Steve, these are PROBLEMS…for Vanderbilt. I see the opportunity. These “problems” will hopefully work in our favor. One other problem Vanderbilt has. The house is in the 100 year flood plain, and the land was flooded during the flood of 1999. It was raw land at the time, and people who were flooded out in one subdivision took the FEMA money and literally moved one block over once this newer subdivision was developed. I personally would have moved out of the flood plain, considering 8 people lost there lives in that neighborhood during the flood.
Tony, I have a proposition for you. I’ll trade you a 1994 model doublewide, brick foundation, 1500 sq.foot, 3/4 acre lot with well and septic, in Edgecombe County-where unemployment is high, wages are low, foreclosure rate is high, number of qualified tenants are low, vandalism of empty homes is high, tenant responsibility is low…for one of your homes in the foothills. What do you need the home for? The mountains are just blocking your view!
Tony, it was indeed a tongue in cheek post, and a failed attempt at humor. Just a joke in that I would trade a place in Edgecombe County, which has no cultural, artistic, or scenic offerings (and a less than desired tenant pool), for one of your places in the beautiful, scenic foothills/mountains of western NC.
As a side note, I carried your book to my part-time job yesterday and accidentally left it there. I called to have another nurse put it up for me. She asked about it and stated she had a cousin in Kinston that wants to start doing the same thing. She wrote down the name of your book and this website address to give to him.
Happy 4th to you and yours.
Rikki, I think You’r right. Tony’s tennant pool probably is a bit more desirable but let me tell you this. About a year ago I was looking at a DW over in your area. On hwy. 258 I believe. Before I would commit to it I decided to run a test ad in the Tarboro paper to see what kind of response I’d get. I ran an ad for one week with a rental price of $550. and I was amazed at how many good responses I got on that ad. Thats not to say it would have rented for that where it was sitting. It was in one of them neighborhoods where there were several nice birck homes and right down the block there would be a real dump to mess up the entire block. I never bought it cause something closer came up and by the time I could get back to it it was sold. But it seemed to me then that things over in your area were renting for fifty to seventy five more a month than over here on the poor side of the tracks.
I know what you mean Mike. Yesterday, my brother and I went on Bynum Farm Road outside Pinetops to look at a couple of empty doubles set up with brick foundations on 3/4 acre lot. Both homes had holes in EVERY wall. One of them actually looked like someone literally ran from one room, through the wall, into another room. We guess the young neighborhood hoodlums vandalized them once they were empty. One of them had the AC stolen. This seems to be a common occurence around here. The homes were beautiful on the outside, but the walls were trashed on the inside. Goes to show the neighborhood may look nice, but the local idiots can ruin it. I found out about one of the homes on VMFrepos dot com. Type in the area code 27864 and look for the one listed in Pinetops (5 bedroom/ 3 baths) that does not have the price listed. In the photo they have on the website, you can see the front door open with busted jams, clothes thrown over the porch, and the side door wide open. It was still like that yesterday when we looked at it, and it was pouring rain. The kitchen floor also has water damage. My brother plans on calling tomorrow to find out the asking price.
Steve’s right. We just picked up a repo 16x80 1994 3/2 in our fav park. previous owners took ok care of the place but the local teens trashed the place, holes in most walls, front door kicked in, ugly, you get the picture. $14,000 owed to Vanderbilt. We called explained the damage made $1,000 offer. After drywall and new door, Marty sold it for $11,000, $850 down and $269/mo for 48 mo. Buyer to do remainder of repairs. Our total basis in the home was $2,600. Now if we could just get those teens on our payroll…
Criminitly! That’s a nice looking house! Holes in walls? Drywall is cheap. New door with jamb -$150. Or less. Floor? sheets of plywood over the bad - $15-$20 per sheet.