It’s not often we come across a property that literally stops us in our tracks. This townhouse, located in a sought-after North Raleigh neighborhood, is one of the most remarkable properties we’ve purchased. What made this property so remarkable, you ask? Well I’m glad you asked…
Unfortunately, like many of the properties we encounter, the seller’s situation was a sad one. A family member of the deceased seller was shocked to find the property in its current state. Needless to say, he was completely overwhelmed by the amount of trash that had accumulated inside the property. After contracting a junk removal company to clean out just 2 rooms, he began to realize this was going to be a very long and expensive process, especially since he wasn’t local to Raleigh. The seller contacted us and Craig met him at the property to discuss his options. He made him a cash offer and told him we could close in just a few weeks. He accepted the offer and seemed pretty relieved that he wouldn’t have to expend any more time or money into cleaning out the home.
We purchased the townhome at the end of June with the intention of selling it to another investor. After marketing the property to other local investors, we were thrilled to find that another Homevestors franchisee wanted to buy it and take on the repairs. We only owned the property for about a week and a half. Although I think this would have been a very profitable flip for us, I was happy to sell it and not have to touch a single wine bottle or empty K cup. We currently have 2 houses listed for sale, one that we’re about to list, and 2 projects in progress. Wholesaling this property to another investor was the right move for us – stress-wise, labor-wise and cashflow-wise. Biting off more than we can chew was soooo 2024 🙂
Meredith Worrell 