All Forum Posts by: Gennaro Coscia

Yes, there are a lot of us on here. Welcome to the group Edgar! 

@Justin Tahilramani

I was just talking about crime rates/#s (from 2020 data) I found on Google (showing which crimes happened & where). And North Village only had 2-5 crimes (depending on how far you went). Good areas vs bad areas is a different question and takes stats out and adds opinion & perception.

From what I've seen, the North side seems to have lower crime rates than downtown Fayetteville. That's up north, close to Spring Lake...I think you'll be fine up there as far as crime goes. 

Check out NC Hammer Construction

If you're going to build the higher end lots (river view & golf course) will have more margin for you but be careful because they may sit on the market longer than you think. Homes in the $400k+ range seem to take 3months or more to sell and many I've seen have been sitting for over a year. Not sure if this is because the owners aren't in a hurry to sell(ie 2nd homes) or what. The lower priced lots will have much tighter margins and a lot of competition. That being said, because they are new builds you could find the buyer first and work a deal with a builder to custom build a home for your buyer. That might be your best route to keep your margins high and your risk low. Good Luck! 

Welcome back to the world of real estate! I'm investing in your area now (west of Chapel Hill, east of Greensboro).  I've been looking to find a wholesaler in the Alamance/Orange/Chatham County areas and would love to talk with you and your son about possible deals when you get some. Cheers & Good Luck! 

How many lots? Are they in an existing sub-division(with approved builders)? Do they have utilities on-site? Are the lots cleared? Do they have river views/desirable area? What were the price points for the lots? Can the market handle the type of house you're looking to build? Will it sell/rent? When you answer these questions it should be clearer which way you should go...ie let the numbers be your guide.

@Michael Everett you are in a great spot right now as things switch to a "buyers market". I definitely think you can hit the 1% rule in Harnett, Lee and Moore County(counties close to you). Check out areas like Sanford and Lillington. I've been able to exceed the 1%rule in Alamance and Durham Counties, so the deals are out there. You just need to find/create them. It sounds like you're heading in the right direction. Keep looking, find one where the numbers work and pull the trigger! The more you do it, the easier it gets! Good Luck and feel free to reach out if you need help! Cheers

@John Cole I also looked at Henderson but the crime and gang activity really made my decision. The dangling carrot is the "low barriers to entry" (cheap properties) but to me the risk was a little too high. Plus I was unable to find a good property manager there, and there was no way I was going to self manage in some of those areas. I started looking west instead. 

Is it too soon to tell? Have any of you seen it affect your appraisal prices coming back too low? Are you still able to get appraisals in your area?