5 Tips for Researching an Investment Property in Murphy, NC

Pinpointing the right investment property in Murphy, North Carolina is like looking for the proverbial needle in a haystack. Whether you’re searching for a mountain cabin, rental home, or commercial building, you likely have several MLS properties that interest you. So, narrow the field by doing some due diligence on your top-tier candidates. Next, partner with a leading realtor who will gladly provide you with additional details and professional guidance. Then, you’ll be in a better position to make an informed purchase decision.

 

Get Acquainted with the Area
Naturally, you want to learn as much as possible about your potential investment property’s location. So, get in your car (or truck) and take a leisurely drive around the county. Look for adequate access routes to surrounding communities, and notice the number and type of shopping venues. Make a mental note of parks, recreational activities, and medical facilities. In other words, take the perspective of a potential home buyer or business owner.

 

Next, let’s assume you’ve browsed the MLS listings, and you’ve found several houses for sale or commercial properties in downtown Murphy, North Carolina. Can you easily access that part of town? Cruise through the business district; and notice the number and types of shops, restaurants, and other establishments. Adequate parking is especially important, as residents and visitors want easy access to local businesses.

Now, park your vehicle, and stroll around town like you’re buying a home there. Visit with several shop and restaurant owners. Learn about the business climate, and get a sense of business owners’ and residents’ relationships with local governments. Walk to the town hall or city manager’s office, and learn about upcoming business and residential development plans. Ask your real estate agent for any “inside track” information. Simply put, you want to know that you’re investing in a vibrant community that’s continuing to grow. Finally, for an up-close perspective of the town and/or county, call or visit friends or family who own a mountain home or work in that locale.

Obtain Local Demographic Data
Put on your detective hat, and do some in-depth due diligence on the town’s demographic makeup. Your goal: to determine how this town stacks up against other towns in the county or surrounding region. Begin with the local Chamber of Commerce website. This valuable resource will likely contain useful data on the general economy, population makeup, median income, business ownership breakdown, and much more.

Next, browse the town’s official website for additional nuggets of information. Besides assorted local government details, you might find listings of upcoming events and points of interest. Again, you’re looking for a lively, growing town with much to offer current (and potential) residents and visitors.

Pinpoint Each Property’s Potential
Now, let’s open the zoning can of worms. For example, let’s say you’re interested in a property that currently carries residential zoning, but you think it would make a terrific business location. Before you proceed down that path, learn about current property usage limitations. Next, talk to town managers about the feasibility of a zoning change. Also, ask your realtor about other clients’ recent experiences with zoning issues.

If you decide to pursue that option, realize that you’ll incur some attorney’s fees. You could also face logistical delays that further complicate your plans. So, if your commercial project carries a tight timeline, decide if it’s still workable given those limiting factors.

Visit the Registry of Deeds
Let’s say you’ve found a home or commercial building that piques your interest. To obtain valuable mortgage information on the property, visit the town’s Registry of Deeds. With a little digging, you can get the property’s current mortgage and last selling price figures. Most importantly, learn about any outstanding liens that could affect your potential purchase. Although sifting through these public records will take some time, this information will provide an insight into the seller’s perspective during previous contract negotiations.

Comb through the Permit Records
If you’ve gotten to this stage, you’re seriously interested in a property, and you want your ducks in a row before possibly making an offer. More specifically, you want complete permit data on the property’s previous construction, addition, and/or remodeling projects. If you can’t find these details online, view the written records at the town government offices.

For example, maybe the seller put up a new roof, but never pulled a permit because he wanted to avoid construction delays. That speaks volumes about his mindset, and potentially provides you with an advantage during contract negotiations. Share these (and other) relevant details with your realtor, so you’ll be in the best position to make an offer that aligns with your business goals.

The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.ILoveMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

John Poltrock (Again) Snags the “Best Real Estate Agent” Reader’s Choice Award

When it comes to buying or selling a home, land, or commercial property, you want the very best real estate agent in your corner. You want them to be on top of local and regional market trends, have a solid grasp of technology, and provide top-notch client service from start to finish.

Here in Murphy, NC and Cherokee County, John Poltrock checks all these boxes and more. John heads up The Poltrock Team, a dynamic eight-member group working within Re/MAX Mountain Properties in Murphy. And, for the second year in a row, John Poltrock has earned the Cherokee Scout’s coveted “Best Real Estate Agent” Reader’s Choice Award. Once again, John faced stiff competition from other area agents – including three standouts from The Poltrock Team.

So, how did John Poltrock earn his “Best Real Estate Agent” award? The answer is simple: With over a decade in our regional real estate market, John has served hundreds of satisfied clients – and these happy buyers and sellers take every opportunity to give John the credit he deserves. This year (and also in 2017), John’s many supporters helped him dominate the field in the Cherokee Scout’s Reader’s Choice competition. John truly enjoys helping his clients achieve their real estate goals, and he’s grateful for their ongoing support.

