Intro:
In 2022, I dipped my toe into land investing, and the very first deal I landed became a defining moment for “Statesville Steve.” It started with a burned-down house, a tangled title, and a cold lead from a man we’ll call “Denny”. By the end, a $6,000 lot turned into a $215,000 new construction. Here’s the full story of how it all went down.
The Lead & The Offer:
I was sending out direct mail through a platform called Pebble. One day, I got a call from Denny about a small lot he owned on the south side of Statesville. My offer? Around $1,650. He was interested but mentioned there was a co-owner I’d need to deal with. He gave me a number, but it was disconnected.
The Problem:
Due diligence revealed a deeper issue: a $25,000 deed of trust from 2006 when Mr. Denny bought the property. He said he bought it with owner financing from an LLC, owned by a man and woman. He paid them cash monthly but had no records. Eventually, the house became uninhabitable and was later burned down by squatters. The city cleared the debris, and Mr. Denny, still paying taxes, was stuck with the lot.
The Search:
I tracked down the former owners using the NC Secretary of State’s site, Facebook, and a program called Been Verified. Through a mutual friend on Facebook named Roger, I got a message to the woman. She reached out. I contacted the man directly after finding his number. They hadn’t spoken in years.
The Negotiation:
With no loan records and no interest in the property, I offered them $4,500 to release the lien. They agreed. I also checked with the city and found only minimal mowing fees were owed. I closed the deal, paying roughly $6,000 total, and had about $7,500 in it with closing costs.
The Exit:
I listed the lot on the MLS at $18,500 and sold it for $16,500. After commissions and closing costs, I netted around $8,000.
The Aftermath:
Not long after, a new home was built on the lot—appraised around $215,000. A forgotten corner of Statesville had new life, and my land investing journey was officially in motion.
Takeaway:
This deal taught me how to dig deep, solve real estate puzzles, and create real value. Sometimes all it takes is a $1,650 offer and a lot of determination.
– Statesville Steve