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June 2025 Newsletter
Thank you for following along as we continue to grow and invest with intention. Hammerhead Capital, founded by Wendell Butler, specializes in value-add real estate investments—ranging from multifamily properties and fix-and-flips to land development. Our current portfolio includes 45+ units across Massachusetts, North Carolina, and South Carolina. In May, we successfully wrapped up several projects and actively pursued new opportunities. As always, our focus remains on disciplined, numbers-driven investing that delivers long-term value. We appreciate your support and look forward to keeping you updated as we scale our impact.
Wendell Butler
June 05, 2025
Hammerhead Capital Activity
NEW DEALS
In May, we submitted over 20 offers on fix-and-flip properties and development land opportunities. While none were accepted, we came close on several—but we always stay true to our underwriting. We do have multiple offers out and still in play, so we will keep you posted on those! Discipline over ego is what keeps us in the game long-term. A milestone this month: we funded our first promissory note to a fellow investor, marking another strategic way we’re putting capital to work. Our current projects are progressing smoothly, and we’ve included key updates below. One of our projects is newly under contract as well to sell! Despite the competitiveness of the Charlotte market, quality deals are still out there for investors who lead with discipline. We’re seeing many properties overpriced and sitting, which is a recipe for shrinking margins. Our approach remains data-driven and unemotional—focused on calculated risk, not chasing volume. In today’s environment, patience and precision are the real competitive edge.
Matthews, NC Investment Promissory Note!
While we didn’t have any accepted offers on properties or land in May, we did complete a win-win lending deal. We provided $10,000 in short-term funding to a fellow investor who needed capital to finalize a novation agreement. After reviewing the numbers, we saw a clear opportunity and stepped in to help—earning a flat $2,000 return on top of our $10,000 once the property sells. Just three weeks after funding, the property is already under contract! A great example of smart collaboration and getting deals across the finish line.
CURRENT PROJECTS
Gastonia, NC Fix/Flip Renovations Completed and Listing Soon!!
In April, a trusted wholesaler brought us a promising off-market deal, initially priced at $79,300. After some back-and-forth, we locked it up for $80,000—despite higher offers—thanks to our reputation for speed and certainty. We secured 100% financing through a private lender we've partnered with before, covering both the purchase and renovation costs while avoiding heavy closing expenses. The property needed around $30K in cosmetic updates and landscaping, with an estimated ARV of $165K—potentially up to $200K given the location. Renovations wrapped the first week of June, and we’re now entering the listing phase. We expect a strong sale north of $200K. Stay tuned for jaw-dropping before-and-after photos!
Charlton, MA Multifamily Under Contract to Sell!
Our 7-unit property in Charlton, MA is officially under contract—less than two months after acquisition! Renovations were completed ahead of schedule, and we’re thrilled with how this project has performed. We purchased the asset for $675,000, invested approximately $155,000 into renovations, and increased the rent roll from around $5,000 to over $10,000. Now under contract for $1,130,000, this deal is on track to deliver strong returns for both our investors and our team. The Charlton property has exceeded expectations, and we’re excited to bring it across the finish line.
Rock Hill, SC Under Contract to Sell!
We closed on this property at the end of February for $225,000, with a renovation budget capped at $20,000. Our contractors came in just under budget at $17,000, and the work was completed quickly. We listed it at $319,900—and within hours, it was under contract at full asking price! The ROI on this quick flip is exactly the kind of efficient, high-yield deal we aim for. We’re on track to close in the coming weeks and are excited to hand it off to the new homeowners!
Charlotte, NC Fix/Flip Renovations Completed and Listing Soon After Possible Land Subdivide!
Renovations are complete on our Charlotte, NC fix-and-flip! We sourced this off-market through our agent network, helping a motivated seller close quickly. We purchased the home for $260K and invested $42K in renovations—including a full kitchen remodel and layout improvements. The after-repair appraisal came in at $390K, surpassing our original $370K estimate. As we prepared to list, we uncovered a value-add opportunity to subdivide the lot, potentially unlocking $100K+ through a land sale or $180K+ via a new build. With conservative underwriting, we're well-positioned to hold while finalizing the subdivision—expected any day now. Stay tuned for finished photos and updates on this exciting play!
