Buy my flip at 506 Reedy Creek Rd, Cary, NC - $399,900.

2,220 SF on main floor - 4 bedrooms, 3.5 baths on a 1+ acre lot zoned commercial, but grandfathered residential. Just completely renovated the top floor, which lives like a ranch (2,220 SF).

https://www.zillow.com/homes/for_sale/6408287_zpid/globalrelevanceex_sort/35.796798,-78.764112,35.793996,-78.768918_rect/17_zm/?view=public

12/5/2017 8:36:18 PM

Open house today from 12-4 for all you mosey folks.

12/16/2017 8:10:47 AM

Quote :

"Zoned for commercial, grandfathered for residential"

What are the implications of this

That you can run a business out of the house?

That a bunch of commercial buildings will be popping up around the house in a few years?

12/16/2017 11:04:12 AM

House is adjacent to a commercial building. U could use a third of the house for business purposes (think florist, CPA, photographer, etc). Would have to get site plan approved but could raze house and redevelop into a lot of other uses.

Went under contract today - 8 days on market. $395K

12/16/2017 10:46:37 PM

Back on the market.

1/8/2018 4:02:21 PM

I know Dominic, he's a good guy.

Hopefully you will get it back under contract soon.

1/8/2018 11:39:53 PM

I'm optimistic I will. If it doesn't sell by the end of January, I'll probly remove it for the month of February, raise the price and re-list in March for the spring market.

1/9/2018 12:02:53 PM

Back under contract. Got even more money this time, plus I got to keep the $1,500 from the last person that walked.

1/16/2018 10:26:17 AM

Sorry, not interested in buying a house from a Douche Bag

1/20/2018 11:42:21 PM

I do good work. Should get over my name.

1/21/2018 4:04:04 PM

Yeah...out of my price range...but I think he does great work. Kind of sad I never rented that place off centennial so I could walk to the farmer's market.

1/22/2018 6:40:12 AM

Still have that - coming up for lease this summer. Had girls for the past 2+ years that have been great tenants.

1/22/2018 2:16:42 PM

In breaking news - closing on this house a week from today. Went $100K over budget, but still coming out in the black. Barely made a 10% margin by the skin of my teeth. Learned a lot this time around and ready for the next project.

2/20/2018 3:15:11 PM

Do you include your labor in the budget or is all your time covered by the margin?

2/20/2018 10:14:47 PM

Labor not in budget. 2 previous deals had around 20-30 hours invested and both made on the $50-55K range. I probly had 150-200 hours in this one and will make around $36.5K.

For going $100K over budget and learning a lot about a number of trades, I’m happy to be walk-in away in the black. Normally target 15%+ returns on these.

2/20/2018 11:03:01 PM

It really hurts my brain to know that you are asking for nearly $200/sq ft.

2/20/2018 11:42:36 PM

Wake Co says he actually has ~2500 sqft. I guess that's basement?

But that's the Cary market (or anywhere near raleigh I guess). We bought a house a few streets closer to downtown Cary just to tear it down for ~$180,000. Building a 3300 sqft house on it, and it'll hopefully sell for $650+

2/21/2018 7:09:37 AM

^^ should hurt your mind that I'm getting it too. Got $180/SF.

House originally had a partially finished basement. Previous owner that lost it in foreclosure removed a spiral staircase that connected it. THe basement had 2 separate units, each with a den, kithenette and bathroom. One side needed cosmetic work (which I didn't touch) and the other had been taken back to the studs to remediate a mold issue (before I bought the house). There was no mold in the house when I got it inspected. Since it isn't connected, technically, you'd either need a Utility Dwelling Permit through the Town of Cary or find a way to connect it. I didn't want to mess with it and invest any more money, as I've already invested $155K into the house after buying it. I also didn't want to make it a 4,000 SF house and price it out of the range of what I knew it would easily sell for. As such, I only counted the square footage on the main floor, which looks/lives like a range and due to grade, has an 800 SF finished apartment (needs lipstick) and a 900 SF that needs to be refinished, but has all electrical, plumbing and studs in place.

2/21/2018 10:02:54 AM

my house and the surrounding areas are 200-275sqft in raleigh

2/23/2018 10:26:06 AM

You must be close to downtown. Hard to find good deals where I can buy and make money.

Eyeing a house in North Raleigh next - an inherited property. Not sure if I want to try to flip it and make a quick $25K or invest $50K into the house to make $50K+...decisions decisions...

2/23/2018 10:31:34 AM

Sold for $396K today

2/27/2018 8:30:40 PM