Home Buying in Durham>Question Details

JennCarlin312, Home Owner in Durham, NC

Are investors still looking to purchase homes in N.Durham as rental property? My townhome is in perfect condition and great location for duke students

Asked by JennCarlin312, Durham, NC Tue Dec 11, 2012

My home has been on the market just over a year. It has been completely updated and is in perfect condition. My husband just found out we have to move very soon due to his current promotion, so we must sell. It's the perfect space and home for an investor. We have an agent, but haven't had much activity. Are folks still buying townhomes? If so, are people still interested, as we are now on the market for less than what I purchased for.

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What are the stats for your property? (Sq ft, features, price) I recently interviewed for a position in RTP and it looks very promising. I am looking for a rental, possible rent to own, townhome in the area.
0 votes Thank Flag Link Sat Dec 29, 2012
There are always investors looking to buy, I work with several on a regular basis, however investors have defined criteria as their focus is 100% on Return On Investment. Many properties I see promoted by Realtors as great for investors are not even close leading me to believe that these Realtors have no idea how investors evaluate properties.

With townhomes and condos the association fee can often take what could be a good investment property and skewer the numbers so that they no longer make sense to an investor. This doens't mean that the property isn't good or doesn't offer good value in the market only that it doesn't offer a high enough rate of return. What you paid means nothing, the market is what it is and our market is good enough that investors most often need to be able to buy below market value for the numbers to work.

You did not include a link to your property so I have no idea of whether it's something that an investor would consider. If you'd like to contact me directly with either the MLS # or the address I would be happy to take a look and if it is something that would appeal to any of my investor clients I'd send it out to them. I live here in Durham and know it well.It may be that it won't work for investors but might appeal to a traditional buyer.
0 votes Thank Flag Link Tue Dec 11, 2012
Investors are looking for rental properties but they want to pay 70% of the value or less. They typically only purchase a home if they get a very deep discount. It sounds like you need to either increase the appeal by making improvements or staging or lower the price.
0 votes Thank Flag Link Tue Dec 11, 2012
Folks are definitely purchasing townhomes, whether as owner-occupants or for rental income. I'm curious as to why you aren't posing this question to your current agent, unless you are attempting to sell it yourself. I do have a two investors who may be interested, depending upon the location. Feel free to contact me.

Anne Aylin

0 votes Thank Flag Link Tue Dec 11, 2012
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