Home Buying in Charlotte>Question Details

Steven Muller, Both Buyer and Seller in Los Angeles, CA

Anyone have experience buying HUD homes as an investment.?.?

Asked by Steven Muller, Los Angeles, CA Sat Mar 5, 2011

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9
The process is pretty simple once you have been through it a few times. The problem with the HUD system for investors is that you have to wait to bid for several days until potential owner/occupants have an opportunity to purchase. In our area the only homes left after the owner/occupant period are either in challenged neighborhoods or they are in need of lots of work. If you have an investor with enough capital to fund the renovations you should be fine.

If you want help walking thru the process feel free to give me a call at 704-641-0267.
Happy HUD hunting!

Blessings upon you...
Jan Teel
TEEL Realty
2 votes Thank Flag Link Sat Mar 5, 2011
I'm from L.A. -- moved to NC for school and stayed. Have been an investor and Realtor in Charlotte for over a decade. HUD homes are usually bought up by owner-occupants before they hit the investor bids.

As a general question-- they are a good investment usually. Below market value. And can be resold at a profit. That's the goal right?

But we have other ways to invest in our market to make money. If you're stuck on HUD homes, I can help with that. But realize that as an investor / non-owner occupant, you're second in line, and have to take the less desirable properties, usually in less desirable areas, and when you go to sell they will sometimes take longer to sell. Not always, as sometimes they need a cash infusion -- for updating -- and some buyers don't have the money to do this. If you do, then you can make money after renovation. Hope you have some cash though.

If you'd like to discuss other options for investing in Charlotte, email me or call 704-858-2345.



nate@natewolf.com
http://www.facebook.com/uptownbroker
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704-858-2345


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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.

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Web Reference: http://www.natewolf.com
1 vote Thank Flag Link Thu Apr 7, 2011
0 votes Thank Flag Link Sun Mar 6, 2011
HUD itself has gone through some growing pains in the last year, but are finally getting past it all. That being said, the process is simple and for those investors willing to wait 45 days to close, they can be very lucrative. Like any distressed property, conditions will vary from home to home, but HUD does a thorough inspection and the report is posted so you have a good idea what kind of shape the place is in up front. One of the changes HUD made in the Charlotte area was to designate a few listing firms (formerly there was only 1) and a positive history of working with those firms has helped greatly.

And, as foreclosures know no boundaries these days, HUD usually has a good inventory of home available in most areas of the city. Again, it's any easy process and one that I've found to be profitable a lot of fun for everyone involved.

Conrad Miller
Keller Williams - Ballantyne Area
Cell - 704-779-8212
0 votes Thank Flag Link Sun Mar 6, 2011
Steven,

Charlotte is a great area to buy investment property! There are many excellent investment opportunities on the market. I am a registered HUD broker and can provide a list of HUD homes. I can also answer any other specific HUD home questions. You can reach me at 704-578-8851 or phil@pumahomes.com. Also feel free to search HUD homes and other foreclosures at http://www.PumaHomes.com. Thanks.
Web Reference: http://www.PumaHomes.com
0 votes Thank Flag Link Sun Mar 6, 2011
I have bid on several HUD Homes for myself and family members. In addition, I have also helped several clients write offers on HUD Homes. I found a HUD Home a few weeks ago for $14,000! It was in a different area of the state and sold quickly for over full price but it would have made a great investment.

Some HUD Homes need a little work and are priced to sell while others are diamonds in the rough. I highly recommend getting a third party inspection and looking into an FHA 203K loan as a financing option if needed. The home buying process is a little different than a traditional real estate transaction. A short document that will require you to be along side your agent ,who must be licensed to sell HUD Homes when writing an offer. Your welcome to email me if you have any questions.

Good Luck!

Arica Song
Song Sells Homes
0 votes Thank Flag Link Sat Mar 5, 2011
Steven
HUD homes in our area don't last long & are usually purchased before the time frame when investors are allowed to bid.
The Field Service Managers are really stepping it up and making these homes highly desireable. The two Asset Management Companies in the So Cal Area are also streamlining the process to make the transaction simpler.
If the HUD home is not sold to Owner Occupant's, then it becomes a great deal for investors. Haven't seen too many make it past the 11th day review and acceptance period. Maybe with the large release expected, we'll see more opportunities for investors..
0 votes Thank Flag Link Sat Mar 5, 2011
I started in real estate as an investor and HUD homes is a great place to find investments. Please contact me an I will help you find the perfect investment.

Craig White
704.906.7899
cwhite@mytownhome.com
0 votes Thank Flag Link Sat Mar 5, 2011
I have represented numerous buyers with HUD homes as investment property. What is your real question in regard to?
0 votes Thank Flag Link Sat Mar 5, 2011
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