Get to know full-time distressed real estate investors, Noah and Christy Harris, and learn how Auction.com has opened their eyes to online real estate investing.
How did you get into real estate investing?
Christy: I am a farmer’s daughter who was taught my entire life to work hard, get good grades, go to college and then get to work. And I did. I graduated with a Psychology degree from Radford University (never used it), had a corporate job (making someone else wealthy), and worked 60 hours a week (rat race). I knew in my heart of hearts that if I wanted to live a purposeful life, one filled with meaning, passion, and experiences, then I had to do something different. I knew real estate was the way.
Noah: Growing up, my mother was an artist. She found a way to monetize her talent by painting faux finishes, murals and all kinds of elaborate paint finishes inside luxury properties in SW Florida. At a young age, I would help her with the prep work. While she would be up on the scaffolding, I would be chatting with the homeowner. More like interviewing them really. I’d ask them how they made their money. Regardless of what they did for a living, they always mentioned the value of investing in real estate. So when the time came to pick a career, real estate was all I could think about. My mother instilled the entrepreneurial mindset in me. Growing up she never had a boss. She was the boss (in more ways than one) and I wanted that too.
Do you invest primarily in distressed properties?
Yes, we focus on distressed real estate. No project is too big or too small. We primarily focus on single-family houses but have also been known to invest in manufactured and mobile homes. We follow a very strategic system when it comes to all phases of the business. We flip for profit and then take that profit and invest in rental property. Renovating for profit allows us to collapse time frames when it comes to building our rental portfolio.
What do you look for in a real estate investment?
As a husband and wife team, we have great balance. First and foremost, the numbers have to make sense. This is typically Noah’s role. Christy is the master at understanding what buyers want. We look at what can be done to a property and what our return on investment will be for certain improvements that we make.
How long have you been investing?
We’ve been at this for over a decade, and 7 years as a couple.
Working with Auction.com
Please describe your experience purchasing with Auction.com
We purchased a property online at Auction.com. The process was super simple. We had our eye on a townhouse that we felt could be a great deal. We were familiar with the area and what repairs may be needed to the property. I logged in the day the auction ended. The price went back and forth a bit, but in the end, we were the highest bidder. Come to find out, we didn’t meet the reserve. I was bummed. However, soon after I got a phone call from an Auction.com representative. The support team told me that my bid was so close to the reserve that they were going to try to get it approved. We ended up getting the property!
Did Auction.com make the buying process easier?
Yes. In real estate, so many things go this way or that, but Auction.com was very organized and professional. We closed on time, which in this business is a great thing!
What are the top benefits of using Auction.com?
Real estate provides us with a lifestyle in which we build our business around our family. Meaning, we love to spend time with our kids, travel, and get out in our community. No matter if we are sitting at home with the kids or halfway around the world, we can always pull up Auction.com and check out potential opportunities. Flexibility and freedom are important to us.
Property Information
Property city and state: Lexington, SC
Number of bedrooms/bathrooms: 3 Bedrooms 2 Bath
Square footage of property: 1,250
Purchase price: $30,050
What was the property’s estimated resale value? $50,000 (market value the time we bought it at $30,050)
How much did you spend to fix the property? $20,000
Sale price: $78,500
How long was the rehab process and how much work was needed?
From the time we bought the property to the time it was sold was 60 days. We did a full renovation of the kitchen, updated the bathrooms, painted, installed carpet and added a new roof.
Number of days on the market?
We sold this property prior to it hitting the retail market. We always try to advertise our houses prior to them being completed. In this case, a realtor brought us a buyer. The realtor found out about our property through online marketing.
What did you learn from this purchase?
We believe in having multiple marketing strategies. No matter if you’re looking to do one deal or 100 deals, you can’t just rely on a real estate agent to bring you deals. This transaction opened our eyes to what is possible on Auction.com and now we have added them to our marketing/property search routine.
What tips would you give to fellow investors?
You will never change your results until you change what you do daily. Success is found in your daily routine. When it comes to finding great deals, consistency is so important. Get on Auction.com daily, make offers daily, and crush it!
The information in this blog post, including all statements and valuations made by Noah and Christy Harris, is being provided for informational purposes only and not for the purpose of providing legal or real estate investment advice, and no liability is assumed by Auction.com with respect to such information.
