Posts Tagged ‘Renovations’
A Win-Win Business Model for Buying Foreclosures
I met with a couple local bankers the other day and was very encouraged by what they had to say. I am passionate that we provide a good service (otherwise I never would have gotten into the business). But their support reinforced that we really are on the right track with our balanced approach to helping people find foreclosure/bank-owned homes: they don’t get stuck with fixing up the place, or a high price tag–just a clean, fully-renovated home completely move-in ready.
These guys — one working in Virginia, and the other in Maryland — both got excited about the “win-win” of our business model. They both highly recommended that people interested in getting a great deal on a foreclosure look into our service instead of going it alone.
It just works. For the banks, for you the homeowner, and for us. Here’s how:
We take on all of the risks of overhauling these troubled properties, and get them off the bank’s dead-weight foreclosure list. And you still get a great deal, though a realistic one. You still pay less than market value, but you don’t have to take on any of the risks or hassle of making the place liveable.
It’s a tough market out there, but there are still great deals to be had if you’ve got your priorities straight and can ignore the hype.
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.
14111 Mount Pleasant Drive, Woodbridge
It’s been a while since my last post with all that is going on. Been looking at a lot of junker bank-owned properties lately, and we are hard at work on a 4-bedroom single family home at 14111 Mount Pleasant Drive in Woodbridge, VA.
Like a lot of homes that went to foreclosure, it was in really rough shape when we first took on the project. But the repairs and renovations are going well, and I’m very excited about how it will turn out. It is a pretty well-constructed single family home, and homes in the area were selling in the peak a couple years ago in a range of $250,000 to over $300,000.
I have got to post some of our project photos, so you can see just how much work goes into renovating one of these foreclosure properties! I keep talking about how taking on these repair and renovation issues yourself is a huge and inconvenient endeavor, but a picture speaks a thousand words. Our construction crew is very skilled and professional, but I still wouldn’t want to live in the house with all of this work going on!
Check back next week for photos…
If you are looking to buy a home, add yourself to our email list in order to get information about this, and our other available properties.
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.