John Poltrock also knows that many notable achievements are the result of impressive teamwork. On The Poltrock Team, each person has their own area of expertise, providing the agency’s clients with stellar service from the first contact through final settlement. John sums it up very clearly and succinctly: “There’s no doubt about it, it’s not just me. It’s the entire Poltrock Team. We have the best people!”

The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.ILoveMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

5 Frequently Asked Questions About Real Estate Closings

Completing a Murphy, North Carolina real estate closing is like attending a stage play premiere. In both cases, the players have prepared for weeks (sometimes longer), perfecting their roles and working smoothly with other ensemble members. Support personnel scurry behind the scenes, handling endless details and the inevitable snafus that threaten to derail the production. Despite the obstacles, however, the big day arrives as planned, and everyone eagerly awaits a reward for their hard work.

If you’re buying or selling your Murphy, North Carolina home, land, commercial building, or investment property, you (and your realtor) want a smoothly executed outcome so you can begin the next chapter in your life. For a general real estate closing overview, including the roles played by buyers and sellers, view this snapshot of the players and the process. Continue reading “5 Frequently Asked Questions About Real Estate Closings”

Should I Buy a Distressed Property in Murphy, NC?

Deciding whether to buy a distressed Murphy, NC property is a bit like jumping into the stock market. You choose a potential candidate, weigh the possible benefits and drawbacks of your actions, and decide whether to make your move or stay on the sidelines.

Unlike the stock market, however, finalizing a property purchase only marks the beginning of your grand adventure. Before you sign on the dotted line, and commit your dollars and sweat equity to an often-complex project, step back and take an objective look at the challenging path ahead. Simply put, evaluate the pros and cons before jumping into the fray. Read on for several tips that may help you make an informed buying decision.

HALLMARKS OF A DISTRESSED PROPERTY
Although each case is different, a distressed property typically features a dramatically reduced price, often the result of an existing or potential foreclosure. Not surprisingly, Murphy, NC foreclosure houses are generally sold in “as-is” condition. In other words, the current owners (or the bank) will not make any repairs before the foreclosure sale’s completion.

ENJOY A WELL-KNOWN BENEFIT
Purchasing a distressed property generally comes with one major benefit: the property’s below-market-value price. Objectively speaking, the owners want to shake themselves free of their financial burden – fast. To accomplish that goal, they’re willing to sell now and accept less cash for the property. Equally importantly, they won’t have to spend money to make repairs and/or upgrades that would bring them a higher sale price later.

CONSIDER THE POTENTIAL DOWNSIDES
When you buy a distressed property, you’ll generally save some valuable cash, making it a tempting resale candidate after you return it to better condition. However, you’re likely to encounter one (or all) of these four obstacles during your house purchase and rehab process.

Competition from Cash Buyers
Many distressed Murphy, NC properties attract well-heeled cash buyers ready to pounce on a desirable target. If you decide to submit your own cash offer, line up your resources beforehand so you can meet these savvy investors on a level playing field. If you’re not flush with funds, and must finance the house purchase, obtain an ironclad loan prequalification from a cooperative lender. To position yourself more favorably against the cash buyers, consider increasing the size of your down payment.

Potential Financing Obstacles
Many distressed Murphy, NC houses are in less-than-optimal condition, increasing the chances that they won’t meet a lender’s loan requirements. Before you decide to buy the house, order an objective property appraisal. After the lender reviews it, they’ll determine the property’s value, decide whether the house is in habitable condition, and take action on your loan application.

More Complicated Transaction
Buying a distressed property often requires lots of patience, as you’ll often encounter multiple rounds of paperwork compared to more conventional real estate purchases. So, temper your expectations accordingly, and you might be pleasantly surprised with the outcome.

Higher Repair/Upgrade Expenses
In many cases, the distressed Murphy, NC property has damaged walls or broken windows, and one or more appliances may be missing. The property’s electrical and/or plumbing systems might also require complex repairs. Regardless of the issues, the buyer (you) are likely responsible for hiring contractors to fix the problem(s) and bring the house up to local code requirements.

DISTRESSED PROPERTY PURCHASE GUIDELINES
If you have some solid home renovation experience under your belt, or have cultivated a network of first-class contractors, you’re in a good position to make a distressed property buying decision. On the other hand, if you’re new to this dynamic submarket, get some valuable professional assistance before investing your dollars in the project.

