Home Buying in Charlotte>Question Details

Steve &…, Renter in Charlotte, NC

Houses for $10,000 - $35,000. Is this for real?

Asked by Steve & Linda, Charlotte, NC Tue Jan 21, 2014

A lot of houses I see are for sale for $10,000 - $35,000. They DO need a lot of repairs. We are looking to move to the "country" from Los Angeles and wouldn't mind re-habbing an old house. Could there be other "hidden" problems (zoning, etc.) that they are not telling us?

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The problems I often see is that the rehabbed house--once the rehabbed house is finished--doesn't turn out to be much of a bargain. That is: There are areas of the country where fixed-up houses don't sell for $300,000-$500,000. Baltimore is a good example. You can buy townhouses cheaply, but even fixed up they aren't worth a whole lot--let's say buying for $15,000 and having it worth $85,000-$100,000 after a total rehab. On top of that, they're not in the greatest areas. They may work well as flips or--especially--as rentals. But you might not really want to live in those areas.

Hope that helps.
1 vote Thank Flag Link Wed Jan 22, 2014
Don Tepper, Real Estate Pro in Burke, VA
As always, "let the buyer beware." I find that these listings almost always sell higher, often much higher, than the original asking price. An upfront offering at a reduced price creates interest in the property and often ends in multiple offers from many different potential buyers. In the end, the selling price may or may not be a "great deal" compared to other similar properties in the market place.
There are many players you'll want to have on your team: A real estate broker, home inspector, possibly various professional technicians (to inspect any big issues discovered by the home inspector...say an electrician, plumber, etc), surveyor and real estate attorney. Depending on the situation, you may need the professional advice of other experts as well: such as contaminated soil, non-conforming use (zoning issues) and more.
If you'd like assistance, contact me. We can work together to find a great home that is worth your investment!
1 vote Thank Flag Link Wed Jan 22, 2014

You may find a house that needs a a lot of repairs in that range. Chances are you will not find the $10,000 one sin charlotte. The area sells land for more than that around here. But you can find some hidden gems that are in need of work relatively inexpensive in comparison to other homes around it.

If you want to give me a call I would be happy to help you in your search for the right house in the Charlotte area and be able to tell you what tis wrong with certain houses to help you make an educated decision before moving.

Dave diCecco
Helen Adams Realty
Cell: 704-519-7895
1 vote Thank Flag Link Wed Jan 22, 2014
Here in Charlotte, NC we have a number of foreclosed "fixer uppers" and with some work, can be hidden gems. In NC, we typically negotiate a Due Diligence Period, during which time you'd want to have a home inspection done so you know all the issues a property may have and therefore you can make an educated decision prior to purchasing the home. If your question involves zoning specifically, most counties will allow you to fix up a house even if the zoning has changed from residential to something else. The situation you want to avoid is completely tearing the house down and rebuilding. If you were to do that, then you'd definitely want to make sure the zoning hasn't changed because you may not be "grandfathered in".
1 vote Thank Flag Link Tue Jan 21, 2014
Yeah. You might want to look at the house before you buy it. Their could be hidden stuff. I moved into a place and they told us it had good insulation and they had no proof of heating bills, and now I have got propane like 6 times in two months. So even if you don't see something, you still want to make sure it's good. Ask for proof of bills, and stuff before renting or buying, just to be sure.
1 vote Thank Flag Link Tue Jan 21, 2014
1 vote Thank Flag Link Tue Jan 21, 2014
as a seasoned investor with over 13 years of experience. These are the kinds of homes that I purchase. I don't purchase them in the Charlotte area, even though I live in Charlotte. The reason is most of the homes that are in the 10k-30k in Charlotte are NOT EVEN worth the time of day. They are in areas that NO ONE wants to live or be a landlord. Also, let me say, you can;t even find anything DECENT in the Charlotte area for under 30k. I purchase outside of Charlotte in Cabarrus and Rowan and Iredell counties. These areas are just mins outside of Charlotte and they have better schools and LOWER TAXES. So from an investor stand point that makes much more sense to me as far as my money goes. I keep these kind of homes in my portfolio for me and my investors that inquire. If you are looking for fixers with good bones and a nice lot and low taxes and NOT IN THE HOOD, then contact me and we can talk. My name is Douglas Christian, my number is 704-604-4728.
Flag Wed Feb 26, 2014
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