioned the property for a luxury buyer and sold it for $360/sf and bought for $232/sf.

Zillow Link: https://www.zillow.com/homedetails/5405-Emerson-Dr-Raleigh-NC-27609/6393875_zpid
YouTube Link: https://youtu.be/Nul6DWTdfjk

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

I live in the North Hills neighborhood and did a live-in flip at my primary residence. I watch the inventory in the 27609 zip code very closely and can recognize good buying opportunities. Due to the ongoing development in North Hills, there is great buyer demand and strong comp support for high end flips.

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

I found the property on MLS and represented myself in the purchase.

How did you finance this deal?

Conventional loan, 25% down plus additional cash for the renovation.

How did you add value to the deal?

New kitchen, 3 full bathrooms, deck, natural gas service, tankless water heater, extensive landscaping, and more.

What was the outcome?

We made $60k net profit on this project. Fortunately, there's a lot of room for improvement which will allow us to be more efficient on future projects and improve our profits. We were hoping to hit $80k+ at the start, but the market cooled a bit with rising interest rates.

Lessons learned? Challenges?

Many lessons were learned on this project. My wife had our second baby during this time and I lead a real estate team so it was difficult to juggle everything. It was a challenge to find reputable subcontractors and we learned who we would use and who we wouldn't use again. We also finished the project at an inopportune time around the holiday season. On future projects, we would ideally list in a prime home buying season.

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

I'm a real estate agent and represented myself in this transaction.

Investment Info:

Single-family residence fix & flip investment in Raleigh.

Purchase price: $480,000
Sale price: $743,500

My GC partner and I purchased a 1964 split level home in the North Hills area from the original owner. This home has 4 bedrooms, 3 full bathrooms, and 2,068sf. Major updates included: kitchen, 3 full baths, natural gas service, deck, extensive landscaping, and more. We positioned the property for a luxury buyer and sold it for $360/sf and bought for $232/sf.

Zillow Link: https://www.zillow.com/homedetails/5405-Emerson-Dr-Raleigh-NC-27609/6393875_zpid
YouTube Link: https://youtu.be/Nul6DWTdfjk

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

I live in the North Hills neighborhood and did a live-in flip at my primary residence. I watch the inventory in the 27609 zip code very closely and can recognize good buying opportunities. Due to the ongoing development in North Hills, there is great buyer demand and strong comp support for high end flips.

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

I found the property on MLS and represented myself in the purchase.

How did you finance this deal?

Conventional loan, 25% down plus additional cash for the renovation.

How did you add value to the deal?

New kitchen, 3 full bathrooms, deck, natural gas service, tankless water heater, extensive landscaping, and more.

What was the outcome?

We made $60k net profit on this project. Fortunately, there's a lot of room for improvement which will allow us to be more efficient on future projects and improve our profits. We were hoping to hit $80k+ at the start, but the market cooled a bit with rising interest rates.

Lessons learned? Challenges?

Many lessons were learned on this project. My wife had our second baby during this time and I lead a real estate team so it was difficult to juggle everything. It was a challenge to find reputable subcontractors and we learned who we would use and who we wouldn't use again. We also finished the project at an inopportune time around the holiday season. On future projects, we would ideally list in a prime home buying season.

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

I'm a real estate agent and represented myself in this transaction.

Investment Info:

Single-family residence fix & flip investment in Raleigh.

Purchase price: $480,000
Sale price: $743,500

My GC partner and I purchased a 1964 split level home in the North Hills area from the original owner. This home has 4 bedrooms, 3 full bathrooms, and 2,068sf. Major updates included: kitchen, 3 full baths, natural gas service, deck, extensive landscaping, and more. We positioned the property for a luxury buyer and sold it for $360/sf and bought for $232/sf.

Zillow Link: https://www.zillow.com/homedetails/5405-Emerson-Dr-Raleigh-NC-27609/6393875_zpid/
YouTube Link: https://youtu.be/Nul6DWTdfjk

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

I live in the North Hills neighborhood and did a live-in flip at my primary residence. I watch the inventory in the 27609 zip code very closely and can recognize good buying opportunities. Due to the ongoing development in North Hills, there is great buyer demand and strong comp support for high end flips.

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

I found the property on MLS and represented myself in the purchase.

How did you finance this deal?

Conventional loan, 25% down plus additional cash for the renovation.

How did you add value to the deal?

New kitchen, 3 full bathrooms, deck, natural gas service, tankless water heater, extensive landscaping, and more.

What was the outcome?

We made $60k net profit on this project. Fortunately, there's a lot of room for improvement which will allow us to be more efficient on future projects and improve our profits. We were hoping to hit $80k+ at the start, but the market cooled a bit with rising interest rates.

Lessons learned? Challenges?

Many lessons were learned on this project. My wife had our second baby during this time and I lead a real estate team so it was difficult to juggle everything. It was a challenge to find reputable subcontractors and we learned who we would use and who we wouldn't use again. We also finished the project at an inopportune time around the holiday season. On future projects, we would ideally list in a prime home buying season.

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

I'm a real estate agent and represented myself in this transaction.

Investment Info:

Single-family residence fix & flip investment in Raleigh.

Purchase price: $480,000
Sale price: $743,500

My GC partner and I purchased a 1964 split level home in the North Hills neighborhood from the original owner. This home has 4 bedrooms, 3 full bathrooms, and 2,068sf. Major updates included: kitchen, 3 full bathrooms, natural gas service, deck, extensive landscaping, and more. We positioned the property for a luxury buyer and sold it for $743,500 which was approximately $360/sf (bought for $232/sf).

Check out the after photos and video here!
Zillow Link: https://www.zillow.com/homedetails/5405-Emerson-Dr-Raleigh-NC-27609/6393875_zpid/
YouTube Link: https://youtu.be/Nul6DWTdfjk

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

I live in the North Hills neighborhood and did a live-in flip at my primary residence. I watch the inventory in the 27609 zip code very closely and can recognize good buying opportunities. Due to the ongoing development in North Hills, there is great buyer demand and strong comp support for high end flips.

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

I found the property on MLS and represented myself in the purchase.

How did you finance this deal?

Conventional loan, 25% down

How did you add value to the deal?

New kitchen, 3 full bathrooms, deck, natural gas service, tankless water heater, extensive landscaping, and more.

What was the outcome?

We made $60k net profit on this project. Fortunately, there's a lot of room for improvement which will allow us to be more efficient on future projects and improve our profits. We were hoping to hit $80k+ at the start, but the market cooled a bit with rising interest rates.

Lessons learned? Challenges?

Many lessons were learned on this project. My wife had our second baby during this time and I lead a real estate team so it was difficult to juggle everything. It was a challenge to find reputable subcontractors and we learned who we would use and who we wouldn't use again. We also finished the project at an inopportune time around the holiday season. On future projects, we would ideally list in a prime home buying season.

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

I'm a real estate agent and represented myself in this transaction.

@Alec Josepher I've had a few MD and DDS clients take advantage of doctor loan programs through Truist and First National Bank. They've all been very happy with the terms they were offered. I would definitely look into it if it's available to you!

@Nancy Noether I highly recommend John Hedrick with Ace Mortgage Group. The majority of our clients use him and receive excellent terms.

Hey @Kevin Casillas! I'm in Raleigh and have a number of investor clients. My team and I find ourselves working further and further away from Wake/Durham county as prices continue to push higher. Would you be willing to share more on the numbers/performance of your properties? I'm always curious to learn more about the markets adjacent to the Triangle. Thanks!

I agree with you @Bradley Bigham. I'm also a big fan of Angier, Lillington, Sanford, and Benson.