For land and property investors - pick your flavor! Pre-foreclosure or short sales; oceanfront, waterway access, countryside vacation and/or other rental property investments; home flipping - renovating; or land leasing and development! Various locations in the Hampton Roads and Northeast North Carolina region have elements of all to offer.
My experience working with a Newport News-based realty investment and sales company during the hot housing market and crash of the 2004-2010 period exposed me to learning the foreclosure and auction aspects of real estate. I participated in numerous property auctions on the courthouse steps of various Virginia Peninsula municipalities for the company. A very interesting time seeing how that aspect of the market operated.
Depending on the timing, I sometimes was able to assist those facing foreclosure to have a positive outcome for their situation by negotiating a short sale with their mortgage holder. Thus, helping them to be able to walk away with a means for a fresh start and reduce damage to their credit. I've also assisted buyers of short sale properties, as well. I basically have experience with working both sides of a short sale transaction.
Pre-foreclosure & Short Sales
Investors know when housing markets experience up-cycles of short sale inventories depending on the economic state of the area at any given time. As we go into 2023, short sales are expected to increase, but at a fraction of what the "Great Recession" experienced*.
If you're new to property investing, obviously short sale home pricing can be attractive for starting a rental portfolio or for home flippers. However, a short sale process can be lengthy being atypical of most real estate transactions. You are typically working with an agent directly with or contracted by the bank who now owns the property. In some cases, multiple lending entities have their hands in the pot. What this means is, most short sale transactions typically experience extended negotiating periods over private transactions.
On the buyer's side, I've had very good outcomes representing clients purchasing a short sale home. I've assisted in short sale home purchases that were well below appraised value, giving the client instant substantial equity in their home. See my short sale case study.
Vacation & Rental Property Investors
Residential Rentals
Are you a property investor that has a good feel for when it's time to start taking advantage of the market and add to your long-term rental portfolio or renovate and flip a house? Contact me! I have numerous resources to find viable rental properties on the market with ROI analysis reporting. We search Hampton Road's (REIN) and Albemarle's regional MLS systems, pre-foreclosure/short sale and auction listings.
Seasonal - Short-term Vacation Rental Investors
With the thousands of vacation rental mansions and homes found on the Oceanview, Virginia Beach, Carova Beach and Carolla oceanfront, the Albemarle and Currituck Sound and the numerous rivers that flow into them, investment opportunities abound when market conditions warrant.
Technology has created interesting property investment opportunities offering creative models for earning income on homes, "tiny homes" and even RV's through entities like AirBnb and VRBO. Even tucked away cabins in the North Carolina countryside offer quiet weekend getaway rentals for those who are creative in their marketing. Something to consider... In fast-growing mainland Currituck County, for good reason to throttle rapid progress, there are currently no hotels and a severe shortage of short-term rental housing.
Whether you are looking for vacation rental investment properties in Hampton Roads or Currituck County - Outer Banks, I'm licensed to help with the search for and ROI reporting of properties in Virginia and Northeast North Carolina.
Land and Property Development Investors (NC-Centric)
My REALTORS® license in North Carolina is under The Banks Real Estate Group that has a specialty with Northeast North Carolina land sales - whether it be farmland or for development. Get more details about our North Carolina Land Sales & Development Services. You can also contact me to initiate a discussion on your plans and obtain the latest criteria on land development for any of the surrounding counties we service in Northeast North Carolina.