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.
Location, location, location! Two bedroom one bath home close to uptown Charlotte in up and coming area. Tenant occupied. Please do not disturb tenant. Please do not d...
Listing courtesy of Keller Williams Ballantyne Area.
Lovely level lot which could be subdivided ino 3 building lots. New construction on both sides. Very convenient to 485. Trailor will be removed from property. Lot is con...
Listing courtesy of Century 21 Murphy & Rudolph.
Singlewide 2BR/1BA on over half an acre near Mountain Island Lake in Charlotte. Inside you will find a large living area, eat in kitchen and 2 large bedrooms. Home sits o...
Listing courtesy of Wilson Realty.
Sold in AS IS condition. Fire damaged but repairable. Also corner lot, possible multi family. Be careful upon entry. Some floors damaged. Do not bring low ball offers. D...
Listing courtesy of Stikeleather Realty.
Gorgeous lot with an excellent location. This neighborhood with No HOA is just minutes from UNCC, IKEA, Harris Blvd., and the new light rail line. Toby Creek Greenway it'...
Listing courtesy of Wilkinson ERA Real Estate.
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