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.
Nice flat lot in up and coming area. Loads of activity in this area. Build your new home and enjoy home ownership. City water city sewer access. There was a home on thi...
Listing courtesy of Fludd of Homes, LLC.
Excellent investor opportunity or homebuyer. Priced to sale. Sold AS-IS.
Listing courtesy of Ramadan Realty.
Investment opportunity in this 2 Bedroom, 1 and 1/2 bathroom townhouse fixer upper. There is a gated patio and exterior storage shed in the back. Two assigned parking spo...
Listing courtesy of Premier Sotheby's International Realty.
Two Great basement lots 11704 & 11708 Lakehaven Dr, Huntersville, NC 28078 (must be sold together) that backs up to small pond. Close to shopping and medical facilities a...
Listing courtesy of Andrea Andrado Ochoa.
Over 1 acre in highly desirable Homewood Acres. Private cleared lot on a quiet street with established homes selling around $300,000 - $350,000. Incredibly convenient to...
Listing courtesy of Allen Tate Center City.
Investor Special. Easy to Renovate for rent or occupancy. Basically in good condition. Minor Repairs Needed. Home being Sold AS-IS . Rents between 750-795. Seller is an...
Listing courtesy of VIP Homes & Properties.
This is a unique property made of all concrete block walls. The gravel driveway is a right of way next to a shopping complex. Right of way is currently not deeded, we are...
Listing courtesy of Realty Carolinas.
Great investor property or Owner occupied. Price is for 1 unit. 8 total units available for $592,000. This unit is tenant occupied - no showing for this unit. A Similar ...
Listing courtesy of My Townhome.
Beautiful wooded 0.76-acre lot is located in 6424 Mintbrook Dr, Mint Hill, NC. Lot with mature trees. Perfect place to build your dream home. Conveniently located just mi...
Listing courtesy of Paola Alban, REALTORS.
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