Scott -lots of good responses here.

The real key is finding the top 10% of the Real Estate Investor Experts that know how to truly help you obtain a property at a "Wholesale Price". The other part to buying right, is actually properly assessing the Real Market Rental Rate for the individual property. Many make the mistake of over estimating the rental rate which (if wrong) greatly increases the residential rental turnover rate -the greatest cost to a landlord other than the cost of a loan.

Here's my latest article on vacancy rates: http://charlottereblog.com/vacancy-rates-what-is-the-real-va…

Scott,

As an investor you know that we make our $money$ when we buy. I and the investors I work with having been buying "Foreclosures" and "Short Sales" for years. Now we concentrate on"Short Sales" and save big big dollars with each deal. Sometimes a short sale will take an extra effort by me the Realtor/Broker but is no extra effort from my Buyers.

We have a good inventory of properties in 28214 and other prime Charlotte zip codes. I'm sure you understand that most areas of the US distressed properties are over 50% of the sales in 2010. This is a big opportunity for you get a great deal on an investment property.

My last "Short Sale" the bank accepted $325,000 less than was on the current mortgage. A $325,000 discount was a big deal for me, my wife and I actually moved in and made it our home. A new construction waterfront home with all the luxury options.

At our last Investor meeting (Metrolina REIA) I met more new members who joined to have another way to access the deals in "Short Sales" and "Foreclosures".

Many brokers/agents don't want to help buyers with "Short Sales" they say it's just too much work. It is a lot of work for the agent but in the end you could be in your dream house with big savings to do other things like buy a boat..

Best of Luck,
Bill Carey,
Broker/Realtor
Certified Short Sale Specialist
Cell 704-905-0740
Fax 866-343-5945
Bill.Carey@HendersonProperties.com
http://www.HendersonHomesCharlotte.com

Scott,

I have a few different rentals in Charlotte myself. I have found that single family homes rent better then TH or Garden Units. Depending on what you are wanting from your rental is going to determine where you should invest...such as appreciation of the property, tax savings, and/or cash flow.

Rental prices range greatly even within a zip code in the Charlotte area. The price is going to depend on the location of the property, amenities in the neighborhood, size, condition, and the schools. Most of the average 3 bedroom homes range from $800-1200 but even that can vary. I would recommend working with a Realtor that is familiar with investing and the different areas of Charlotte.

I will be in MA thru the end of the month and would be glad to meet you to discuss area rentals. I can even recommend a few different Realtors if you do not currently have one.

Best Wishes,
Erika Pitman
Keller Williams Realty
ErikasHomes@gmail.com
704-576-1671

Hi Scott,

I'm a Realtor® that actually owns rental property in 28214. The rents there vary based on th subdivision in which the house is located. I own in the Riverbend subdivision, which has a pool, walking trails, and playgrounds. Rents there go between $950 - $1200, depending upon the size of the house. The issue, though, is that the HOA fees are almost $500/year, and the HOA is very aggressive about any infraction of the CCRs. They also have been trying to pass a rule that limits the number of rental properties in the neighborhood.

Communities in 28214 that do not have amenities have lower rents. They rent from anywhere from about $650 - $900, again depending upon the size of the house and the community. The rental market in Charlotte is quite brisk because there are many people that no longer qualify for a mortgage, but this particular area currently has 58 homes available for rent. The homes in communities with amenities are more attractive to renters, so it makes it more difficult to rent out a home in other communities in this zip code.

South Charlotte, specifically the Ballantyne area, is a little better. You might consider some condos/townhouses across the street from the Ballantyne Corporate Center. As a real estate investor myself, I'd love to help you find the perfect investment property in Charlotte. Let me know how I can assist you.

All the Best,

Josie Mazzaferro
MBA, Broker/Realtor®
The Weeks Team
Allen Tate Company
cell: 704/965-1344

Hi Scott!
Another option to consider is that several new home builders in this market sell their model homes to investors and then rent them back while they sell homes in the community from the model. They take excellent care of the home. Please let me know if you would like more info on this opportunity.

Sam Powell Owner/Broker
EnceEsce Realty Inc.
sam.powell@enceesce.com

Hi Scott,

Most of our rental portfolio is in the South Charlotte area,and there is a reason why :) We are a full service management company, would love to speak with you more about your investments.

Feel free to call me

Scott,

Jody gave a good answer as the rent will depend on the factors he said. Certain areas of Charlotte rent much faster than others. Townhomes and condos compete with apartments for rent but an owner does have less to worry about as far as the exterior maintenance and yard upkeep. Also, keep in mind that townhome/condo dues go up as the property gets older and repairs/maintenance has to be done. Condominium communities are having problems with financing. The HOA has to be healthy and there is a maximum number of rentals allowed. I am a Charlotte native and also do property management. If I can help you any further, please contact me.

April Ccrowder
Coldwell Banker United, REALTORS
Licensed in NC & SC
704-533-2220

We manage a number of properties here in Charlotte, including properties in the 28214 zip code. What the going rate is will depend on condition, number of bedrooms and bathrooms, whether it has a garage, etc. To make a decision on whether it is a good investment also depends on purchase method (cash, loan, etc) and investment goal, (generate cash or build future equity). A townhome will rent out without much difficulty, but one thing to keep in mind is the monthly home owners' association dues. These need to be included in the investment analysis.

If we can be of any assistance feel free to contact our office for an investment review. Take care.

Jody Jedele/Broker-Owner
Tierra Bella Realty
704-548-1000 http://www.tierrabella.net

Scott,

Here's a link to the 11 active "rental" townhomes in 28214: http://tempo.carolinamls.com/Pub/EmailView.asp?r=472167390&a…

Here's a link to all 63 rentals in 28214: http://tempo.carolinamls.com/Pub/EmailView.asp?r=360882497&a…

Here's a link to view the 113 reo resale townhomes in Charlotte (none in 28214): http://tempo.carolinamls.com/Pub/EmailView.asp?r=1012559956&…

Bill Ahls, Broker/Owner
NHB Group, Inc.
704-780-0654
Bill@Ahls.net http://www.NoHassleBroker.com

Hey Scott. the average property value in 28214 is $114,400. The average rental rate for a 3 bedroom home in 28214 is about 1000/mo. with the low end being 945/mo and high end being 1175/mo. There are alot of great deals to be had right now in this area. Ive been investing now for 2 years and its been very succesful. Please contact me if you would like anymore information, I would love to help!

Hi Scott,

I am originally from Franklin, MA and all my family are still up there. Charlotte has a fantastic and stable rental market with lots of great opportunities. There are lots of things I could tell you about South Charlotte, different types of housing, different zip codes, REO versus other opportunities, etc... The best would be for you to check out the investor section of our website below and be in touch with me from there.

Hope to hear from you soon.

Take care,
Matthew Tringali
Owner of Group 15 Real Estate
matthew@group15realestate.com
704.517.3906