Charlotte Area Real Estate Investor Suggestion List for December 12, 2013 ... the Last for the Year

This newsletter sees a modest continuation in the decline of buyer activity. Once again there are several Fannie Mae properties that have been available extended periods of time. That was quite unusual six months ago. Part of this may be seasonal... part of it may be the general dampening effects on the economy of Obamacare and the government shut down of a month or so ago. Part of it may be the rumoring impending Federal Reserve "tapering" of its bond purchases. Whatever the causes, the market is not quite as active as was six months ago, although the best opportunities continue to be quickly swallowed up.

This list contains 14 suggestions. Again, I try to find properties that will match a wide variety of investor strategies and geographical areas. A few summaries follow below, but as always, the fact that I summarize one property and not another on the list below does not imply I favor one over another. Please review the full MLS reports for each property and draw your own conclusions.

#1 on the list - MLS 2183959 - 4BR/3BA in South Charlotte (zip code 28270) assigned to East Mecklenburg HS; this is a Fannie Mae REO with 71 days on the market; it has been reduced to $119,900 with a tax value of $159,900.

#2 - MLS 2182533 - 4/3 on .40 acre lot in Sardis Hills (SE Charlotte); this is also a Fannie Mae REO and it has been on the market 83 days today; it has been reduced to $159,900 and has a tax value of $234,400.

#3 - 2195116 - 2/2.5 townhouse in zip code 28227; HOA dues are $135/month; this is a short sale for those who have the patience; asking price is $55,000 with a tax value of $77,600.

#4 - 2181324 - Another Fannie Mae REO with 4 bedrooms and 3 full baths in the established Montclaire subdivision; this one has 84 DOM and has been reduced to $109,900. Tax value is $150,300.

#5 - 2194386 - 3/2 on over 2 acres in northern Monroe; this one is an Estate sale and probably needs a lot of updating, but its mid-20th century architecture is interesting and has become popular again; it is listed at $129,000 with a tax value of $172,230.

#6 - 2182742 - 4/2.5 in North Charlotte; another Fanne Mae REO; this one has 77 DOM and has been reduced to $138,900 with a tax value of $165,600.

#11 on the list - 2180273 - Matthews 4/2.5 on .63 acre lot (assigned to Butler HS); this is not an REO, but the seller is "motivated." It is priced at $177,000 with a tax value of $228,300.

#14 on the list - 2195818 - 3BR/1BA in the Starmount subdivision (close to shopping, light rail and Uptown); this is a Fannie Mae REO with 7 DOM (will be available to investors on day 15); many of these older homes are configured so that an additional bath is not a major expense to add, and this is a popular location. It is priced at $113,995 with a tax value of $141,300.

As always, if you have any questions about any of the homes on this investor suggestion list, please do not hesitate to contact me. There will probably not be another newsletter until after Christmas, so I want to express my best wishes to you and your families for a happy, healthy and prosperous holiday season.


Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950

More Observations on the Current Charlotte Real Estate Market for Investors... More New Suggestions

After a bit of a delay, here is my Charlotte area real estate investor suggestion list for November 19, 2013. I continue to note a modest "cooling" in the market from the activity of six months ago. REO properties tend to remain in seller inventories a bit longer. Multiple offers are still common, but the extent to which some buyers are willing to go to get a property under contract has diminished a bit. It was common 6 months ago to find that most Fannie Mae properties received multiple offers on the day they became available to investors-- day 15 on the market). But you will note in this investor list several Fannie Mae properties that have been on the market more than 100 days.

As always, I try to place properties on this list that appeal to a broad range of investor strategies, from fast flip to renovate, rent and hold. They also cover a large geographical area of metropolitan Charlotte. There are 19 properties on this list and I therefore do not have the space in this email to summarize each one. I will let the MLS reports accessible via the link below speak for the properties. Pay attention to listing price vs. tax assessed value... location... lot size... school assignment... and check the photos to get an idea of general condition.

I have selected seven properties on the list to summarize below. Again; this does not mean I believe these 7 are "the best." I just want to highlight some of the criteria I use to place properties on the list.

#2 on the list - MLS 2143720 - 3BR/2BA JP Morgan Chase REO on .84 acre lot in Monroe. This one has been on the market 83 days today and has been reduced to $77,000. Tax value is $111,610.

#4 on the list - MLS 2160820 - 3BR/2.5 BA Fannie Mae REO in the desirable Sardis Forest community; this one has 151 DOM today and has been reduced to $162,900, with a tax value of $186,100.

#5 - MLS 2187395 - 3BR/3.5BA Fannie Mae REO with a finished basement and 2-car garage; good Matthews location and school assignments (Mint Hill MS/Butler HS); 24 DOM; priced at $132,000 with a tax value of $135,500. Rental yield would probably be good on such a low purchase price in a good area.

#7 - MLS 2189147 - 3/2 in Becton Park community (zip code 28227 - area where Charlotte and Mint Hill meet; this home appears to be move-in ready and is priced low enough that rental yield would probably be good. Listing price is $80,000 with a tax value of $92,600.

