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Old 05-27-2008, 09:37 PM
 
Location: Raleigh, NC
7 posts, read 16,174 times
Reputation: 11

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I am a Undergraduate college student at NCSU. I live off campus and rent an apartment by myself near campus. Recently, my aunt approached me with the idea of purchasing a townhouse or condo for me to live in while I finish school as an opportunity for me to save money and for her to make a profitable investment in a properity here in North Carolina.

My aunt is not willing to spend more than $80,000. So, this cuts out a lot of options.

I began a search in the beginning of May. So far I have visited 17 properties throughout Raleigh and one listing in Cary. My most favorite property is in a Subdivsion called Villages East, which is located off of Spring Forest road in North East Raleigh. I have driven through the Area for about 6 years; yet, I have no clue to possible criminal activity there.

I have read several threads on this site on crime in Raleigh that say North East Raleigh isn't a safe Area. However, my price range limits the nicer and safer properties that NW Raleigh and Cary provide. I have also aquired a crime map of raleigh through IMaps. According to the map, there is criminal activity that has been reported in the last thirty days near this location.
I am also on a deadline. I would like to find the right property before Fall semester begans.

I am open to anyone who has thoughts, suggestions, or advice for this search. Thanks.
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Old 05-28-2008, 12:59 AM
 
Location: Cary, NC
2,408 posts, read 9,663,853 times
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The local police department's nonemergency number can assist you with crime stats for a given street/neighborhood.
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Old 05-28-2008, 02:44 AM
 
9,680 posts, read 23,484,973 times
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Condos in many areas are run down because of non-resident investor owners.

I saw one on Millbrook Rd that used to be great but is now crime-ridden junk.

This may be a very poor investment.
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Old 05-28-2008, 05:09 AM
 
Location: Raleigh, NC
1,005 posts, read 4,945,603 times
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Check out the townhomes in Village on the Green (off of Shellburne Rd. in Ral), Crown Oaks (off of Six forks Rd) and maybe Pecan Townes near Spring Forest & Atlantic. I know some of them are in that price range.. maybe more like 85K.. but close to it. Unfortunately, doesn't look like any are on market right now, but these areas are better for resale.
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Old 05-28-2008, 05:16 AM
 
Location: Raleigh, NC
1,005 posts, read 4,945,603 times
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I forgot to mention that you can also get an affordable one at Driftwood manner - closer to NCSU. Most likely you won't make any money on these, but at a later date, you can always rent it out. Just depends on what the investment take on it is. from your Aunt.
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Old 05-28-2008, 06:04 AM
 
9,680 posts, read 23,484,973 times
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She might do better with an insured CD.
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Old 05-28-2008, 07:07 AM
 
1,936 posts, read 3,300,856 times
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Default These are called "Kiddie Condos", no insult intended...

Your Aunt should talk to an investment advisor first. There are numerous tax advantages for parents who purchase a condo for their children who are in College, but I don't know if these would be extended to other relatives. The parental advantage of these investments would probably apply if your are a legal dependent of your Aunt.

From recent personal experiences of having two children in college simultaneously, the cost of one year's mortgage payments on a modest condo equals two semesters of Room & Board for one student. Rent paid by all other occupants of the unit (ideally these are friends of the child) is immediate income, all maintenance expenses are legitimate deductions, and a parent can pay their child a "Management Fee" salary (pizza and beer money, err..., I mean books and supplies) each month that is also deductible.

Resale to other parents upon graduation is nearly guaranteed (assuming no change to tax codes), and a condo requires no exterior upkeep by the occupants. Profits made on the resale of this "investment property" are probably taxable at the long term capital gains tax rate.

Purchase of inexpensive condo units by parents is becoming increasingly common near college campuses, and prices may have risen to the point where the tax benefits are now only advantageous to the very wealthy.
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Old 05-28-2008, 09:03 PM
 
Location: Raleigh, NC
7 posts, read 16,174 times
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Default Advice to Raleigh townhouse/condo search

jinxo, thank you sharing how to obtain crime stats info to the neighbor(s) that I am interested in. Are you familiar with the North Raleigh area? Since you are a real estate agent, I wanted to ask is there predictable pattern ortime of the year when the most properties in Raleigh go on the Market? I had notice more listings when I first began the search than now.
Quote:
Originally Posted by jinxor View Post
The local police department's nonemergency number can assist you with crime stats for a given street/neighborhood.
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Old 05-28-2008, 09:20 PM
 
Location: Raleigh, NC
7 posts, read 16,174 times
Reputation: 11
Default Advice for Raleigh townhouse/condo search

If this is the case, How do non-resident investors that are owners of these properties play a part in this outcome of a crime-ridden neighborhood? What could be done to change this... any thoughts?
Quote:
Originally Posted by saturnfan View Post
Condos in many areas are run down because of non-resident investor owners.

I saw one on Millbrook Rd that used to be great but is now crime-ridden junk.

This may be a very poor investment.
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Old 05-28-2008, 09:24 PM
 
Location: Cary, NC
2,408 posts, read 9,663,853 times
Reputation: 1369
The spring is considered the hot season for home sales, as families try to schedule their home sales to occur during the summer break (to lessen the impact on their kids). However, people sell homes for a variety of reasons (job relocation, changes in family circumstances, etc.), so houses will go on the market during other times of the year as well.

As you've probably already figured out, at 80k price point, there may be limited inventory in the immediately vicinity of NCSU. You and your aunt will need to figure out your selection criteria and then determine which properties will meet your goals (location, amenities, distance from NCSU, potential resale). You and your aunt might also consider the number of bedrooms and bathrooms (especially if you're planning on a roommate situation to cover part of the operating expenses). Look at the costs of a 2 br/2 ba and compare with a 4 br/4 ba in terms of price, costs (HOA, mortgage), and potential rents. Just some scenarios and numbers to consider.
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