Rock Hill, SC Land Deal TERMINATED!
In our last update, we shared that we were in due diligence on a parcel in Rock Hill, SC, exploring the feasibility of developing six duplexes after subdivision. We engaged with the city and submitted a sketch plan. They responded with detailed feedback outlining an extensive list of requirements for approval. After reviewing the city’s notes, we informed the seller that we couldn’t proceed without securing entitlements upfront. We requested an extension to complete the entitlement process prior to closing. Unfortunately, the seller declined, and as a result, we terminated the deal. This is a textbook example of why thorough due diligence is non-negotiable. If we had moved forward without entitlements in place, we risked losing tens of thousands of dollars. Walking away was the right call. Smart investing isn’t just about finding deals—it’s about knowing when not to do one.
Rock Hill, SC Fix/Flip Under Contract!
We sourced this deal through a Facebook investing group where a wholesaler was marketing the property. After a walkthrough and quick analysis, we offered $115K—below the $120K ask—by sticking to our numbers. Despite receiving higher offers, the wholesaler chose us for our speed, transparency, and proven ability to close. We’re acquiring the property for $115K, budgeting $40K for renovations, and expect an ARV of $210K–$220K. It's a solid base hit with minimal capital and a smooth flip ahead. The property is currently in probate, so closing is delayed slightly, but we expect to finalize within the next couple of weeks and begin work right away.
32 Unit in Lancaster, SC
We’re excited to share that the refinance on this property is set to close this June, following some delays on the bank’s end. This key milestone will allow us to bring all preferred returns current and strengthen our operating reserves. With operations now stabilized, we expect strong ongoing cash flow in the 8–10% range. Investor distributions began in March 2025, reinforcing our commitment to timely, consistent returns. Once stabilization is fully complete, we plan to exit the asset with strong upside for our investors.
RECENT FINISHED PROJECTS
Rock Hill, SC Fix/Flip Sold!
This project pushed us through nearly every challenge imaginable—delayed permits, stop-work orders, surprise leaks, and even a few disappearing subcontractors. Despite the setbacks, our team pushed through, completed renovations beautifully, and delivered a strong end result. Although we were delayed by about two months, we always underwrite conservatively, accounting for potential cost overruns and extended timelines—allowing us to still hit our projected profit. We listed the property in early March and received multiple offers within days, ultimately going under contract for $405,000—$5,000 over asking—just four days after hitting the market. We’ve officially closed and are thrilled to pass this home on to a happy new family. On to the next one!
Waxhaw, NC Whole-tail Sold!
We acquired this property from a wholesaler just before the New Year, closing quickly to help the sellers avoid a looming fine tied to personal circumstances. By acting fast, we secured it for $415K—well below its $525K as-is value. With only $7,500 invested in light touch-ups, cleaning, and staging, we listed the home and accepted a $510K offer after about 60 days on market. While slightly under asking, the quick timeline and low renovation costs kept our profit right on target. Given the property's location in a 55+ community, we opted for a faster close over waiting and risking increased holding costs. This deal is a textbook example of a successful “wholetail”—minimal work, fast turnaround, and strong returns.
Introducing Our Team Members!
 CLAIRE Claire is our incredible executive assistant who consistently goes above and beyond to tackle any request. Her multitasking abilities allow us to focus on sourcing new deals and growing the business. From crafting this newsletter to managing website updates, scheduling, and communications, Claire is essential to our daily operations. Without her, we'd be lost. We’re truly grateful for her unwavering support and continuous growth! |  IVY Ivy is our talented marketing specialist who elevates our project updates, ensuring social media posts are polished, videos and photos are expertly edited, and our podcast is curated to perfection. Her contributions are key to shaping our brand and expanding our reach—without her, many of you wouldn’t know who we are. Ivy is an invaluable member of our team, leading brand management and keeping us engaged with our audience. |
New Business Partnership Born!
