The Roanoker - September/October 2020 - 73

FACING PAGE, CLOCKWISE:
The Paynes' successful business
model of renovating older homes
quickly became a passion.

1841 Warrington Rd.
Bought in 2017 for $156,950
Sold in 2017 for $330,000

TheRoanoker.com

2320 Lincoln Ave.
Bought in 2017 for $110,000
Sold in 2018 for $343,800

ABOVE:
Phillip focuses on the
bones of the house while
Kimberly shows off her
expert design style.

THE PAYNES' ADVENTURE IN
remodeling Raleigh Court began with a
drive home from the office.
It was fall 2016 and Phillip had
spent the last eight years managing the
renovation of two prime downtown
properties - the Woolworth building
on Campbell Avenue and 135 West
Salem Place.
Kimberly was juggling real estate
sales and raising a preschooler. What
if, she'd asked Phillip, he shifted to
smaller construction projects? They
could buy, remodel and sell homes in
their own neighborhood. It would make
their world a little smaller, maybe even
a little simpler.
That's when Phillip passed an estate
sale a few blocks from home. He
stopped in. Saw the card of a realtor
he knew. Phillip called and asked: How
much was the home selling for? What
was the sellers' time frame?
Two days later, the property on
Wakefield Road belonged to the Paynes.
"It was perfect for us," Phillip recalls.
"It really created our business model."
Which quickly became: Find an
older home in Greater Raleigh Court.
Ideally, it would have had only one or
two owners (minimizing the number
of modernizations it had undergone).
It would feature unique characteristics
that the Paynes could preserve and
elevate. But it would require significant
updating - revamping the electricity,
putting in a new sewer line, adding a
bathroom or moving a laundry room
out of the basement. Almost always,
rooms would be opened up and kitchens

1716 Greenwood Rd.
Bought in 2018 for $185,000
Sold in 2019 for $389,000

1246 Wasena Ave.
Bought in 2019 for $120,000
Sold in 2019 for $273,338

SEPTEMBER/OCTOBER 2020

73


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The Roanoker - September/October 2020

Table of Contents for the Digital Edition of The Roanoker - September/October 2020

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The Roanoker - September/October 2020 - Cover3
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