Flipping 400+ Homes in NC with Auctions, Spec Homes & Secrets

Ryan Hall is a seasoned real estate investor operating throughout southeastern North Carolina, especially in Wilmington and Jacksonville. With nearly two decades in the business and over 400 house flips completed, Ryan’s career combines flipping houses, wholesaling, and infill new construction.

Holding a general contractor’s license, he's able to execute bigger rehabs and pivot strategies during market shifts. His story highlights adaptability, local market knowledge, and operational efficiency.

In an episode of the DealMachine Real Estate Investing Podcast, Ryan Hall shares his journey from courthouse flips to off-market mastery. Want to hear the full interview? Watch the full episode below:

How to Get Started in Real Estate

Ryan began in real estate after earning a psychology degree from UNC Wilmington. He worked in mental health but found the pay low and the work demanding. Influenced by house flipping shows on TV and a connection at church who wholesaled properties, he took the leap into real estate.

His first flip was a 1950s brick ranch located only 20 feet from a highway, a deal he admits he wouldn't touch today. He took nearly a year to rehab the property because he attempted to do almost everything himself.

"It was a house I’d never touch today. It ended up working out all right, and I learned a lot on that first one."

Ryan compares the process to learning long division by hand before being handed a calculator. The experience taught him to delegate and focus on what he does best.

Early Flips: Lessons in DIY and Delegation

His second property was a smaller home in a Wilmington retirement community. While he still did much of the work himself, he began outsourcing tasks he wasn’t skilled at. For example, he hired a trim carpenter to replace his time-consuming efforts using a plastic miter box and hand saw.

"Once you figure out what you're good at and what you're not, delegating things out works much better every time."

He also realized that speed was key. A faster rehab reduces holding costs such as taxes, utilities, and interest payments. His second project wrapped in about three months, a huge improvement over his first.

Finding Deals: MLS, Auctions, and the Courthouse

Ryan’s first deal came from a local wholesaler. His second was sourced from the MLS during the 2009 market downturn. Between 2009 and 2014, the MLS provided good value, but the window soon closed.

To scale, Ryan focused on courthouse-step auctions. From 2011 to the start of the COVID-19 pandemic, these foreclosures were his primary lead source. Between 2018 and 2019, his team was flipping 60 to 70 houses a year.

"We found a niche at the courthouse. If it went for sale and the numbers worked, we had it."

As more investors entered the space around 2016 to 2018, competition at auctions surged. When COVID moratoriums halted foreclosures, Ryan's deal flow dropped sharply.

COVID Pivot: From Auctions to Spec Building

With courthouse inventory down, Ryan pivoted into spec building, leveraging his contractor's license. He purchased infill lots in neighborhoods with strong resale values and built homes with margins four to five times higher than flips.

He bought 15 to 20 lots early, before prices spiked, and completed 5 to 7 spec homes annually. This strategy offset the lost volume during foreclosure shutdowns.

"Spec homes had bigger profits, but fewer projects. They helped us stay profitable when flips slowed."

Off-Market Marketing: Building a Lead Engine

By early 2024, Ryan added off-market lead generation to his strategy. Encouraged by fellow investors and contractors, he joined a course by investor Chad Carson that introduced him to direct-to-seller marketing tactics.

He adopted tools like:

• Direct mail campaigns with neighborhood-specific targeting
• Driving for dollars apps for mapping and list creation
• PPC ads and paid lead platforms to capture seller intent

"I kept hearing from my contractor that other guys were crushing it off-market. I decided I had to figure it out."

These efforts have significantly rebuilt his flipping volume and allowed him to ease off spec building.

Using Direct Mail and PPC

Ryan uses targeted marketing lists with filters including:

• Owner age
• Property age (post-1970)
• At least 30–35% equity
• Absentee or owner-occupied
• USPS-mailable addresses
• Building condition marked “below average” by the assessor

He mails repeatedly to the same owners, knowing that life events drive decisions to sell. These efforts help him connect with motivated sellers ready for a quick, cash offer.

Filters That Save Time and Boost Profit

He also adds unique filters such as:

• “Below average” condition from the county assessor
• Double-lot detection via lot numbers containing commas or hyphens
• Minimum acreage (e.g., 0.35 acres) to isolate potentially splittable lots

These smart filters reduce wasted outreach and increase lead quality.