For starters, choose a Murphy, NC realtor who has proven experience with distressed property purchases. They’ll objectively evaluate a potential candidate’s condition, and provide details on the work (and dollars) required to make the property habitable again. With that knowledge in hand, you (and your realtor) can decide whether that’s an investment you’re ready to make.

The Poltrock Team – REMAX Mountain Properties – Murphy NC – www.ILoveMurphy.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

5 Reasons Why Murphy, NC Is the Best Place to Buy a Carolina Mountain Cabin

Deciding where to buy your North Carolina mountain cabin is like combing through a box of chocolates. You examine every delectable-looking piece, savoring its visual appearance and fragrance before selecting the most appealing option. As you enjoy your reward, you know you made the perfect choice.

Likewise, you’ll consider several different factors when choosing your mountain cabins location. Of course, you want a beautiful and peaceful setting, but within easy driving distance of grocery stores and other shops. When you travel to town, you’d like a friendly atmosphere that makes you feel welcome. If you enjoy outdoor activities, you want varied options for yourself and your kids (or grandkids). And finally, you’re looking for an affordably priced property, leaving you plenty of discretionary income to enjoy the finer things in life.

MURPHY, NC DELIVERS A TOP-NOTCH MOUNTAIN CABIN EXPERIENCE
Believe it or not, Murphy, North Carolina checks all the boxes when it comes to choosing your cabins location. Yes, we’re a bit biased, as we thoroughly enjoy living in this beautiful part of the world. And, we’re happy to share the five factors that make Murphy (and surrounding Cherokee County) so special: Continue reading “5 Reasons Why Murphy, NC Is the Best Place to Buy a Carolina Mountain Cabin”

Carwash – An Incredible Investment Opportunity For Sale in Murphy NC

MAINIncredible investment opportunity in Murphy NC! Carwash with excellent visibility and frontage on 64. Traffic count ranges between 15-21,000 cars per day on one of the busiest sections of the four lane. There’s one automatic carwash and 5 self service bays. All equipment is included with purchase. Paved all around and on city water and sewer. Foreclosure sale being sold as-is with no representations. Call us today!

Click HERE for more Pictures and Information on this home for sale in Murphy, NC.

 The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.comCall us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

 

 

Incredible Property With 32 Storage Units For Sale in Hayesville, NC

Investment opportunity with a beautiful mountain view for sale in Hayesville NC! Incredible property withMAIN 32 storage units and room to grow! Access this large flat lot with Highway 64 frontage for incredible visibility. Even has fiber internet available for expanded site use. Units have a 90+% occupancy rate and rent for $40 per unit per owner. Records are available upon request.

Click HERE for more Pictures and Information on this home for sale in Hayesville, NC.

 The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.comJohnPoltrock@gmail.comCall us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

 

Present Use Value PUV Program – a great way to reduce Real Estate Taxes on Large Land and Acreage in Murphy NC and Cherokee County NC

When it comes to acreage tracts and land in Murphy NC, I must admit Cherokee County has great tax rates! It’s nice to live in an area where taxes are affordable and reasonable. However, it’s always nice to be able to lower your tax bill! And if you have a larger tract of land, you can lower a good tax bill to an extremely great tax bill.

Cherokee County NC, like many other counties in North Carolina, have access to a program called Present Use Value, or PUV. It is NOT designed to be a program just to drop your taxes. It provides a benefit to you (lower taxes) for sound management of your property. That is done by creating a forestry plan, etc. and properly executing it on your property. It’s truly a win-win all around.

There are several variations of the program with different requirements for each. Here are the basic requirements to be eligible for each PUV program:

  • Agriculture/Aquaculture
    • You must own at least 10 acres in the production of crops or livestock for commercial sale or 5 acres in production of aquatic species or have more than 20,000 pounds of aquatic product for commercial sale.
    • Show an average gross income of $1,000 from the preceding three year period must be shown from the sale of the products produced from the land
    • If you have more than one farmed tract, only one of the tracts (the parent tract) is subject to the minimum size and income requirements.
  • Horticulture
    • At least five acres in the production of fruits, vegetables, nursery or floral products for commercial sale.
    • You must have an average gross income of $1,000 from the preceding three year period must be shown from selling products produced from the land.
    • Christmas tree farms are part of the horticultural classification and must have at least five acres in production for commercial sale.
    • If you have more than one horticultural tract, only one of the tracts (parent tract) is subject to the minimum size and income requirements with the exception of Christmas tree farms.
  • Forestry
    • At least 20 acres in the production of forest products for commercial sale.
    • The forest land must have a written forest management plan from the NC Division of Forest Resources or a private forester and a copy of the plan on file with the Tax Administrator’s Office.
    • If you have more than one forestry tract, only one of the tracts (parent tract) is subject to the size requirements. Since income is only produced when timber is harvested, there is no yearly income requirement for forest land.
  • Wildlife
    • Tract of Land must be between 20-100 acres.
    • Must protect an animal species that lives on the land and is on the NC protected animal list or conserve a priority wildlife habitat.
    • You must have a written wildlife habitat conservation plan from the NC Wildlife Resources Commission and file it with the Tax Administrator’s Office

The present use value is based solely on being able to determine the property’s ability to produce an income, NOT the estimated market value of the land.

