Welcome to the Hammerhead Capital Monthly Newsletter! We appreciate you taking the time to stay updated on our latest projects and insights. Hammerhead Capital, founded by Wendell Butler, specializes in value-add real estate investments, focusing on multifamily properties, fix-and-flips, and land development. Our goal with this newsletter is to keep you informed about our active projects, share past successes, and provide valuable insights for prospective and future investors. Currently, our portfolio includes 45+ units across Massachusetts, North Carolina, and South Carolina, consisting of multifamily rentals, ongoing flips, and land acquisitions. We are always on the lookout for high-quality investment opportunities and strategic partnerships that generate strong returns. February was all about execution—wrapping up existing projects while actively hunting for new deals. As always, we remain focused on smart, disciplined investing to expand our portfolio and create long-term value. Stay tuned for more updates, and thank you for being part of our journey!

 Rock Hill, SC Fix/Flip #4 First Right of Refusal Agreement!

This property was originally listed on the MLS for $220,000, and within minutes, we submitted an offer of $160,000—contingent upon a walkthrough—because we had recently completed a flip in the area and knew its true market value. The sellers accepted our offer, drawn to our ability to close quickly, our flexibility, and our guaranteed closing. After inspecting the property, we discovered it needed more work than anticipated and successfully renegotiated the price down to $142,000. However, the sellers later found out they couldn’t secure financing for their next home, leading them to attempt to back out of the contract. Rather than forcing the sale—which we didn’t believe was the right thing to do—we negotiated a First Right of Refusal agreement instead. This means that whenever they are ready and able to sell, we have the exclusive right to purchase the property at a predetermined price before they can sell to anyone else. For example, if they decide to sell in five years, we get the first option at the agreed price, ensuring our efforts on this deal weren’t wasted. In real estate, unexpected challenges are inevitable, but success comes from creativity and adaptability. Deals don’t always go as planned, but with the right approach, you can turn obstacles into future opportunities!

 Rock Hill, SC Fix/Flip #3 Fell Through 🙁

Not every deal goes as planned in real estate. Unfortunately, this one fell through due to a misalignment between the wholesaler and the seller. However, we had safeguards in place to protect ourselves, ensuring that all due diligence and earnest money were fully refunded. Situations like this are a reminder of why it's crucial to structure deals properly and mitigate risk from the start. While setbacks happen, they’re just part of the game. The key is to stay focused, learn from the experience, and keep moving forward to the next opportunity!

 Rock Hill, SC Fix/Flip #5 Under Contract!

We came across this property through a Facebook investing group where a wholesaler was marketing it. We immediately reached out, scheduled a walkthrough with both the wholesaler and the seller, and reviewed the numbers. The wholesaler's asking price was $120k, but after our analysis, we submitted an offer of $115k. It’s crucial to always stay true to your numbers, even if it means offering below asking. What made the difference in this deal was our approach: we were upfront, fast with our offer, and easy to work with. Despite receiving higher offers from others, the wholesaler chose us because of our track record of closing deals and our straightforward process. Sometimes, the terms and reliability of the deal matter more than just the price. We’re purchasing this property for $115k, with an estimated $40k in rehab costs, and we expect the ARV to be between $210k and $220k. While this deal is a solid "base hit," it should be a relatively easy flip with minimal capital required for a nice return. The property is currently going through probate, which will delay closing, but we expect to finalize in the next month or two and then get to work.

  Charlton, MA Multifamily Stabilization Project Under Contract!

This deal comes from a seller we've worked with before. A few years ago, we purchased an 8-unit property from him, and the process went smoothly—helping him get out of a challenging situation. Because of our positive experience, he reached out to me again for this opportunity. This time, it’s a 7-unit property (a package of one 4-unit and one 3-unit) with a similar situation to the previous deal. The seller has low-paying tenants, the buildings need significant work, and he’s been struggling to sell it. He initially brought the property to us at a price of $700k, but we were able to negotiate it down to $675k. To make the numbers work on our end, we also secured 10% seller financing at a 5% interest-only term, which is a win-win for both sides. We plan to purchase the property for $675k, invest between $180k and $200k in renovations, and raise rents significantly (almost doubling what they are now). Once completed, we’ll either sell or hold the property. After all is said and done, we anticipate the property will be worth over $1.1M, ensuring a strong return on investment. We’re on track to close by the end of March and are excited to get started on this one!

 Rock Hill, SC Fix/Flip #4 Closed!

We’re excited to announce that we officially closed on this property in late February! We acquired it for $225k and have budgeted a maximum of $20k for renovations. With an expected ARV of $310k-$320k, this is shaping up to be a quick flip with strong profits. We’ve already cleared out the property and begun cosmetic improvements. With a 2-3 week timeline to completion, we’re on track to list it back on the market shortly after finishing the updates. Looking forward to seeing this one come together!

 Waxhaw, NC Whole-tail Renovations Completed and Listed!

We secured this property from a wholesaler just before the new year and made sure to close before 2025 arrived. The sellers were under pressure to sell by January 1st, 2025, due to a looming fine tied to personal family circumstances. We acted quickly to close the deal and help them avoid the penalty. Thanks to our fast action, we acquired the property for $415k, despite its current as-is value being around $530k. The property required minimal work—just a few touch-ups, a deep clean, and a quick listing. We invested about $5,500 in renovations and staging, completing everything within two weeks. The property is now listed, and you can view the listing below! This deal is a perfect example of a "wholetail"—where you acquire a property at a significant discount that doesn’t need extensive work. It’s the ideal scenario, and we’re hoping for a quick sale!

Charlotte, NC Fix/Flip Renovations Started!

Renovations are officially underway on our Charlotte, NC fix-and-flip! This deal was sourced through our real estate agent network, where we connected with an agent representing a seller in a time crunch. The seller needed the proceeds from this sale to secure the loan for their new property, which was already under contract. We stepped in quickly to help alleviate their stress, ensuring they could close on their new home on time. We acquired this property for $260k, and the after-repair appraisal came back at $390k—higher than the $370k we initially underwrote for, which is fantastic news!

The property needed some minor touch-ups and a full kitchen renovation, where we’re expecting to invest around $35k-$40k. Additionally, we’ve opened up a wall between the kitchen and living room to create a modern, open-concept layout that’s already looking incredible. We’re on track to complete renovations and list the property by mid-to-late March. Stay tuned for more updates as we move forward with this project!

Rock Hill, SC Fix/Flip #2 Cosmetic Portion of Renovation Underway!