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.
Currently rented $700/mo. Lease expires 9/30/17. Please do not disturb tenant. Offers accepted contingent upon previewing and inspections. 7 day Due Diligence Period. ...
Listing courtesy of Richard L. Eppley & Assoc. Inc.
This is offered ONLY to investors. Current Rented $625 /mo. Lease expires 12/31/17. Offers accepted contingent upon previewing and inspections. (Due Diligence fee not...
Listing courtesy of Richard L. Eppley & Assoc. Inc.
Sold As Is - Where Is - Cash Buyers Only - Great Little Investment Property *** Seller has not taken possession - this would be a double close or he can assign purchasin...
Listing courtesy of RE/MAX Executive.
Cute brick ranch in Enderly Park! Homes has wood floors in most rooms, tiles in the kitchen area. Take Advantage Of This Amazing & Rare Opportunity.
Listing courtesy of Showcase Realty LLC.
Remarkable turn key investment property, with fast access to 485 and the South Carolina border. The close proximity to major roadways and entertainment means this propert...
Listing courtesy of Summit Properties Int'l LLC.
Beautiful 1.6 acres lot in Mint Hill, to build your future home on. Conveniently located minutes from I-485, and Mint Hill Athletic Association. Property perked for a 4 b...
Listing courtesy of Keller Williams Union County.
Second floor 2 Bedroom unit in Sharon Chase. Condo is in good condition. Covered patio with access from the living room and master bedroom. Convenient to restaurants a...
Listing courtesy of Nestlewood Realty, LLC.
Perfectly Located Lot awaits you to build your Dream Home. Close proximity to Lake Wylie, easy access to I485 & I77, minutes away to Rivergate and the Charlotte premium o...
Listing courtesy of WEICHERT, REALTORS Rebhan & Associates.
LOCATION!! LOCATION!! LOCATION!! Perfect lot for a builder or investor!! Cleared acreage with access to the street and wooded lot behind it. Lot already has concrete p...
Listing courtesy of Allen Tate Mooresville/Lake Norman.
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