#10 - MLS 2171782 - 3/2 on .42 acre lot in Stonehaven community (zip code 28211) near Uptown and light rail; this is a Fannie Mae REO with 106 DOM; reduced to $192,000 with a tax value of $248,300. The numbers look good as a flip to me.

#15 - MLS 2157547 - 4/2 in Matthews on .63 acre lot, also assigned to good schools (Mint Hill MS/Butler HS); this is a Fannie Mae REO with 122 DOM; reduced to $118,000 with a tax value of $159,000. Bought right, this could be either a good rental or a good flip.

#18 - MLS 2191795 - 3/2 built in 2004 in the Callonwood community; this one is an Estate sale; it is assigned to highly desirable schools (including Weddington HS); it is priced at $160,000 with a tax value of $183,010.

As always, if you have any questions about any of the homes on this list, or you would like to see any of them, please don't hesitate to contact me.


Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

RES - One Page Cust Full

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950

Charlotte Area Real Estate Investor Suggestion List for November 4, 2013

Here is the first Charlotte area real estate investor suggestion list in a couple of weeks. Please excuse the delay. I find and research these properties myself, and I have been quite busy.

As always, I attempt to find properties that may work under various investor business models and strategies, from "fast flip" to "buy-renovate-rent-and-hold." I also try to cover a large geographical area in metropolitan Charlotte, and an equally large range of prices. Of course, as a general rule, the higher the price, the more "upside" there should be upon rehab and resale.

I continue to see some slight moderating of activity on the part of larger, cash-rich investment funds. I think this has caused a slight increase in REO inventories among the likes of Fannie Mae, and you will note there are again not only a couple of Fannie Mae properties on this current list, but those properties have been on the market well beyond the 15-day owner-occupant preference period.

Again; I will let the MLS reports accessible via the link below speak for themselves. Look at price vs. tax value... location... sq.ft. of heated living area... etc. None of these would have been put on this list if I didn't think they offered some good potential value. There are too many to summarize in this email, so I will choose a few to single out. But the summaries below do not mean I think these are "the best." this all depends on your particular goals and strategies.

#5 on the list - MLS #2149617 - this is a 4BR/2.5BA home on a 2 acre lot in Matthews (Union County), assigned to some of the most desirable schools in Union-- Wesley Chapel Elementary, Weddington middle and high schools. This an "auction" property, wherein the buyer pays a 4.5% "buyer premium," and I usually avoid these as somewhat insulting, but this one has a listing price of $195,000 and a tax assessed value of $289,000. In this location, on such a large lot, with these school assignments, there could be a lot of upside in flipping this one.

#7 - MLS 2164753 - Something very different from the above, this is a 3/2 on .31 acre in the established Madison Park community, closer to Uptown Charlotte. This is a Fannie Mae REO with 124 days on the market today. It has been reduced to $179,900 with a tax assessed value of $209,700.

#8 - 2162859 - 5BR/3BA home in the established Quail Run community on 1.27 acres; this is an HSBC REO with 131 DOM, reduced to $218,895 with a tax value of $289,700.

#17 - 2181324 - 4BR/3BA in Montclaire; this is another Fannie Mae REO with 117 DOM today; it has been reduced to $118,000 with a tax value of $150,300.

#18 - this is an expired listing in Starmount (near South Boulevard, light rail and a lot of redevelopment); this REO is a 3BR/1Bath, but many of these older homes are laid out so that adding a bathroom is not a huge undertaking. This one has been reduced to $115,000, with a tax value of $142,000.

#19 - 2188059 - this is a 3/2.5 short sale in Mintworth Village, in Mint Hill. The home was built by Eastwood Homes in 2009, so it cannot need much. School assignments are good (Mint Hill middle school/Butler HS). Listing price is $110,000, with a tax value of $146,500.

Again; the above is only a sampling of the properties on this list. The link below will take you to the full MLS reports, and I recommend that you look at each property to assess how it might fit into your investment strategy. Then if you have any questions or would like to see a property, please don't hesitate to let me know.

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950

Seller Inventories Appear to Have Crept Up Slightly... Here is the Latest Charlotte Area Real Estate Investor Suggestion List

