The Bowles Automotive Commercial Building was acquired and then sold to the business owners under favorable terms.
The Mooresville Eightplex was acquired in 2010. The property was acquired by sourcing local owners. The key to our success with this property was that we were able to purchase it in the right part of the market cycle when prices were severely depressed. Buying right and implementing sound property management strategies allowed us to exit successfully in 2015.
The Endless Fitness Commercial Building was acquired in 2016 as a triple-net lease with the tenant (gym business) having 4 years remaining on the lease. The two features that made this deal appealing were below-market rents and seller financing.
CHINA GROVE, NC
The Stirewalt Flip was acquired in August of 2017. The property was purchased off market by a burned out landlord. We were able to acquire the property at a discount at $70/SF. After looking at comparables, we determined we could do a full cosmetic renovation of the exterior, kitchen, and bathrooms. After performing the necessary rehab, we successfully exited in December 2017.
In the Summer of 2016, we purchased the Mooresville SF. This is a 1400sf 3 bedroom, 2 bath ranch style home well positioned within the nationally recognized Mooresville School system.
The Airport Duplex was purchased in Spring of 2016. The seller was a burned out landlord who had no desire to continue the rental business. Finding a motivated seller allowed us to purchase the property nearly 25% below asking price.
In Spring 2013, we entered the real estate business with the purchase of the Landis Duplex. The first deal taught us many important lessons that we have continued to apply. Most notably is the importance of developing genuine relationships. This is also the property we cut our teeth learning the ins and outs of property management (Tip: Screening tenants is very important if you'd like to prevent your property from catching fire due to a meth lab experiment)