3 replies to this topic

[nashbill]

I thought there was a real estate topic, but couldn't locate it.  If there is my comments can be moved there.  After reading the on-line Observer this weekend and the shocking statistics on foreclosures, I'm looking for some advice.  I live in Nashville now and own a home.  Retirement is creeping up on me.  I will move back to Charlotte when I retire.  I lived in Charlotte for 20 years and now consider it home.  I hate the idea of taking advantage of other folks misfortune, but am considering buying a destressed property now. I have a friend who could move into the property and help with mortgage payments or I could rent it out until I am ready to move back.  Have any of you done anything similar to this?  Did it work out for you?  Should I do this?  Nashville is a 7 hour drive and I would not be able to commute back there very often.  I appreciate any advice you folks can give me.

[hokiehigh]

If you really think you are moving back and will stay in the property long term then I would consider it.  Also, make sure you buy in an area that doesn't risk going completely under.  I would stick with foreclosures in stable neighborhoods with good schools.

[nashbill]

Thanks for the response. When I lived in Charlotte, I lived in Elizabeth and then in Plaza/Midwood.  I doubt I could find a foreclosure cheap enough in these areas, since I think these areas have held there value.  I was thinking maybe somewhere around Cotswald Shopping Center or off South Blvd, past Dilworth.  I'm thtinking these areas are like the next ring of development outside the inner suburbs.  If my memory serves me, these areas contain some small 60's style ranches, that may be within my reach.  Both these areas I consider to be pretty stable and when I left were becoming popular, due to downtown proximity and value.

[nonillogical]

^ I would add Park road from outside Dilworth to the South Park area to that list. Really coming up fast but there still seem to be a good number of affordable homes in the area mixed in with the expensive ones.