 | After months of successful collaboration with Brian Wolf of Wolf Dens & Dwellings LLC, we’re excited to announce the launch of Tide & Timber Ventures LLC. This new partnership is focused on fix-and-flip projects, with plans to flip 30-50 properties annually in the Charlotte, NC area. They say if you want to go fast, go alone—but if you want to go far, go together. We’re thrilled about the future and the countless opportunities this partnership will bring! |
Real Estate News
Fix and Flip Market Update
Charlotte’s fix-and-flip market stayed strong in May, with median home prices hovering around $427,000 and projected to reach $430,000–$440,000 by year-end. Inventory remains tight in the $300K–$500K range, driving demand for well-renovated homes. While over 22,000 new units are in development, most are priced above entry-level, keeping value-add flips highly attractive. With solid job growth and buyer demand, disciplined investors continue to find strong opportunities in this competitive market.
Mortgage Rate News
In May 2025, the U.S. mortgage market remained relatively stable. The average 30-year fixed mortgage rate hovered around 6.58%, showing minimal movement from April. Economic indicators—such as steady inflation and cooling job growth—kept the Federal Reserve’s policy rate unchanged. Market sentiment continues to anticipate potential rate cuts later in the year. Fannie Mae maintains its forecast of a 6.4% average for 2025, with a possible drop to 6.1% in 2026. For investors and buyers, these conditions support cautious optimism, with borrowing costs still elevated but showing signs of softening.
Podcast Spotlights!
🎙 New Podcast Feature: Why Underwriting & Communication Are Key in Local Real Estate - Episode 238 of Zen and the Art of Real Estate Investing is now live!
 | In this episode, host Jonathan sits down with Wendell Butler, founder of Hammerhead Capital, to explore how mastering underwriting and clear communication can unlock incredible opportunities in real estate—especially for new investors. Wendell shares his journey from military officer to real estate entrepreneur, leveraging VA loans for his first house hack, and building a portfolio across MA, NC, and SC. He dives into why solving problems for sellers is more important than chasing price and what separates top investors when raising capital. |
Whether you're just starting or scaling your portfolio, this episode is packed with real-world advice on:
How Wendell transitioned from the military to real estate
Leveraging VA loans and launching his first investment
What makes investors successful at raising money
Tips for standing out with honesty and problem-solving
Coaching others to do the same—and common mistakes to avoid
 | Excited to share that I had the honor of joining Episode 3 of the Commercial Real Estate Unfiltered Podcast! We dove deep into Real Estate Riches: Unlocking Value-Add Opportunities — breaking down how to spot hidden potential, increase property value, and build long-term wealth through smart commercial real estate plays. Whether you’re an investor, developer, or just curious about how CRE deals get done, this one’s for you!! |
Real Estate Take Podcast!
 | In May, I had the honor of speaking at the Charlotte Real Estate Meetup “Launch REI,” an incredible event hosted by Chris Tyler and the Jay White Group. I always appreciate the chance to speak at events like this—it’s an opportunity to give back by sharing real, hard-earned insights from my journey. During my talk, I covered how I transitioned from a traditional 9-to-5 into full-time real estate investing, along with key lessons learned along the way. |
I also shared my current market outlook, investing strategies that are working in today’s climate, and a few stories from the trenches. Whether you're on stage or in the audience, events like this are invaluable. Surrounding yourself with like-minded investors and entrepreneurs is one of the best ways to grow, both personally and professionally.
Real Estate Take Podcast!
We have released episode 22 and episode 23. Episode 22 features Tyler Jordan, a visionary real estate developer specializing in high-end luxury properties designed to host business conferences, corporate retreats, and events. Tyler shares how he uses creative investment strategies to enhance company culture and unlock unique opportunities for business growth.
Episode 23 brings the incredible story of Seth Sundberg—a former NBA player turned multifamily investor. Seth’s journey includes not only professional sports and real estate but also overcoming a major life setback after serving time in prison. His comeback story is powerful, and his insights into multifamily investing are second to none. More episodes are on the way—stay tuned and make sure you’re subscribed so you don’t miss what’s next!!
