Changing times require deploying all your resources. As the stock market looks more south than north, and investors seem pat on holding their money, waiting for something to happen. Here in Charlotte, NC, Wachovia is now Wells Fargo and Bank of America has enveloped Countrywide and Merrill Lynch. None of this has been working out smoothly for investors.
Investors are key to any real estate market. There is private money out there to invest, just an unwillingness to put in into play. I don't know how long mortgage rates will be this low, but odds are they will go up.
With so many undervalued houses on the Charlotte NC real estate market, bargains are everywhere. Credit scores are keeping many from buying, so the rental market is going to be strong. Buy and hold on select properties, will provide solid rental income. If you Buy in the Charlotte Market, and when the market bounces back, there should be a nice equity position that exceeds Wall Street returns.
One of my investor clients had an interesting transaction recently. My client wanted to sell one of his properties that he owned outright. A prospect to buy his property was credit challenged. The couple was renting and knew what they could afford monthly. My listing clients decided to become the bank. A deal was structured where the sellers would finance the transaction at 7% with 5% down co-signed by the father. The buyers were to pay closing costs. The note was a 4 year balloon. This was all written up by the closing Attorney. Everybody won. My clients were thrilled and so were the buyers.
While this was a little out of the norm...present times require pulling together all your resources. Time to shake your investor tree.
Relocating to Charlotte? Have a home to sell? Looking for some great investment properties?
www.HomesByCross.com your toolbox for Charlotte NC Real Estate and Charlotte NC Homes for Sale
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