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!
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.
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 (email@example.com ).
To get a better idea about what we do you can read more information on my activerain page:
Also review the NWREI website.
Wishing you well on your investment endeavors.