It does appear that the market has cooled slightly and inventories have crept up a bit. There are 20 properties on this October 14, 2013, Charlotte area real estate investor suggestion list. As always, I have tried to pick a cross section of properties covering various areas and focused on a range of investor strategies. Click on the link below to view the full MLS reports for each of these 20 homes. Let me take seven of them to summarize below. By singling these seven out, I am not identifying them as "better" values than the others. That would be an oversimplication. Again; investor goals and stategies vary. Some of these will suit one type of objective (e.g. "fast flip") while others will be more suitable for other objectives (e.g. "buy-rent-and-hold"). There are a few short sales, which I find often to be a waste of time and effort. And there are many REO's. Here are summaries of a few properties on the list: #9 on the list - MLS 2181834 - 4BR/2.5BA VA REO in the Monclair subdivision (older more established area, closer to Uptown); listing price is $88,000 with a tax value of $126,000. #10 on the list - MLS 2182015 - 3/2.5 townhouse in the amenity-rich Taylor Glen subdivision in Indian Trail; priced at $126,500 with a tax value of $146,860 and HOA dues of $165/month. #11 - MLS 2163306 - 3BR/2BA Fannie Mae REO near Huntersville on .66 acre lot; listing price is $139,900 with a tax value of $164,400. #13 - 2182732 - 4BR/2.5BA Fannie Mae REO in the Starmount subdivision (near South Blvd. and light rail); priced at $139,900 with a tax value of $177,800. #14 - 2162256 - Nearly new (built 2010) 4/2.5 in Dallas (near Gastonia), this REO has been reduced to $130,900 with a tax value of $169,079. If this large, nearly new home rented for only $1,250/month the gross yield on a $130,000 purchase price would be over 11%. #15 - 2183945 - 3/2.5 in Indian Trail priced at $119,000 with a tax value of $165,440. There are apparently already multiple offers on this property. #19 - 2169714 - 3BR/1.5BA in zip code 28212 (NE Charlotte), this "fixer" has been reduced to $56,000 with a tax value of $90,200. As always, if you have any questions about any of these, let me know. Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field. XPROP - Customer Eric J. Dorer, B.S., J.D. NC/SC Broker/Realtor® Eric J. Dorer Real Estate 2740 Oxborough Drive Matthews, NC 28105 Tel: (980)875-0950

 

25 New Properties in this Edition of Charlotte Area Real Estate "Best Buys" - Investor Suggestion List for September 19, 2013

It's that time again.  Here is the latest edition of my Charlotte area real estate investor suggestion list. This one is packed with 25 properties, so I just don't have the time or space to summarize each property. Suffice it to say that no property would be on the list unless my initial review indicated it was worth further investigation. Some will appeal to "fast flip" investors. Others are better candidates to generate good rental yield. Some are located in more stable areas and are assigned to top-performing schools, minimizing "investor risk," but also commanding a generally higher price. Others are offered a great discounts against tax assessed value or anticipated ARV, but are located in less desirable areas. But they all make the list for a reason or several reasons. I will let the MLS reports accessible via the link below speak for themselves. Look at listing price vs. tax value. Look at area... look at schools (if they are indicated in the reports.. although many REO's do not list that information)... look at year built... view the photos. And if you have questions, please don't hesitate to contact me. A few examples of things that may not be readily apparent as you view the reports: Item #3 on this list: MLS #2162515 - this is a 4BR/2.5BA in the Potter's Trace community, Union County. Note that this home is assigned to top-performing Wesley Chapel Elementary, Wedddington Middle and Weddington High School. Anyone who knows the area and these school assignments probably knows that it is difficult to find a home assigned to these schools for under $300,000. This home is listed at $189,900. #5 - MLS 2178081 - 3BR/2BA in Waxhaw on 1.62 acres for under $100,000 ($95,000 LP) with a tax value of $128,280. #6 - MLS 2178121 - 3BR/2.5BA townhome in Beverly Crest. Most townhomes and condos don't make such good investment properties because HOA dues cut too deeply in rental yield. But this one offers an interesting mix of mitigating factors: HOA dues are only $155/month; prime South Charlotte location; top school assignment (Elizabeth Lane Elementary; S. Charlotte MS and Providence HS). It is listed at only $126,500 and has a tax value of $134,000. Due to the above "mitigating factors," I think this one would rent quickly at for a decent yield, and there is also potential for upside upon resale. #10 - MLS 2171420 - 3/1 in Starmount (near light rail; older working-class area); these homes are often configured so that it is not costly to add a bath. This one is priced at $75,000 with a tax value of $140,700. It could be a nice fast flip. #12 - MLS 2042824 - This is a duplex, also in the Starmount community. It has two 2/1 units and the listing states that both are rented at $625/each. Listing price is $144,000 with a tax value of $197,700. Gross yield should exceed 10% here, and there should be some equity immediately at purchase. #20 - MLS 2179416 - This is a 3/25 in a stable Matthews neighborhood, assigned to good schools (Mint Hill MS/Butler HS). It already has in place some significant renovations upstairs, and it is priced at only $84,900 with a tax value of $116,900. It would probably be both a good fast flip and a good buy-rent-and-hold property, depending on your goals. Again; the above are just some examples of the reasons I place these properties on this list. By singling them out, I am not saying they represent "the best" of the properties on the list. I would strongly suggest that you review each report in the context of your own goals and investment strategies. Please contact me with any questions. XPROP - Customer Eric J. Dorer, B.S., J.D. NC/SC Broker/Realtor® Eric J. Dorer Real Estate 2740 Oxborough Drive Matthews, NC 28105 Tel: (980)875-0950

Here Are Some More Potential Opportunities ... Charlotte Area Investor Suggestion List

Here are my latest Charlotte area real estate investor suggestions. As always, I try to cover a wide range of investor preferences and strategies. This week I feature a couple of small multi-unit properties. Generally speaking, Charlotte area duplexes and small multi-family properties don't appear to me to offer much value (equity) or the more attractive ROI you can expect from well-bought single family home. But these appear to be exceptions. I have not visited them yet, so I don't know what condition issues there may be, but they look decent on paper.

