Posts Tagged ‘real estate’
New Property in Fredericksburg
255 Colebrook Road, Fredericksburg VA 22405
When we found this property it had been neglected for long time, both inside and out (see for yourself below). But the all-brick house has great bones and we have some great ideas about how to clean everything up, improve the layout, and modernize it for current homebuyers.
We are already at work on the renovation, and are making good progress. I know the pictures look pretty scary, but just scroll down the page to the before-and-after results of our last project at Mount Pleasant to see what an incredible transformation is possible. I’ll be posting some in-progress pictures in a couple days so you can see how much of an improvement has already been made.
Everybody out there who’s looking for a great deal on a great home can get details about this property before it goes on the market by signing up for our mailing list to the right.
For Sale: 916 and 918 Elizabeth St. Durham, NC
We’ve got two properties for sale in Durham, NC: 916 and 918 Elizabeth Street. Check out these videos on YouTube to see the finished product!
For more info about these houses, sign up for our buyers’ info list by using the form to the right. Or call Kita Graham, our Durham representative, at (919) 332-3157.
Case Study Part 2: Buying a Foreclosure
After five months of looking, Jan and her family were at their wits end. Complicating the situation, the loan amount she was approved for as a single person was in a range where she could only afford the lower-priced houses in her area. The few deals on reasonably good conditioned homes she did find were bid up by other buyers who had the means (maybe) to do the fix-ups needed to the properties. Seeing as many houses as she had, Jan — and even some of the agents she came across — felt that people were overpaying for these bank-owned properties, even though they were discounted from the high-priced market at the peak of the bubble.
Case Study Part 1: Buying a Foreclosure
As someone who has fixed up a lot of properties throughout my career, I sometimes take for granted the real difficulty of it, thinking that it’s not such a big deal. Just don’t ask me to load songs onto an iPod or software onto my computer — that is as traumatic for me as things could possibly be!
Well, over the past year I realized that not everyone has had the good fortune of cleaning up really nasty properties and transforming them into vibrant, nice homes for a new owner/family. What really opened my eyes was the experience of working with the buyer of one of my investment properties.
Let’s call her Jan: a single woman in her early thirties who was going through a lot of life changes at the time we met. After selling her beautiful home to move on to a new life, a few things happened that drastically changed her plans. One major plan was to find another home to live in. She had temporarily moved in with her parents after these unfortunate incidents occurred, but we all know how difficult that would be after being on our own for a while.
Like a Tiger on Steroids: The Buying Foreclosures Real Estate Game
If you are looking to get into the “game” of buying a foreclosure to flip for profit right now, and you don’t have a lot of experience, take a chill pill and tune into ESPN or Oprah. In the world of distressed real estate, including foreclosures, you are playing with a tiger on steroids and very well may get mauled physically, emotionally, and financially. Even experienced real estate investors are having a difficult time with this market, and the numerous uncertainties that go along with our country’s current financial turmoil.
If you are looking for a home to live in, there are still deals to be had out there. But, that tiger on steroids is still lurking for unsuspecting buyers who get all pumped up emotionally about buying a foreclosure. Buying a house often turns into an emotional transaction. And many people who make money on these transactions bank on just that. DON’T, DON’T, DON’T make this an emotional transaction!
