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I am a Real Estate Investor, I basically do it because I love it - improving a house in bad shape and the flexible schedule is what I like most about it. I buy very modest homes that need work and then fix them up for resale, at a modest price. I am usually in the mid 100k's after fixing it up. OR, I can build a few houses per year and be a GC/homebuilder, as I'm getting my license very soon.
I am asking you all for your advice as to which would be best for me (buying fixer uppers and then reselling them or building a few brand new houses per year), based on the Asheville market, and what it may do in the future.
But it makes me nervous how much building has been going on all over the US. And I know Asheville is overbuilt at this time, and there are a lot of empty houses, atleast a lot more than when I lived there a few yrs ago. But how about if I stayed in the high $100k's? A strong market for those prices?
I am strting to look at homes in asheville under 175k and I dont see too many nice ones so maybe fixing up some of those to resell but dont price them too high. The market under 200k is whats hot right now.
Thx FTO. Yeah, Asheville is definitely expensive. I lived in Asheville a few yrs ago, lots of little developments were built recently. $300k for a 1400 sq ft house, $240k for 1300 sq ft, etc... I'm seeing a lot of houses such as the examples above. Seems pretty expensive to me. My 2 cents.
Thx FTO. Yeah, Asheville is definitely expensive. I lived in Asheville a few yrs ago, lots of little developments were built recently. $300k for a 1400 sq ft house, $240k for 1300 sq ft, etc... I'm seeing a lot of houses such as the examples above. Seems pretty expensive to me. My 2 cents.
And those are the cheap ones, there are a lot of 1400 -1600 sq/ft for $650K and up.
To me it is backwards thinking, as there are all crammed in usually on a foundation measuring 24 x 24 so they are 3 stories. The young who wouldn't mind the stairs can't afford them, and the old that can don't want a 3 story house.
There are enough houses. You should fix up some of the old ones instead of trying to squeeze more into the area.... please.
Plus, there are some lovely homes that could use a new life.
greenville, nc/eastern NC to include Raleigh suburbs would be a better fit. there's a strong market in that price range, and list of foreclosures is always posted at the courthouse in downtown greenville. I-95 to the east of NC is still growing too.
I don't know which Greenville you are referring to (NC, SC, or TN) but in Simpsonville, SC (right outside Greenville), a friend of mine bought a 5BR, 2.5BA house, with a 2 car garage, large back yard, in a nice development, for about $125K, and from what I've heard, homes in Grv are pretty cheap, although, renting is a bit higher. Hope this helps.
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