All Forum Posts by: Chris Carrigan

It is almost a requirement in this market to offer a high DD, so it’s important that you know the status of your ability to close a loan - get pre-approved not just pre-qualified.  In addition you want to know what condition your high cost repair items are in.  So if the roof and HVAC have recently been replaced and it’s on city water and sewer than you can feel more comfortable putting down a high DD. Also get a home warranty, so that surprise repairs won’t nickel and dime you to death after closing.   Many people are purchasing site un-seen in the Coming Soon period with high DD just to be able to get a home.  It’s a crazy market, but does seem to be slowing slightly.  I think that’s due more to school starting back than to any market change.  Supply / demand will send it right back up in the Spring. 

Check with Burt Lawson at Liberty Mutual. 

Hi Suzanne,

Contact Burt Lawson and let him know I sent you.  Burt is a great guy and I have found his rates to be the best.  I have them for my personal home and getting ready to use them for a rental.

BURT.LAWSON at libertymutual dot com 

Thanks

Chris

Franklin County is where the next big move is coming to in my opinion.   It's already happened in Youngsville, and Franklinton is next.

Not really, people have more equity these days than they did in 2008 so there won't be as many foreclosures.  Mortgage rates are starting to tick up on the fear of inflation, but there is so much pent up demand right now that buying will continue and prices will keep going up.  Of course everything is cyclical so eventually we will see a downturn, but the Triangle market has historically weathered the downturns better than most.

Outside of Wake County is where the opportunity is now

You would be fine in Fuquay or Holly Springs assuming you can get a property at a decent price point.  Inventory is so low in Wake County right now that most homes are getting multiple offers and bidding the price up above market value.  This is also driving people to look further out which should help with appreciation in those communities that are further away from Raleigh. 

There is a triple triplex available in Wake Forest right now.  Asking price is $529k which is below tax value.  Listing comments below.

"Wonderful opportunity. 3 Triplex units with total of seven 3 bedroom 1 bath units and two 2 bedroom 1 bath units. Wake Forest Area with good access to shopping and highways. Units are occupied and are in need of TLC. SOLD AS IS. Great investment opportunity with possibility of increasing cap rate to 9%"  Rents are $575 per unit

Hi Addie,  Private message me your price range and I'll answer your questions for you.  

Suzanne, we certainly are getting a large influx from the NY and NJ.  If you are sending any buyers down this way, let me know.  I'd be glad to give you a referral fee.