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.
Tons of Potential and lots of Charm! This house needs work and will be sold as is and where as, Spacious Floor plan and a Large lot.
Listing courtesy of Bottom Line Realty & Mgmt LLC.
Location, Location, Location!! City water and Sewer tap fee paid for and already on the property!! Bring your builder to build a dream home 3 minutes from Harris Teeter @...
Listing courtesy of Geoff Campbell Realty Inc.
Great lot located in convenient location. Lot is close to Ikea, minutes from the light rail and short distance to downtown Charlotte! Come build your dream home and enjoy...
Listing courtesy of Wilkinson ERA Real Estate.
This affordable home is in the heart of Huntersville and needs a little TLC. The lot offers privacy and very easy access to I-77 at Exit 23 which features, shopping, din...
Listing courtesy of Coldwell Banker Residential Brokerage.
Dividable 0.64 lot in Reid Park. Lots of construction going on all around. This is your chance to get in to Reid Park before everyone else does. Close to everything West ...
Listing courtesy of HoneyBee Real Estate.
Development Opportunity in Charlotte's fastest growing zip code! Wooded 1.60(+-) lot located between Bellhaven Boulevard and Highway-16/Brookshire Freeway! Minutes from s...
Listing courtesy of Giving Tree Realty.
Perfect for an investment property or starter home. Convenient to I-77, Center City, and so much more. Light rail will be close by when finished, buy now and watch your i...
Listing courtesy of Prime Real Estate Solutions.
Build your dream home on this great wooded lot in desirable and well established neighborhood of Ashe Plantation! Close to I-485, near schools, restaurants, shopping...fa...
Listing courtesy of InvestRight Realty Inc.
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