Market Conditions in 28205>Question Details

Miguel, Home Buyer in Los Angeles, CA

Investment property

Asked by Miguel, Los Angeles, CA Sun Jan 13, 2008

I want to invest in this area. hoping to get a duplex. (28205) Can anyone tell me about the general area, good investment area??? I plan to buy and hold 5-7 years, then maybe do a 1031 Ex.

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9
Hey Migel,

Your on the right track with wanting to invest in a Duplex. I have been traveling the country mentoring now for the past 6 years and have trained 100's of students, it refreshing to hear that you get it!

A few questions you need to ask yourself.......

1-Arrmse you living on either side?
2-Are you looking for CASH FLOW or APPRECIATION?
3-Will you manage it or do you get a property manager?
4-How are you funding this deal?

Sit down with a local realtor and let them show you all duplex listings. Let the agent run a report for you on sales and DOM. I suggest you pick 4-5 areas to farm. Try to get owner owned properties ONLY if you are looking to e bcrearive with the terms. If you have funding in place look at the REO's as well. Just remember it's AWLAYS about the NUMBERS. Once you get your list go after higher days on market properties first.

Before you make your offer ALWAYS know your EXIT!

Linda
Sevendaysorless.com


enDaysOrLess.com
Web Reference: http://sevendaysorless.com
0 votes Thank Flag Link Mon Jul 18, 2011
Hi Miguel the first thing you need to do in order to understand your investment options is to decide the type of investor you want to be. There are several investment options and Charlotte has lots of those everywhere. Your financing options also depend on what type of investments your are doing and have done in the past. For more information on investments in Charlotte I can do an analysis of your profile to help you decide what you feel comfotable with and what investment properties suit your needs.
0 votes Thank Flag Link Thu May 8, 2008
The Charlotte market is a great place to invest. We have maintained a steady and slow climb to the top of the Real Estate market and we have never had a "bubble" to burst. Finding a duplex is challanging because so many investors are looking for just that, but they are out there and the area you ask about is a good area for those types of properties. Find a good agent who's expereinced in this market and put your trust in them. It would be wise to talk to several before choosing. Please read my profie on Trulia.
0 votes Thank Flag Link Thu May 8, 2008
Hi Miguel, Charlotte is one of the only cities in the country that is still selling and appreciating.The 28205 area of town is one of the hottest urban revitalization areas. I work with lots of investors in the area, and I can give updated information on the what is happening and where it is happening. Check out my website to search for urban properties.http://www.chichoods.com
0 votes Thank Flag Link Wed Apr 16, 2008
Check out this website, http://www.rehabahouse.com, they focus on investment property. You'll find a variety of deals here, some listed by agents and some by investors. I tend to be able to find deals on here that are not typically listed elsewhere. It's a good resource, I hope you find it useful.
Web Reference: http://www.rehabahouse.com
0 votes Thank Flag Link Mon Apr 14, 2008
Hi Miguel,

I work on a team and we currently are working with 15 investors. We have a lot of knowledge of the best investment areas in Charlotte. Our investment specialist is constantly analyzing the market to find the best deals. I would really need to know your price range to start off with so I can determine which area would best fit your needs. Please visit my website at http://www.TeresaQuinan.com and if you would like to contact me to discuss your specific requirements in more detail I would be more than happy to talk with you. I look forward to hearing from you.
Web Reference: http://www.TeresaQuinan.com
0 votes Thank Flag Link Mon Jan 14, 2008
Miguel,

North Carolina especially North of Charlotte and South of Charlotte are great areas to invest and hold for possibly even longer than 7 years. The U.S. Census Bureau estimates the population to double in this County (Mecklenburg) within the next 10-15 years.

Is there a reason you are looking for duplexes? Do you currently own duplexes or other multi-units?

It is our experience that multi-units do not appreciate as well as single family homes in the right region and the right neighborhood. When you resell a multi-unit in most cases only another investor is the one that is interested, therefore you have a limited market. Additionally, a more quality tenant can afford and prefers a single family home.

My company which specializes in out of state investments (we're out in Northern California) has a Real Estate Broker / Property Manager in place in the Charlotte area. We choose agents/brokers which are investors themselves. Our broker in the area owns 7 investments. FYI, we have also have a team of Broker/Property Managers in 7 other States (regions we have researched and which the founders of Nationwide Real Estate Investments, NWREI, have visited and previewed personally). Plus, 95% of the properties we recommend and offer to our clients are NEWLY constructed single family homes. In the Charlotte area we have a combination of new and 3-5 year old homes.

When it comes to rates for non-owner occupied we also have excellent lenders which specialize in working with investors. FYI, as of last Friday (11th) with a 10% down (yes, you still cash-flow) full documentation loan rates on a non-owner occupied are between 6.75-6.875% (credit scores in the 700's).

We work with investors within our local area or out of the area. Let me know if I can be of further help (lourdes@nwrei.net ).

To get a better idea about what we do you can read more information on my activerain page:
http://activerain.com/lourdesmartinez

Also review the NWREI website.

Wishing you well on your investment endeavors.
Web Reference: http://www.nwrei.net
0 votes Thank Flag Link Sun Jan 13, 2008
This is a mixed area- working class and up and coming yuppie: the NODA area with the future light rail, then Plaza-Midwood, both would be excellent buy and hold areas, with some tougher areas in between.. There is quite a range of prices (and rents) from under 100K, to $375 or so in Chantilly, an upscale neighborhood similar to Plaza-Midwood. You may search for multi-family homes online at Charlotte Real Estate , see more about Charlotte at my community site below. Call me for more, 704-351-1519
0 votes Thank Flag Link Sun Jan 13, 2008
I love austi, TX. Recession proof with both a huge university and state governement. Crunch these numbers, $380K gets you 2 homes, 3-2 each renting for $2000 a side for 2 year leases. In great shape and less than 4 years old.
0 votes Thank Flag Link Sun Jan 13, 2008
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