Sometimes we get asked about the types of houses that we buy in North Carolina. Whether its at a networking event, or when someone fills out our contact form, people wonder if we would be interested in their house. We have been buying houses in the Triangle area of NC since 2005 and we have worked with a wide variety of properties. Some home owners have a unique property, or situation, that other companies may not have been able to help with. Here is a brief explanation about the type of houses we buy…
What type of houses do we buy?
We buy single family detached houses in North Carolina, with our main focus being in Wake County. Single family homes carry the most benefit for our business model. They will always be in demand, are relatively easy to sell when compared with other assets, and they show good appreciation over and above townhouses and condos.
We look for houses that have at least 3 bedrooms, and 2 full baths. We have bought houses that had as little as 1100 square feet, and as large as 3,000 square feet. We prefer to stay in the middle of the Wake County housing market at around 1300 – 1800 square feet.
Single family homes come with a parcel of land that turns onto a yard with a lot of benefits. Home Owners Associations are usually less strict with the regulation of single families than they are with condos and townhouses (there are exceptions of course). They offer more privacy and can be bought outside of subdivisions with oppressive HOA’s.
We buy townhouses or condos occasionally
Yes, we occasionally buy townhouses and condos in the Wake County area. Factors that will affect our decision to buy will be location, HOA dues and fees, what maintenance the owner is responsible for, market rent, etc.
We’re a lot more selective with the townhouses/condos that we buy, however we always encourage buyer to contact us and let us take a look at the property.
We buy mobile/manufactured homes
We buy mobile homes with the requirement that we are buying the land under the home. Unlike single families, mobile homes are considered to be personal property and do not appreciate like their single family counterparts. They can make great rental properties provided they are in good areas of Wake County.
We love to buy manufactured homes in good areas of Wake County. We often buy these properties for all cash and can close very quickly!
Where do we buy houses?
We buy houses in Raleigh, Knightdale, Garner, Apex, Cary, Holly Springs, and Fuquay –Varina NC. These are our preferred areas of Wake County to buy in, although but we will buy as far out as Zebulon and Wendell as well. We buy houses in Greenville (close to East Carolina University), Greensboro, and Fayetteville. Our main focus is buying single family houses in the wake county area as opposed to Durham and Chapel Hill. We do not buy houses outside the state of North Carolina.
What price point do we buy in?
If we plan on holding the home as a rental property we stay in the $100,000 – $250,000 in value. If we buy the house to renovate and resell we like the $200,000 – $400,00 price range. Although we have bought more expensive houses before, we have found that the $150,000/$200,000 price point works best for our rental portfolio and for our rent to own program.
Why should I call you?
There are many benefits to selling a home directly to an investor such as Otranto Real Estate Co. We buy houses for cash, or terms, can close whenever you want, we’ll take the property as-is (no repairs needed) and can pay your closing costs! This is the easiest, hassle-free, way to sell a home in North Carolina.
You should call me if you have any questions at all! Never hesitate to contact me. If I am unwilling to buy your property I can always refer you to someone who can help. I try and have a solution for everyone who calls me.