The link below will take you to the full MLS report for each property. Summaries of the properties on this list follow:

#1- MLS 2138293- 3BR/2BA short sale in Greenbriar (South Charlotte - top school assignments, including Providence HS); I have seen this home and it is small and needs some repair. But it has been reduced to $135,000 with a tax value of $168,500 and a great location.

#2- 2171698 - 3 units in Monroe, purportedly rented for $625, $525 and $525 respectively. Listing price has been reduced to $112,900. Total monthly rental income of $1,675 on a purchase price of $113,000 would generate a gross yield of 17%. That is pretty attractive, assuming there are no hidden or undisclosed issues here.

#3- 2157229 - Duplex containing two 2/2.5 units, purportedly rented at $800 and $675. Listing price has been reduced to $99,000. Again; total monthly rental income of $1,475 would generate a gross yield of 17% on the full LP.

#4- 2171612 - 3/2 in Matthews reduced to $110,000 with a tax value of $123,800.

#5- 2171612 - 3/2.5 also in Matthews (assigned to good schools- Butler HS/Crestdale MS) with a listing price of $119,500. This could be another nice buy-and-hold rental.

#6- 2163682- 4/2.5 in northern Monroe (Sun Valley schools) reduced to $154,900 with a tax value of $195,220.

#7 - 2146917 - 3/2.5 on 1.13 acre lot in Gastonia (for those of you who like Gaston County); this is a Fannie Mae REO with 138 DOM; reduced to $120,000 with a tax value of $195,759.

#8 - 2176188 - Tri-Plex in zip code 28226 (older area of South Charlotte) with a listing price of $150,000 and a tax value of $307,900. This one probably needs more than cosmetics, but there appears to be good potential upside here. If it is assigned to Myers Park HS (as much of this zip code is), it would be all the more attractive. This could be either a good flip or a good renovate-and-hold property.

#9 - 2162859 - 5BR/3 Full Bath in South Charlotte (28226) on 1.27 acre lot; this HSBC REO has been reduced to $252,980 with a tax value of $289,700. Could be ripe for s reasonably low offer, and that might make it a decent flip.

#10- 2173813 - 5/3 built in 2011 in the Prescott subdivision in Waxhaw (great Cuthbertson school assignment); this REO is priced at $199,900 with a tax value of $255,170.

#11- 2169318- 3/2 in Huntersville; this Fannie Mae REO is priced at $105,000 with a tax value of $154,000.

#12- 2176688 - 3/1.5 in zip code 28227 (Charlotte/Mint Hill border area); priced at $74,900 with a tax value of $95,200.

#13- 2117463 - This 4/2.5 Waxhaw Estate sale probably needs updating, but it has been reduced to $175,000 and has a $203,940 tax value.

#14- 2176692 - This 2/2.5 townhouse in Matthews has been reduced to $85,900, has a tax value of $99,000 and monthly HOA dues of $160. Good location and schools; the HOA dues would hurt ROI, but it could be a decent low-risk, low maintenance investment with some potential for appreciation.

#15 - 2165531 - 4/2.5 REO in N. Charlotte; LP: $88,900; tax value: $108,100.

#16- 2163255 - 3/2.5 townhouse in N. Monroe (Porter Ridge schools) with only $70/mnth HOA dues; LP: $114,900; tax value: 125,990.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
ejdorer@gmail.com

Some New "Best Buys" for Investors...

Here is my latest Charlotte area real estate investor suggestion list. There appears to have been a slight slowing of activity in the late-summer. REO properties seem to be on the market longer, and with a 15-day owner-occupant preference period for Fannie Mae and Freddie Mac properties, that means more become available to investors. Here is a summary of the properties in this edition:

#1- MLS 2171420 - 3BR/1BA in the Starmount community (near South Blvd and light rail); reduced to $90,000 with a tax value of $140,700. This could be either a good fix-and-flip or a decent rental property.

#2- 2163665 - 3/2 Fannie Mae REO in Matthews (good area and schools); reduced to $120,000 with tax value of $135,300.

#3- 2143477 - larger 3/2.5 in Huntersville; this Fannie REO was under a contract that failed; nice upgrades and finishes, but needs some rehab; reduced to $172,000 with a tax value of $206,500.

#4- 2162256 - 4/2.5 in Dallas (Gastonia) built in 2010; this Chase REO needs very little and would make a good rent-and-hold property with a LP reduced to $137,750 and a tax value of $169,079.

#5- 2159466 - 4/2.5 in zip code 28273 - reduced to $138,900 with tax value of $181,100.

#6- 2173179 - 3/2 Fannie Mae REO in northern Monroe on 1.53 acre lot; priced at $129,900 with a tax value of $164,360.

#7- 2173568 - 3/2 on .56 acre in Mooresville (Lake Norman area), this Fannie Mae REO is priced at $185,000 with a tax value of $213,940.

