South State Street South State Street is currently being semi-gutted in hopes that spring will soon be here. Latest discovery: Our handyman, Tom, found 1x-material under a very wavy drywall ceiling. This home was purchased in January and was rented until the beginning of the month. We are transforming the bedrooms, bathroom and kitchen on this small urban home. The nice thing about this area of Raleigh is that it is rapidly being gentrified. We have watched price escalations in this area that rivals other, better heeled, areas of town. We are looking at an expected finish of the rehab in August. Make sure to check out our P & L page to see the numbers on this project.
Bessie Lane The house at Bessie Lane is somewhat of an atypical situation. We have never been to the house. Nor are we sure that we will go. It is located approximately 40 minutes outside of Raleigh in the community of Rocky Mount. This is a house that we bought at auction with a rough idea of what we thought it could be sold for, and a basic description of the home. A GC that came recommended by our Realtor, has looked the house over, sent us a bid, and is now working on the house. We expect to be completed on this home within the next three to four weeks. Make sure to check out our P & L page to see the numbers on this project.
Ellis Avenue This little house is in the small community of Dunn, NC. We picked it up for a song. It is what is often called a "Lip Stick" rehab. This means that we only cleaned it up and did a few basic repairs. Generally we do not do any of the work ourselves. However, to pay someone to drive from Raleigh to Dunn in order to do some basic tasks did not make sense, so, against our own policy, we went out to the home and painted, cleaned, and fixed it -all in one day. This house is now on the market for $70,000.00. Make sure to check out our P & L page to see the numbers on this project.
Windbyrne Drive This end-unit townhouse/condo has been a very slow closing property. We have had it inspected, have multiple bids on the repairs, have a signed contract, and are ready to rock and roll. However, the lawyers (NC requires law firms for closings) are having trouble sorting out a few items on the title. We will watch this closely to see where it leads, but still expect to close.
Lenoir Street We just picked this one up and closed recently. Keep watching as we transform this little box into a BOX BEND home. QUICK TIP: We always use an inspector and we usually put a contingency in the contract around that inspection. Note that auction properties usually do not allow for this contingency. We will update as we go along.
YEAH, BABY! Never lose: Either Win or Learn From It