Ganesh Kumar, Home Buyer in Simi Valley, CA

Buying investment properties in Charlotte, NC.

Asked by Ganesh Kumar, Simi Valley, CA Sun Nov 14, 2010

Hi, I am planning to buy a couple of properties (range of $75k to $100k) and rent them out for investment purposes. I did my own research and found that Charlotte, NC has one of the best rental market (not sure how long will it be). What is everyone's opinion on Charlotte being a good rental market and how long do u think will it be good? You replies and feedback are much appreciated.

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Answers

21
Great reantal market. I get tons of calls from people wanting to rent. In that price range I would look in the University Area, Southwest Charlotte or East Charlotte. You can find some nice 3 bedrooms, that can rent between $750--$850/ month. You have to watch that GRM (gross rent multiplier)! Keep the GRM under 11 and you will be good to go. Good luck!
2 votes Thank Flag Link Fri Nov 19, 2010
Property with six houses on it...Seeking investor to buy property for $295,500 with six houses on property, sign lease with option to buy with Real Estate Development Firm to develop property by end of 2014. Subdivision plans already approved by City of Charlotte for 36 lots. Parcel Id is 11504612, streets Nesbit Drive and Holabird Lane.

http://www.retreatatnewcovenant.com

Permanent financing in place for qualified home buyers, and up to $48,500 in City, State, Bank, and Non-Profit down payment assistance and special financing for each qualified buyer due to only 12.3% homeownership in census tract.

Is anyone interested?

Ted White, Project Manager, 704-492-1819
0 votes Thank Flag Link Mon Mar 24, 2014
look at 5617 timber top
I am selling this rental.Has 8 year plus section 8 tenant.
Rent is $1,200 Section 8 pays $958 of the rent.
0 votes Thank Flag Link Mon Nov 11, 2013
If you are a newbie investor and want to link with seasoned investors, join the Metroline REIA group. We have sub-groups and meeting throughout each month. You just pay the membership fee of $119 per year and you get GREAT perks for your membership. Contact them for more details:
Metrolina Real Estate Investors Association, Inc.
7621 Little Ave.
Suite 415
Charlotte, NC 28226
Phone # 704-523-1570
Email: jcu@MetrolinaReia.org
0 votes Thank Flag Link Mon Nov 11, 2013
I have a great rental i need to sell.Let me know if you have anyone.

http://ja6658.wix.com/5617timbertop

http://charlotte.craigslist.org/reo/4161334285.html
Flag Mon Nov 11, 2013
The Charlotte Rental market is strong and this city is a great place to invest in single family properties. There is still a good supply of foreclosures. I have been investing in single family properties here since 2000. There are certain areas to invest in and other areas to avoid.
I can guide you for where to focus.
Steve Hirsch
http://www.homesolutionspro.com
0 votes Thank Flag Link Tue Apr 24, 2012
Are you seriously answering this question from November 2010?

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If this post answered your questions, GIVE ME A THUMBS UP!
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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.

http://www.natewolf.com
charlotte mls realtor home listings
http://www.CLThome.com
Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Mon Jun 27, 2011
Charlotte is such a large city that there seems to be a constant influx of people. As unemployment goes down and more jobs come around this will increase demand even more.
0 votes Thank Flag Link Mon Jun 27, 2011
I need more info Can you get positive cash flow?

1.What is the unemployment rate in Charlotte?
2. What is the rental rate for your basic house?
3. What is the vacancy factor?
4. Who is the top propety manager in Charlotte and what zip codes do they find rent the quickest?
0 votes Thank Flag Link Wed Nov 17, 2010
If you are focused on Charlotte area, I would definetly look into some of the surrounding areas like Waxhaw, Indian Triail and Monroe. The demand is high in these areas for rentals. Also consider the University Area if you are fixed on Charlotte.
Web Reference: http://www.AGReedRealty.com
0 votes Thank Flag Link Wed Nov 17, 2010
Ganesh,
There has never been a better time to buy investment property here in the Charlotte area. Wether you have cash or will getting a loan, the numbers work! There is always a need for rentals and yes, the need is greater now than in the recent past, there will always be a need. If you are buying near the bottom of the market, which you certainly would be, you will be more competitive with rent than others when the rental need isn't as great. You should also be able to cash out and make a nice profit (to re-invest hopefully) if you hold on to them until the market makes its way back up.