#8- 2173881 - 3/2 VA REO just north of Mint Hill; asking $85,000 with tax value of $106,300.

#9- 2143911 - 3/2 in Matthews (again; good location and school assignments), reduced to $134,900 with a tax value of $148,300.

#10- 2166733 - 3/2 Fannie Mae REO in Idlewild South reduced to $59,900 with tax value of $92,300.

#11- 2169714 - 3/1.5 REO in zip code 28212 (East Charotte) reduced to $67,000 with tax value of $90,200.

#12- 2173717 - Duplex in zip code 28210 with each side rented for $590; listing price of $115,000 with a tax value of $123,900. This is a bit unusual in that these smaller multifamily properties don't usually generate a decent gross yield, but even at the full LP, this one would generate 12%+ gross, assuming the $590/month per side representation is true. It might also have some room for appreciation.

#13- 2164998 - 3/2.5 in N. Charlotte is a rare HUD home that made it past the 30-day preference period; reduced to $81,000 with a tax value of $149,200. There are probably condition issues here.

#14- 3/2 Fannie Mae REO in Indian Trail with 57 DOM, reduced to $141,900 with tax value of $165,580.

#15- 2160176 - 4/2.5 in B of A REO in sizp code 28211 (near Dilworth) reduced to $199,400 with a tax value of $257,200.

#16- 2149617 - 4/2.5 Matthews/Weddington home on 2 acres; reduced to $225,000 with tax value of $289,080.

#17- 2150030 - 3/2 renovated turn-key home (probably a flip) reduced to $134,900 with tax value of $157,000. Zip code 28212; this might still make a decent turn-key rent and hold.

As always, if you have any questions about these or any other properties, please don't hesitate to contact me.


Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
ejdorer@gmail.com
 

Charlotte Area Real Estate Investor Suggestion List for August 7, 2013... More Interesting Values

Here is my Charlotte area investor suggestion list for August 7, 2013. Recognizing that some investors prefer to sacrifice some ROI in favor of allowing an association to handle exterior maintenance, I have included a couple of interesting townhouses on this week's list. For fast-flip investors, there are several in need of fairly substantial repair, and for buy-and-hold investors there are turn-key properties that should generate decent yield. Brief summaries follow:

#1 - MLS 2167601 - 3/3 townhouse with garage in Stallings assigned to highly desirable Weddington schools; HOA is only $115/month; listing price is $139,900 with tax value of $152,300.

#2 - 2167472 - 3/1 FifthThird Bank REO in NW Charlotte; LP $81,900/Tax value: $130,300.

#3 - 2167615 - 3/2 REO in N. Charlotte (Kingstree); LP of $106,400; tax value of $109,500. Should generate decent rental return with little need for rehab.

#4 - 2146917 - 3/2.5 REO w/ 2-car garage on 1.13 acre in Gastonia; LP reduced to $130,000; tax value: $192,759.

#5 - 2167795 - 3/2.5 in Matthews (Butler HS); newer HVAC and roof; LP of $114,900 with tax value of $120,400; again; should generate decent rental yield.

#6 - 2168394 - 4/2.5 near Myers Park; this PNC REO is priced at $539,900 with tax value of $731,900.

#7 - 2162595 - 3/2 REO w/ 2-car garage in Monroe; LP: $93,500/tax value: $151,480.

#8 - 2143108 - 4/2.5 in St. John's Forest (Monroe) nearly new community, Sun Vallye schools; LP reduced to $167,000/tax value: $177,060.

#9 - 2142337 - 3/2.5 on 3.01 acres in Waxhaw; REO suitable for small horse farm, reduced to $157,900 with tax value of $191,400.

#10 - 2170264 - 3/1 REO on .40 acre lot in Indian Trail; LP: $92,200/tax value: $124,490.

#11 - 2161839 - 4/1.5 REO in NW Charlotte; LP reduced to $59,900/tax value: $78,700.

#12 - 2161027 - 4/2.5 in good S. Charlotte area (28270) on .61 acre; reduced to $115,000; tax value: $142,000.

#13 - 2150095 - 4/3 REO surrounded by more expensive homes; reduced to $149,900 with tax value of $211,800.

#14 - 2163310 - NE Charlotte 3/2; Fannie Mae REO reducedt to $96,000/tax value: $109,400.

#15 - 2165219 - 3/2 NE Charlotte Fannie Mae REO w/ 24 DOM; LP: $72,800; tax value: $99,900.

#16 - 2136222 - 3/2.5 REO on .89 acre waterfront Mooresville lot; reduced to $391,500 with tax value of $721,050.

#17 - 2126810 - 3/2.5 W. Charlotte REO; LP: $134,900; tax value: $225,900.

#18 - 2170896 - 3/2 in Matthews (Butler HS); LP of $100,000 with $110,100 tax value; again, good area and schools for decent rental yield.

As always, if you have any questions about any of these or any other properties, please don't hesitate to contact me.

