For a goal of purchasing a home, fix and rehab then resale, there are several strategies:
1) Buy the cheapest home you can find. Have an expert team of repair specialists that will fix within a week and put back on the market. There is a lot of competition for foreclosed homes in Charlotte right now, so you end up paying a premium. Focusing on short sales may allow you to achieve the same result without the lockout. Keep in mind that foreclosed homes often have 90 day lockout clauses that cap your maximum sales price for 90 days, which will increase your interest costs if you take out a loan to do this - unless you rent for a while before selling, in which case you should consider hiring a professional property management company.
2) buy a home that has been condemned by the City or with major structural or other significant issues that scare off most of your competition and have to be corrected before the home can be sold.
3) buy a higher priced home in an excellent school attendance zone, where entry level flippers are not competing.
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