Best of luck to you!
0 votes Thank Flag Link Mon Nov 15, 2010
Funny you should ask this... My next blog entry was going to be about Buying Investment Properties! :) Hopefully this will help you decide what to do.

Over the last few months I have seen an increase in the purchase of second homes and investment properties. Because interest rates are low and there are so many foreclosures/short sales/distressed properties on the market, it makes the allure of purchasing investment homes for rentals that much more appealing. For example, one neighborhood I farm has multiple homes for sale right now. About 6 months ago there were a few that were even in the $50-$60k range in a neighborhood where renovated properties were selling from around $120k. Most of the cheap ones got scooped up and I am now seeing them reappear as rentals and homes for sale. Investors are not only looking at the opportunities to "flip" the distressed homes, but are able to afford to purchase multiple properties in popular areas and find renters. Because, in general, it is more difficult to obtain financing on a home many of the would-be buyers are continuing to rent until financing regulations relax or they have time to save for a downpayment or repair credit.

Plus, as Charlotte is still highly ranked as a desireable place to live/relocate, there are families and business professionals who are relocating to the Charlotte area for work, but many have homes to sell in different states. So, they are unable to purchase and are looking to rent.

As far as knowing "how long" it will be a good rental market in Charlote, no one really knows. I imagine it will continue to be 2-3 years before the distressed property inventory goes down and we don't know what the banks will do to change financing regulations. But, people are always going to need housing - especially affordable housing-- and until job security and the economy picks up, I think your investment in rental homes is probably a safe choice.

I have a few properties listed that are within your price range and that have been consistently rented if you are interested in taking a look at a few. Or if you have any areas of focus, I am happy to provide other options as well.

Let me know if you have any further questions as I am happy to help! :)

Have a great day,
Katie
0 votes Thank Flag Link Mon Nov 15, 2010
I would encourage you to look at Durham NC as opposed to Charlotte. Charlotte's banking industry has been hard hit and there are a lot of unsold homes, many of these property owners are renting creating lower prices and more competition.

The price of homes you’re talking about is going to appeal primarily to college students.
Durham, Chapel Hill and Raleigh are growing more quickly than Charlotte and this has been the case for the past few years. Within an 8 mile radius you have Duke, UNC, and NCCU as well as two major teaching hospitals (Duke and UNC). I think you're going to find this a better market than Charlotte for what you're looking to do.

I work with investors such as your self regularly. If you're interested in this area, feel free to contact me. If you want you can look at everything listed for sale on the MLS that serves the Durham-Chapel Hill - Raleigh area on my website to see if you're interested.
0 votes Thank Flag Link Mon Nov 15, 2010
Ganesh,

This is defintely a good time to buy a rental property. As others have said; the market in Charlotte is robust for renters right now. The diversity that Charlotte offers brings people form all different parts f the spectrum and from all over the United States to Charlotte. I own a few investment properties personally. I have also helped investors purchase properties. The one variable they all had in common was the speed in which they were able to rent out the houses.

Charlotte offers a wide range of rental possibilities for you depending on where you purchase as well. There are areas around the university that do extremely well. However; those are going to be catering more to the college students than professionals. And other pockets of charlotte tend to be easier to rent homes due to location. People like convience and want to be near main roads and highways.

With the diversity Charlotte offers from the universities and colleges to the second largest banking capital in the United States, to cost fo living and companies moving into Charlotte the rental market appears like it will maintain it's strength for some time. There is too much diversity in Charlotte for the rentla market to dry up. Charlotte si not solely dependent on anyone industry to maintain it through the economic recovery. That will allow Charlotte to grow and continue to be a strong market to attract people. With more people coming to Charlotte; they are going to need places to live....thsu the rental market will remain robust for the foreseeable future.
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Mon Nov 15, 2010
We have a very stable market here.If you need any help or questions answered fill free to email me.I sell to investors.Section 8 is great if your not a slum lord.Slum lords do ok here also.