The Power of a Clear Buy Box

What is a buy box in real estate?

A buy box is a specific list of property criteria, like age, size, location, and condition, that an investor uses to quickly assess whether a deal is worth pursuing.

Ryan’s buy box includes:

• Built in the 1970s or later
• Minimum two bathrooms
• Located within a 90-minute drive
• At least 30–35% equity

He avoids:

• Homes with crawlspace or foundation issues
• Aluminum or knob-and-tube wiring
• One-bath homes and overly distressed properties

"Old crawlspaces in the Carolina heat are nightmares. I’ve learned to avoid the headache."

Vacant Land & Double Lot Strategies

Ryan also markets to vacant lot owners, targeting:

• Specific neighborhoods with infill potential
• Municipal sewer (to avoid septic-only sites)
• Owners aged 65+, who may be estate planning

He uses mapping tools to outline neighborhoods and sends mail to all qualifying lot owners.

For double-lot flips, he filters for lot numbers containing commas or hyphens, then verifies potential splits using aerial maps and minimum lot width or acreage.

"You can break even on the house and profit from the lot. That changes the whole math on thin deals."

Managing Contractors and Delegating Wisely

Ryan retains control over high-level decisions and project management, while delegating skilled trades to trusted specialists. His hands-on background lets him manage timelines and pricing with accuracy.

"Doing the work yourself helps you know what you’re asking others to do."

He works closely with shared contractors who often tip him off about successful peers and changing market dynamics.

Why Speed is the Real Profit Multiplier

Why does speed matter in house flipping?

Speed reduces holding costs, taxes, insurance, utilities, and loan interest, improving overall profit.

Ryan emphasizes:

• Fast rehabs reduce expenses and improve ROI
• Delegation maximizes efficiency
• Systems that improve turnaround time are essential

"We’ve learned to skip slow rehabs unless the spread is worth it. Speed is a profit center."

From Flipping to Rentals: Planning for Long-Term Wealth

Now 40, Ryan plans to build a rental portfolio. While flipping offers high returns, it's labor-intensive. Rentals provide stable, long-term income and allow him to slow down.

He joined Chad Carson’s RPM community (Rental Property Management) and is focused on curating a small, efficient rental base.

"I’m ready to move into harvest mode. Flipping is great, but rentals are how I build something lasting."

Key Takeaways from Ryan Hall’s Journey

• Flipped 400+ houses in southeastern NC over 18 years
• Scaled using courthouse-step auctions, then pivoted when supply vanished
• Built 5–7 profitable spec homes annually during pandemic lows
• Adopted off-market strategies in 2024 to rebuild flipping volume
• Developed a strict buy box to increase deal speed and consistency
• Uses filters like condition, equity, and double-lot flags to refine searches
• Plans to transition toward rentals for long-term wealth

"Control the lead flow and you control the product."

FAQs About Real Estate Investing in North Carolina

How do investors find off-market real estate deals in North Carolina?

Investors use direct mail, driving for dollars, PPC ads, and paid lead services. Tools like DealMachine help identify motivated sellers using filters for equity, age, and property condition.

What is a buy box in real estate investing?

A buy box is a specific list of deal criteria that helps investors quickly assess potential deals. Ryan’s includes homes built after 1970, with two or more bathrooms, within 90 minutes of his office, and at least 30% equity.

What are the risks of flipping older homes in coastal North Carolina?

Older homes often suffer from crawlspace rot, mold, outdated electrical systems, and foundation issues, especially in humid climates. Ryan avoids these high-risk flips to maintain fast timelines and consistent profits.

Is flipping or building spec homes more profitable?

Spec homes yield larger profits per project but come at lower volume. Flipping offers faster turnover. Ryan balances both based on market conditions and project load.

How can real estate investors adapt to market changes like COVID?

Diversify your lead sources. When courthouse auctions dried up, Ryan pivoted to infill spec builds and later implemented a full off-market marketing strategy.

Ryan Hall’s approach blends smart filtering, local insights, and systems that scale. His ability to adapt, whether through courthouse deals, infill builds, or direct mail, offers a model for resilient real estate investing in dynamic markets.