Expert: liznarr - 12/26/2006

Question
i ahve plan to buy house and fix it and sale it,is that still a good market?and i plan to do it in charlotte nc,or myrtle beach sc,which location give better return?

Answer
Hi Jason,

Yes, there is always a good market for buying homes in need of repair, making necessary repairs (and dressing it up, in addition), and then reselling.

I am not that familiar with the Charlotte, NC, market, but I would assume it might be a good market to do this.  Living in SC, I do know that good properties at Myrtle Beach are always in demand.

What you need to consider is, after you purchase a home and put money into it for necessary repairs and cosmetics, what kind of profit will you be able to make?

If you plan to have a Realtor market the property for you, you will need to factor in a commission.  You also need to factor in the interest you may be paying if you borrow money to purchase and fix up, along with the time it might take to resell the property.

I hope the above is helpful to you.  Good luck to you in your venture.

Regards,
Elizabeth