If you are eligible and/or considering applying, I highly recommend you contact the Cherokee County Tax Office at 828-837-2421. Since they ultimately have the final say in whether you can be in the program, it’s a great idea to contact them to get pointed in the right direction on your property or land you are considering buying.

Frequently asked Questions

 –What if there is a home on the land I want to put in the PUV program? This is generally not a problem. An acre of property that your home is on will be completely excluded and taxed according to current assessments. The rest of your property can be in the program.

What happens if I sell the property? The taxes that are “deferred” as a part of the program are reclaimed for the past three years. For example, let’s say your “normal” tax bill is $1,000 and the PUV program makes it $100 for a $900 savings each year. If you’re in the program for 10 years, that’s $9,000 worth of taxes you saved. If you sold it in year 10, you would be responsible for paying back the last 3 years of savings. So, it would be $900 x 3 = $2,700. Yet the other $6,300 is a total savings you DO NOT owe.

How much can I expect my tax bill to be in the program? I was told by a local forester who develops plans for parcels to enter the program that it averages about $1.50 per acre. For example, if you had 100 acres, your annual tax bill would be about $150.

Are you looking to buy acreage tracts of land? If so, we’re here for you! Land is always so unique that it can be challenging to search for, even online! Let us help. You can feel free to use our FREE Land MLS Search for Real Estate OR Fill out our CONTACT US Form and let us know what your “Wishlist” is for land, and we’ll do the leg work for you! If you have any other questions or concerns, always feel free to let us know.

John Poltrock – The Poltrock Team – REMAX of Murphy NC – www.MyMurphy.com – JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

John Poltrock is now a Certified Investor Agent Specialist helping you with Murphy NC Real Estate Investments

John Poltrock is now a Certified Investor Agent Specialist! This CIAS Designation is focused in Residential and Commercial Investing for cash flow. This special training is to help investors identify real estate properties for sale in Murphy NC that return an investor with positive cash flow.  Experienced and trained in analyzing the investment, John can calculate the CAP rate of a property vs. another, the Cash-on-Cash Return, and much more.

Training also includes important strategies for buying real estate utilizing strategies such as:

  • 1031 Exchanges
  • Self Directed IRAs
  • Property Management
  • Investor Goal Strategies
  • Property investment Analysis
  • Exit Strategies
  • and much more!

In addition, he is also a Certified Residential Specialist by the Council of Residential Specialists. That places him among the top 5% of local Realtors.

Looking to invest in real estate? Contact John Poltrock and The Poltrock Team today!

The Poltrock Team at RE/MAX Mountain Properties in Murphy NC – www.MyMurphy.com – JohnPoltrock@gmail.com – Call us Toll Free at 1-866-Murphy-NC or 1-866-687-7496 – Murphy’s #1 Real Estate Team

Self Directed IRAs – an Excellent Way to Invest in Murphy NC Real Estate

Very recently, we closed a real estate transaction with almost 40 acres of land. It was located in the Brasstown area of Murphy, NC – and it was done in a Self Directed IRA. A Self Directed IRA (or SD IRA) is an excellent way to buy, invest, and own real estate.

The ability to buy real estate investments inside your IRA provides some excellent tax advantages. Your real estate investment essentially is provided the same tax advantages your Traditional, Roth, or SEP IRA receive through conventional investing – only in real estate!

For Example (a simple one): You buy a $100,000 rental house in your SD IRA. You collect monthly rents of $750, which is $9,000 per year for 3 years for a total of $27,000. At the end of 3 years, you decide to sell it and get $130,000. Because you own it in your SD IRA and all funds stay there, you don’t pay taxes on your rental income OR gains when you sell it! That’s a total of $57,000 you were able to shelter from taxes when you normally would have paid taxes on the rental income AND capital gains on the sale! A sweet strategy!  😆

As with typical IRS regulations, there are some requirements, conditions, and hoops you must jump through, however they aren’t too complicated.

Would you like to invest in Real Estate with your IRA? Call The Poltrock Team at RE/MAX Today and let us help guide you on how to do it and identify properties that meet your investment goals.

The Poltrock Team – www.MyMurphy.com – REMAX Mountain Properties in Murphy NC – Call Toll Free 1-866-Murphy-NC or 1-866-687-7496 – JohnPoltrock@gmail.com