Dad's NC House is Slowly Rotting - Likely Need to sell As-Is!

[Matthew Morris]

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!

[Chris Seveney]

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.

[Abbas Jamal Eddine]

Hi Mathew,

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?

[Jayme Currie]

Hi Matt,

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!

[Matthew Morris]

Quote from @Abbas Jamal Eddine:

Hi Mathew,

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!

[Matthew Morris]

Quote from @Jayme Currie:

Hi Matt,

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!

 Hello Jayme! It is in the Sedgefield area!