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105

Charlotte Area Real Estate Investor Suggestion List for July 24, 2013

Here is my latest Charlotte area real estate investor suggestion list. As usual, some properties have a great deal of initial equity, some properties should generate a decent yield from rental income, and some properties should accomplish both. Some properties are essentially turnkey for certain investor strategies. Others require substantial renovation, but can be flipped for a decent profit. A brief summary follows: #1 - MLS 2165428 - 3/2 in that Charlotte/Mint Hill border area (28227); the listing states it has already been substantially renovated, but it is an REO. Listing price is $86,900; tax value is $93,100. #2 - 2165384 - 3/2.5 in North Charlotte (McIntyre) built in 2005; should generate a decent yield on rental income; this Fannie Mae REO is available to investors 7/23, priced at $119,000. #3 - 2165983 - 3/2.5 Ardrey Park townhouse in Ballantyne area, this REO is priced at $132,500 with a tax value of $149,800 and HOA dues of $170/month. I know some of you focus on that South Charlotte/Ballantyne area for low risk investments, even though yield could be better elsewhere. #4 - 2166054 - 3Br/3 Full BA townhouse with garage in Stallings, assigned to the sought-after Weddington schools; HOA dues are only $115/month; listing price is $149,000 with a tax value of $157,770. This could be a "sleeper" because HOA dues are low and yield could be good. Future appreciation is also likely due to school assignment and general location. #5 - 2166045 - 3/2.5 short sale in Sardis Woods; claims upgrades include stainless appliances and corian countertops; priced at $139,000 with $162,500 tax value. #6 - 2166351 - 4BR/3BA in South Charlotte (28226), assigned to S. Meck HS; this is a B of A REO priced at $149,900. #7 - 2153756 - 4/2.5 built in 2002 in upscale Taylor Glen community in Indian Trail (Sun Valley schools); reduced to $179,900 with a tax value of $183,440 and 68 days on the market today. #8 - 2157250 - 3/2 on .44 acre lot in Indian Trail (Porter Ridge schools), reduced to $119,900 with tax value of $124,200 and 51 DOM. #9 - 2143851 - 3/2.5 in South Charlotte Greenbriar community (assigned to top-performing Providence High School); this Fannie Mae REO is back on the market after contract failed, reduced to $155,000 with a tax value of $160,500. This is another low risk property that should generate better than a 10% gross yield and have plenty of room for appreciation due to location and school assignment. #10 - 2167171 - 3/2 on .46 acre in Matthews (Union County - 28104); this REO has been reduced to $98,900 with a tax value of $138,360. #11 - 2167148 - 3/1.5 in zip code 28217; LP is $49,900 and tax value is $86,000; OK, it needs a lot of work, but some of you like these lower-priced homes with potential equity. #12 - 2161027 - 4/2.5 in South Charlotte (28270) reduced to $115,000 with tax value of $142,000. #13 - 2167103 - 4/2.5 in North Charlotte (McIntyre) built in 2003; this REO is priced at $122,995. #14 - 2164092 - 3/2 Fannie Mae REO reduced to $72,800 with tax value of $99,900; this one was built in 2002 but it looks like it needs significant rehab. #15 - 2167247 - 4BR/4.5 Bath Denver waterfront REO on .81 acre lot for those of you who like more upscale properties with greater potential for profit; this one is priced at $317,500 and has a tax value of $531,174. As always, if you have any questions about any of these properties, or any other properties, please feel free to contact meat ejdorer@gmail.com. Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field. XPROP - Customer Eric J. Dorer, B.S., J.D. NC/SC Broker/Realtor® Eric J. Dorer Real Estate 2740 Oxborough Drive Matthews, NC 28105 Tel: (980)875-0950

 

Charlotte Area Real Estate Investor Suggestion List for July 11, 2013

It has been difficult to find the time to put the regular investor suggestion list together, and just as I had a list finalized, several properties went under contract and I had to revise it. But it is finally accessible via the link below. Again; I recognize some of you prefer "fast fix-and-flip" properties while others prefer rental yield from low-risk investments. Still others function under hybrid business models. So I try to cover a variety of goals and geographical areas in this list. I understand not all properties will work for all investors. A brief summary of this weeks suggestions follows:

#1 - MLS 2160476 - 3BR/2.5 BA in the Lake Park community in Indian Trail (nice common areas; good school assignments); this is a Fannie Mae REO with 24 DOM (so available to investors); priced at $135,000 with a tax value of $175,100;

#2 - 2157097 - 3BR/1.5 BA in that Mint Hill/Charlotte border area; this is a HUD home with 39 DOM (so available to investors), listed at $89,000. HUD tends to negotiate more off its LP than Fannie or Freddie by the time a property is made available to investors.

#3 - 2154348 - 3/2 short sale with about 1,900 sq.ft. of HLA AND about 1,300 sq.ft. of unfinished walkout basement; 1.03 acre lot and assignment to top-rated Cuthbertson schools. Weird layout and it needs work, but there might be potential here. Reduced to $154,900 with a tax value of $170,390.

#4 - 2132390 - 3/2 brick ranch with 2-car garage near shopping and assigned to Sun Valley schools in Indian Trail; .60 acre lot; reduced to $125,900 with tax value of $184,400.

