Do a gut check and ask yourself the following questions: Do you have the money for the extensive repairs these houses often need? "Do you have a crew. If you plan to rehab and then rent, can you afford the house if you don't find a tenant? If you do your homework, there's little risk
You may not be able to recoup the cost of the repairs if the value of the house is depressed by widespread foreclosures or high crime in the area. I always suggest weekend and w.eek night drive throughs to get a real feel of the neighborhood when everyone is home from work and school
Don't turn on the utilities until you know the condition of the pipes. If the pipes cracked during a cold spell, water will leak into the walls, and mold could take hold when you turn the water back on.
If the house has been neglected, untrimmed trees, vines and bushes contribute to the deterioration of the house. Vines can crawl into the windows, and tree seedlings send roots down into the foundation. It doesn't take very big trees to mess up pavers, and dead branches crash into the house.
Banks generally require a home inspection when lending money for a mortgage. But even if you are paying completely out of pocket for an ultra-cheap find, all the pros say it's crucial to get an up-to-date inspection.
The Department of Housing and Urban Development is currently holding approximately 39,000 houses whose previous owners held mortgages insured by the federal government. HUD houses go to market about six months after foreclosure. Local governments get the first option to buy. After that, buyers who pledge to live in the house have the first opportunity to offer a bid. If the house is still on the market after a period of about 10 days, the listing is opened to investors. Owner occupants end up with about half of HUD's properties, according to HUD officials.
If HUD appreciates the value of a good inspector, inspectors likewise say HUD houses are better protected. The feds often take the steps to winterize the houses. They put anti-freeze in the traps, and drain the pipes. When HUD's involved it's a little bit better.
Investors who buy intending to do as little as possible to a house, hoping to resell for a profit when the market turns around, may find little profit and a lot of headache. Some cities are cracking down on neglectful property owners, charging penalties that increase over time, and unmaintained homes lose value quickly. But real estate pros and housing officials report that, overall, investors are a welcome and all-too-scarce resource, and most are fixing up the houses they buy for rent or resell. What's more, investors and new owner-occupants might get the satisfaction of helping to turn a hard-hit neighborhood around.
Great potential, but needs a lot of work. Brick ranch w/basement. Mold/mildew may be present in the home. Basement could be finished for more usable living space. Hom...
Listing courtesy of MATHERS REALTY.COM.
Low price AS IS, rent ready! very close to UNCC college campus. Located in the University area with good rental history. Poplar location priced low firm.
Listing courtesy of Wilkinson ERA Real Estate.
!!! Lot dimensions are per Mecklenburg County GIS ...... Buyer needs a new survey !!! State maintenance ends before getting to this property / Owner does not know if Wa...
Listing courtesy of Bestway Realty.
This Charming 2 Beds and 2 Baths Condo has an Awesome Floor Plan- Master Bathroom and a Fireplace in the Living Room and Vaulted Ceilings. Top Floor Unit with a Patio.
Listing courtesy of Bottom Line Realty & Mgmt LLC.
Ground level move in ready condo. This two bedroom and two full bath property offers brand NEW carpet and NEW interior paint. The home has a new dining light and ceilin...
Listing courtesy of Allen Tate Matthews/Mint Hill.
Property located 2 minutes from I485, shopping and whitewater rafting center. Recommended for investors or handyman buyer. House needs a ton of work. Sits on 1 acre/ba...
Listing courtesy of Black House Realty.
Beautiful 2.24 acre wooded already cleared for house on dead end street. Gated driveway. Water, sewer and gas available but tap fees have not been paid. Build your dream ...
Listing courtesy of Century 21 Murphy & Rudolph.
Dont miss this large, acre + lot with Mount Holly-Huntersville Road frontage (despite the address). This is a great piece of property that is level and ready for your bui...
Listing courtesy of Carolina Realty Advisors.
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