newbie ? found hot area - now what - Posted by Heather D
Posted by Heather D on January 29, 2002 at 19:16:42:
I have found an area in NC that is definatly movin on up. 2 years ago rehabed houses were listing for about 130,000 now they go for about 170, and up. The good news is that there are still ALOT left that haven’t been touched. Bad news is there is some resentment from the community about a particular investor buying them up and changing the neighborhood.
He has made a ton of money. One example: Back in 1994 this 3/1 on 1/2 acre sold for around 60,000 he now has it listed for 102,500. New paint, refinished the hardwoods, new tile in kit and bath, etc., but still could use some landscaping, decking, outside paint, etc. (not very “pretty”)I have no doubt it will seel for close to asking price. If the other “pretty” work was done it should sell close to the 170 mark.
My question is not about this house but about all the ones that are still untouched. As far as I can tell, these people are not too motivated to sell but obviously are because he holds all the list props in the area, about 5 or so currently (at leaast the ones he’s ready to sell).
Should I pre-qual and send them an offer to purchase? I have full access to the property records of who bought what when and for how much. I also have an extensive list of L/O’s (my best friend is my loan Officer and I can get all of hers that she can’t qualify for one reason or another).
If I did send them offers, what would be a good offer? Most of the houses were purchased early 90’s at about 40-60,000.
What am I missing? Are there other things I should be looking at?
Ps - to any investors: I know of a couple of other areas doing the same thing in terms of appreciation. I have been watching it for 3 years and have finally decided to make some money doing what I do anyways.
Any suggestions/advice is greatly appreciated!!!