#5 - 2163025 - 4BR/2.5BA in South Charlotte (28277), assigned to McKee Road Elementary, S. Charlotte MS and S. Meck HS; this is a VA REO priced at $194,900 with a tax value of $204,300.

#6 - 2156325 - 4/3.5 in zip code 28211- Stonehaven community closer to Uptown; price has been reduced to $213,900 with a tax value of $272,000.

#7 - 2163682 - 4/2.5 in the Wesley Chapel community in Monroe; Sun Valley schools; about 2,550 sq.ft. of HLA; nice pool and common areas; built in 2007; LP is $159,900 with a tax value of $195,220. Would probably be a well yielding rent-and-hold investment.

#8 - 2164125 - 4/2 in zip code 28208; this REO is priced at $51,000 with a tax value of $100,900. This one probably has condition issues, but might be a good fix-and-flip.

#9 - 2159878 - 3/2 in Greenbriar community on the Matthews/South Charlotte border; top Mecklenburg school assignment: Providence HS; Crestdale MS; this would almost certainly be a good low risk rent-and-hold, generating decent rental return with good potention for appreciation. LP is $159,900 with a tax value of $171,500.

#10 - 2164551 - 3/2.5 Townhome in Matthews, assigned to desirable Butler HS and Mint Hill MS; HOA dues are $160/month; this one is a short sale listed at $95,000 with a tax value of $123,100.

#11 - 2159015 - 3/2.5 on 3.06 acre lot in Monroe; this is an REO being sold by a subprime lender, reduced to $162,000 with a tax value of $$248,830-- largely due to the size of the lot, I'm sure.

#12 - 2154744 - 3/1.5 in zip code 28209, older home closer to Uptown, assigned to desirable Myers Park High School; this is an Estate Sale on .35 acre lot with 48 DOM; it has been reduced to $219,900. For those of you who like updating and/or expanding older homes in the Myers Park area, this one might be interesting.

As always, if you have any questions or would like to see these or any other homes, please don't hesitate to let me know.



Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Stock Market is Being "Hammered" This Week... Back to Real Estate... Here is My Charlotte Area Investor Suggestion List for 6/21/2013

As the stock market closes the day I am writing this, the DOW is down over 350 points!  Once again, real estate looks like a safer investment, rather than a roll of the dice.  Here is my Charlotte Real Estate Investor Suggestion List for the period ending 6/21/2013. As always, I recognize that different investors prefer different areas and various investment strategies. I therefore try to find properties to suit a variety of goals in various areas of greater Charlotte. A summary of this week's selections follows:

#1 - MLS 2158046 - 3BR/2BA with basement and 2-car garage on .54 acre lot in Gastonia, for those of you who prefer Gaston County. Listing price is $149,900 with a tax value of $208,739.

#2 - 2155867 - 3/2.5 short sale in Mint Hill, priced at $74,500 with a tax value of $103,600, for those who look for lower-end/potentially higher yielding properties.

#3 - 2147419 - 2/2.5 townhouse in Cotswold Glen; this is a short sale in a great area. The HOA dues are $140/month. Asking price has been reduced to $115,000 with a tax value of $120,400.

#4 - 2159442 - 3/2 in the Charlotte/Mint Hill border area (28227) priced at $91,900. With only a $750/month rental price and a purchase price of $90,000, this would generate a gross yield of 10%.

#5 - 2142628 - 3/2 with 2-car garage on .55 acre lot in north Charlotte; reduced to $59,900 with a tax value of $99,200. I haven't seen this one yet, but as long as there are no major repairs or structural issues, this might be a nice fast fix-and-flip for those mobilized to do this.

#6 - 2159551 - 4/2.5 with 2-car garage in Ballantyne area (Ardrey Kell HS) in Southampton Commons; priced at $200,000; if this rented at $1,650, it would generate a gross yield of 9.9% on the full listing price and present a good, low risk investor property with room for appreciation as the market continues to recover.

#7 - 2160031 - 3/2 Ballantyne area (Ardey Kell High School) REO in need of fairly substantial rehab; it has already received multiple offers with a listing price of $135,000 and a tax value of $191,200.

#8 - 2132027 - 3/2.5 Cornelius Fannie Mae REO with 225 cumulative days on the market; reduced to $189,900 with a tax value of $240,400.

#9 - 2132699 - 4/2.5 in north Charlotte with a reduced LP of $145,000 and a tax value of $173,200.

#10 - 2131583 - 4/2 in zip code 28277 (good school assignments: South Charlotte Middle/South Meck HS); reduced to $189,900 with a tax value of $211,700.

#11 - 2152279 - 3/2 Fannie Mae REO in Sharon Forest community with 40 DOM; reduced to $88,000 with a tax value of $122,100.

#12 - 2141654 - 2/2 Ballantyne area condo; this is a HUD property with 53 DOM (it is now available to investors); reduced to $84,600 with a tax value of $97,800.

As always, if you have any questions or would like to see any of these properties, please don't hesitate to contact me.

