"Flipping" Homes in Tucson, AZ - Are you a Project Person?
Friday morning I met my clients on the East side of Tucson at 9:30 a.m. to get a good start on property hunting before it got too hot. It was already 98 degrees!
My clients are investors and this is their third transaction with me - they are buying modestly-priced fixer-uppers, working with their trusted contractor to repair and remodel, and then three months later they put the home on the market.
It's an exciting process from both sides. I happened to find the buyer for the last home, and the house was exactly what she was looking for, at exactly the price she hoped for.
In this particular market, it is possible for investors to "flip" properties if they are willing to accept a very modest gain. The creative process is fun, and then there's that little adrenaline rush when you know you've purchased the best "project" you can that balances cost versus return. And yes, none of us read crystal balls - a buyer works with an agent that analyzes the neighborhood data, comparables, and trends to work with you in making the most informed decision. There is a risk.
Friday, after looking at 6 properties, my clients became intrigued with the last two on the list. Both were HUD homes.
Because I started working with investors last year, one of the first things I did was take the classes, sign up to become a registered HUD buyer's agent, and start watching the market for HUD listings.
HUD homes are interesting for a couple of reasons.
First of all, if you want an inspection, you do it BEFORE you make a bid. In this case, my clients called their contractor over and he looked through the home with us immediately.
Second, HUD WILL pay up to 3% in closing costs. Just keep in mind that they subtract that from their net - and it does affect their bottom line!
Third, remember that they are appraised before they go on the market, and if the property is within three months, that price is pretty firm!
For more information on HUD homes in Tucson, AZ, please feel free to contact me. Currently, our bid is in and we are watching the status online.
Whether you're an investor or simply interested in obtaining a fantastically-priced home that might need some work, HUD homes can be a great opportunity. Let's start a project!!
If I can assist you in your home buying or selling in Marana, Tucson, Oro Valley, or Vail, please don't hesitate to call me! Email at email@example.com
Cara Marcelle Mancuso, Long Realty,
Regarding the material posted in my blog postings, these are my personal opinions and not those of Long Realty Company.
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