realtydevelopment@gmail.com
0 votes Thank Flag Link Sun Nov 14, 2010
I have been a real estate agent for 14 years and a real estate investor for 10 years. I currently have 15 rental properties of my own and I am also managing 9 other properties for investors. Right now, the rental market is a bit slow. This is a result of more people renting their homes out because they can't sell them and also because the time of year. Less people want to move in the cold months. The price range you are targeting is good because there are always more people renting in the lower price ranges. One thing to keep in mind is to try to get a three bedroom and two bath home. Everyone seems to want two baths now adays. Please contact me as I would be happy to help you with your investment purchases.

April Crowder
REALTOR/Broker/GRI
Licensed in NC & SC
Coldwell Banker United, REALTORS
abc@coldwellbanker.com
704-533-2220
0 votes Thank Flag Link Sun Nov 14, 2010
Yes, Charlotte has a great rental investment market. We are able to offer you an in-house real estate broker for one on one service. We also have an in-house foreclosure specialist. We are a family owned business in real estate with 30+ years of experience in the Charlotte area. We know the current trends and best neighborhoods for the best return on your investment. We are a small company and easy to work with. Call Milton at 704-650-1072 any time for information or advise.
0 votes Thank Flag Link Sun Nov 14, 2010
Ganesh,

Charlotte continues to attract many investors like yourself for the reasons you have indicated. Many of us could give you a lot of insight on the market in general, but just like with any city there are going to be great opportunities and opportunities that will be a dud. It will be best for you to utilize the services of a REALTOR who is familiar with investment real estate, rental markets and property management to help you evaluate the particular opportunities you will consider on a case by case basis.

Kind Regards,
Matthew Tringali
Owner of Group 15 Real Estate
704.517.3906
0 votes Thank Flag Link Sun Nov 14, 2010
Great question. Charlotte continues to be a great rental community because of the college, many young professionals, and diverse population. I have an investor listing you may want to check out at 8508 westhope St. Charlotte nc 28216. It's listed at $139900 however she is accepting all offers and there is a contracted renter through August. Let me know I'd I can assist you further.
Lisa Nye, Keller Williams realty
Soldbylisan@Gmail.com
704-787-1556
0 votes Thank Flag Link Sun Nov 14, 2010
I am a Licensed Realtor in Charlotte and I also have 8 rental properties of my own. I have excellent tenants and can usually find a qualified renter within a couple weeks of closing on the property. The price range you listed is very good since you can keep the Rental Amount somewhat low. I work with several other investors who are doing the same thing. Let me know if you would like for me to send you a list of potential properties for you to view.
Tammy Manning
House to Home Realty, LLC
704-641-1669
0 votes Thank Flag Link Sun Nov 14, 2010
I am heavily into this market with various clients doing the same thing. I also help run a property management company. Without divulging too much of my well guarded information, I can tell you the obvious... as long as loans are hard to come by, banks are freezing up, the economy is down, there will be a great rental market here in Charlotte. Plus, it's no secret that folks are still migrating here from all over the country. So, my management company is doing really well right now - inventory is at the lowest it's ever been and the returns from purchasing reo's and renting them out are fabulous.

Let me know if you want more help. It helps to have the ground work laid out before proceeding.
Thanks for inquiring!
Allyson Ward, Broker/Realtor NC/SC/GA
Allyson0611@gmail.com 704.622.9506 cell
0 votes Thank Flag Link Sun Nov 14, 2010
Hi Ganesh,

I agree that there are some great investment opportunities in Charlotte right now. Many buyers come to me each week who want to buy a home but do not qualify based on today's new credit standards. They end up renting homes and townhomes because they want away from "apartment life."

You will need to be very aware of the area that you choose to purchase in and analyze how other rentals in the area have performed. As long as you do your research, you should be very happy with the success of your rentals here in Charlotte.

Don't hesitate to e-mail me for more information or available properties.


Amy Gooden
Allen Tate Realtors
704-258-1459
Amy.Gooden@allentate.com
0 votes Thank Flag Link Sun Nov 14, 2010
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