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

XPROP - Customer

Charlotte Area Real Estate Investor Suggestion List for June 8, 2013

I circulate a weekly Charlotte area real estate investor suggestion list to subscribers, and since I spend a significant amount of time compiling and researching properties for this list, I have decided to publish it on my blog.  Let me know if you find it interesting, and if you have any questions.

Here is this week's Charlotte area real estate investor suggestion list. As usual, I try to find interesting prospects to meet most investor strategies. A summary of the 11 properties on this week's list follows:

#1 - MLS 2157533 - 3BR/1.5 BA in Eastway Park; this REO is an older "fixer", priced accordingly at $92,000 with a tax value of $152,500. Many of these homes have a half bath that can easily be converted to a full bath.

#2 - 2149030 - 3/2 Fannie Mae REO in Indian Trail reduced to $141,900 after 43 DOM; fax value of $165,580.

#3 - 2145376 - 4/3.5 on .48 acre in highly desirable Providence Plantation (top school assignments, including Providence HS); this short sale has been reduced to $325,000 with a tax value of $405,700.

#4 - 2136538 - 5BR/4.5 BA in another prestigious S. Charlotte community; this one is situated on .90 acre lot and has been reduced to $644,500 after 93 DOM; tax value is $876,600.

#5 - 2147668 - 3/2 in Mooresville (Lake Norman area); this Fannie Mae REO was built in 2003, has been reduced to $175,000 after 43 DOM and has a tax value of $192,760.

#6 - 2157923 - 3/2.5 in the Traewyck community in Indian Trail, close to Charlotte and 485, is assigned to Sun Valley schools and is priced at $139,000 with a tax value of $145,570.

#7 - 2152835 - 3/2 on .30 acre in Gastonia was asking $113,050 when it was first listed, the price has been raised to $199,000 but the first price should give you an idea of the range they are looking to contract in; this is an REO owned by a subprime lender with a tax value of $126,870.

#8 - 2158368 - 3/2.5 in Callonwood with only 2 DOM. It is a smaller home, but like #9, it is assigned to top-performing schools. In this case, Weddington MS and HS, and that will command a high rental value; priced at $184,750 with a tax value of $185,790. But if this one rented at $1,600, gross yield on $185,000 would be 10.3% on a "low risk" investment.

#9 - 2152299 - 3/2.5 in Southampton Commons (S. Charlotte/Ballantyne area), assigned to top performing Ardey Kell HS; again, this is not a large home, but it would rent at a premium due to location, the values of surrounding properties and school assignments. It is priced at $189,000 with 20 DOM and has a tax value of $191,100. It is another "low risk" property that should generate a gross yield around 10%.

#10- 2145667 - Large 5BR/2.5 home in Indian Trail's Shiloh Trace community, reduced to $200,000 after 57 DOM, it has a tax value of $232,050 and is assigned to the Sun Valley schools.

#11- 2158747 - this 4/2.5 is located in the Prestwick/Matthews- Union County community, also assigned to Sun Valley schools. It is listed at $189,500 with a tax value of $223,080.

As always, if you have any questions or would like to see these or any other properties, please don't hesitate to contact me.

Click the Hyperlink below to link to and view property listing(s) of interest. If after clicking the link, your Internet browser does not launch, right click on the link and Copy the Shortcut. Then paste the Shortcut into your browser's Address Field.

RES - One Page Cust Full

Eric J. Dorer, B.S., J.D.
NC/SC Broker/Realtor®
Eric J. Dorer Real Estate
2740 Oxborough Drive
Matthews, NC 28105
Tel: (980)875-0950

What a Difference a Year Makes!

Unless you live in a cave somewhere beyond the reach of civilization, you have been hearing that the housing market has been on the mend in the last year or so.  That is certainly true in the Charlotte, NC, area http://www.city-data.com/city/Charlotte-North-Carolina.html; and I understand it is true in many other regions of the country. 

 

In the last two years or so, I have focused on buyer representation of investors, large and small.  One thing has been very noticable in the last 3 or 4 months: When we identify a great value-- and by that I mean a property that is priced well as against recent comparable sales in that community or area-- it is a waste of time to bid under the listing price.  We will not be the only "admirers" of the home, nor will we be the only ones who have done our homework.  There are sure to be multiple offers for the property, and the listing agent will shortly call for our "highest and best" offer.  There is almost always someone who will bid the listing price or greater, provided that the listing price was "aggressive" or well justified by comparable recent sales. 

 

Those of you who read this blog regularly know my motto: Solid research identifies great opportunities.  That is really where the rubber meets the road in this market.  You need to know that the property you are interested in is a great opportunity.  It may be that "one in a hundred... or a thousand" properties priced well below the "comps."  But when you find it, don't wait too long in this market to make your offer because others are also watching the market, and there are a lot of very smart people out there who have the resources to take advantage of this market bottom while it lasts.

 

To see for yourself what properties are available in the Charlotte metropolitan area, search the entire Multiple Listing System free on my website at: http://www.EricDorerRealEstate.com.  If you have any questions, please feel free to contact me.