I have had the honor to work closely with a family that has made a couple of real estate purchases here in Fayetteville. They are from NY and most recently they purchased a short sale and it was in really bad condition. The house itself was well made and structurally sound. The issues were extensive cosmetic ones inside. The buyers were able to see beyond the issues and they came up with a plan to renovate the house and resale it. They opened the space up by removing a wall, closing in an outside door and installing a window. Everything in the house is new. Upgraded kitchen and bathroom cabinetry, new tile, carpet and laminate floors, new plumbing fixtures, new HVAC system and new windows. It is not just the fact that it was remodeled, but the quality of the work is outstanding. This house, listed for $108,000, is an absolute bargain with the number of upgrades that were added to it. If you are interested in learning more about this house, visit our website at http://www.debbiewaitleyrealtor.com and search for 905 Hunters View Drive, Fayetteville, NC. The pictures will amaze you and you will be on the phone, calling to schedule your private showing.
One of the big areas of opportunity at this time is investment property in real estate. There are two main purposes of investing. One is to flip the property. Buy a house, improve it and sell it for more than you have invested in it. Great in theory, but may not be as profitable an opportunity now as it was several years ago. With so many houses on the market, you would have to price and market your house very competitively to sell it quickly and that would cut into your profit margin. The better purpose of investing at this time would be to acquire a rental property that can appreciate over time. There are great bargains out there right now and the money is to be made if you can purchase a property and hold it for several years until the market improves. Over the next couple of days, we will explore some of the things to look for when you are considering an investment property. It is a huge investment that can pay great dividends if executed correctly. Come back here tomorrow to add your comments and pass along some of your tips to us on investing in real estate.