Inherited huge old house in Reidsville with costly repairs…

[Rachel Fenske]

Hello everyone,

I live in Greensboro and I’m trying to decide what is the most financially wise course of action. A real estate company told me the house needs too much work to rent out, and that an auction is the best course of action. It has an upstairs balcony door to the outside, and could potentially be converted into two units. Additionally, it needs a new roof, new HVAC, new plumbing, the septic is over 30 years old, the well could use a filter, a few new windows, none of the electric is up to code… and it’s on almost an acre of land…. It’s a beautiful old house and would be a real gem if it was restored, but I don’t have the funds or a credit score good enough to get a loan that big (without an insane amount of interest tacked on).

I’m hoping to turn someone on to it who loves restoring old properties, or start investing in a group that does and tell them about my house and invest as a team. Where would I even find a team? Is this a good idea, or should just auction it off to the highest bidder and be done with it?  

Thank you for your time and consideration,

Rachel