Rental Property Investor · Atlanta, GA · Member since 2018 · 8 posts · 2 votes
Long Backstory, but my Dad owns a house in Greensboro, NC but has not lived in it consistently in 4-5 years. He currently travels often for work and resides in TN. It is slowly rotting and needs significant repairs to get it prepared to sell to a typical home buyer for a primary residence. It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage. Market Range for neighborhood is $330-415k. Based on rough assessment, the following is needed just to get it listed:
Needs Low Mid High Roof $7,747.00 $12,580.00 $26,037.00 Siding $20,000.00 $25,000.00 $30,000.00 Windows $9,000.00 $12,000.00 $18,000.00 New Deck $8,000.00 $10,000.00 $12,000.00 Roof Leak Repair $2,000.00 $3,500.00 $5,000.00 Mold Mitigation $1,000.00 $2,500.00 $3,500.00 AC Units $13,000.00 $15,000.00 $18,000.00 Carpet Replacement $2,500.00 $3,500.00 $5,000.00 Kitchen Remodel $5,000.00 $10,000.00 $20,000.00
Total $68,247.00 $94,080.00 $137,537.00
Due to lack of capital to fund these repairs, I believe the best option is to find an investor looking to flip.
Sell it for $220-240k range
Investor puts in $60-90k,
Flips for $350-400k realizing a profit of $50-100k.
Any thoughts or investor leads are greatly appreciated!
Would definitely be interested in checking out the property! I’m on the hunt for my next primary and would like it to be a project. Which part of town is it in? Happy to help with listing if that’s the way you decide to go too!
One thing to remember is the flipper will have $30k- $40k in financing during flip and closing costs to buy the home then another $25k when they selll so that will play into the numbers that need to be considered.
We live in Greensboro, which area of Greensboro is the house located in? Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?
Would definitely be interested in checking out the property! I’m on the hunt for my next primary and would like it to be a project. Which part of town is it in? Happy to help with listing if that’s the way you decide to go too!
We live in Greensboro, which area of Greensboro is the house located in? Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?
Hello! I doubt it would qualify for a conventional loan with the repairs that need to be completed. It is in the Sedgefield area!
Would definitely be interested in checking out the property! I’m on the hunt for my next primary and would like it to be a project. Which part of town is it in? Happy to help with listing if that’s the way you decide to go too!
Hey @Matthew Morris! I work for a local house flipper in the Greensboro area (Winston Salem). I'd love to talk and get you an offer on it! I'll send you a message, feel free to reach out any time, no pressure or obligation at all.