Home Buying in Charlotte>Question Details

Ashley, Home Buyer in Charlotte, NC

Where is the best area to purchase an investment property in Charlotte?

Asked by Ashley, Charlotte, NC Mon Feb 2, 2009

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9
Ashley, I don't know if you are from Charlotte or not, but knowing your market area is the first thing you want to do. It is YOUR MONEY and Financial obligation you are talking about, people will always have something to sell you, but you must be the one who can decide if it's what fits your needs or not. If the deal goes bad, you don't want it to be because you let others guide you in directions you never needed to go..

You want to buy an investment property? You need to gain some insight into the rental market..Try these sights..http://www.zilpy.com/ ......rental trends/prices.......http://www.rentometer.com/ .....rental comparables..

Use this sight to following housing trends ect..by neighborhood..all public record based..
http://www.bhgrealestate.com/Views/Look/Default.aspx

Keep a close eye on whats available and where.....http://www.tenmanagement.com/listings/property-list.do ...
Hud homes for sale in Charotte..
Gov sales......http://www.homesales.gov/homesales/mainAction.do

http://bankofamerica.reo.com/search/propertysearchresults.as…
Bank of America REOs in Charotte.

http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ....check the Bank REO sites yourself.

If you live in the Charlotte area checking the neighborhoods should be possible and there are many resources you can use to become informed enough to make your own decision and follow through with protecting your interests. When you are ready to choose representation use your knowledge to interview and find someone who will protect your interests and help you attain your goals.
Here's a link to explain that process.. http://www.trulia.com/blog/rockinblu/2008/12/i_ve_got_my_fin…
and one more....http://www.trulia.com/blog/david_chamberlain/2008/12/how_to_…

Good luck in your search, Dunes
1 vote Thank Flag Link Mon Feb 2, 2009
Hi Ashley!
there are tons of great areas in Charlotte to look for investment property. It really depends on your motivation and what you want to spend. We can take a look at the MLS data and see what properties gained in sales value over a certain time frame in certqain areas to see past gain. We can take a look at area growth and plans for shopping, road expansion, etc. to get an idea of potential but there just isn't any guarantees. if you are interested in investment properties and want to talk about what's available or have me set up a MLS Gateway for you to recieve information as it's made available in our MLS, let me know and I will be glad to do so. I'll look forward to working with you.
Beth
704-609-6653
1 vote Thank Flag Link Mon Feb 2, 2009
Ashley,

I hear this question frequently and unfortunately it isn't a simple one to answer. The best place to purchase investment property is dependent on your investment goals, risk tolerance and current financial means. If you are serious about beginning a real estate investment portfolio, I recommend that you sit down with a seasoned local real estate agent that has experience in working with investors and is able to speak to you about the impact you may experience with regard to taxes, etc.

Investors typically come in 3 types: 1) purchase property for long term holds with the goal of renting the home to cover some or most of the expenses. 2) purchase the property to fix or repair and then sell for a short term profit. 3) purchase the property as a primary residence with the hopes of profiting from equity growth. Which of these 3 do you most identify with? Once we answer that question we'll have a long list of additional questions to determine the best investment property for you.

I hope this helps.

Michael Fournier
Helen Adams Realty
704.533.2860
1 vote Thank Flag Link Mon Feb 2, 2009
Hi Ashley,
I realized your investment question is regarding Charlotte, but I was also thinking a good place to invest with prices historicaly low is in the Myrtle Beach, SC area. Being a resort ocean town, prices are sure to rebound. Let me know if this idea is of interest to you.
Marilyn Hudson
704-608-1406
0 votes Thank Flag Link Mon Feb 2, 2009
Based on the feedback you have provided I would recommend a duplex in a good intown neighborhood. For example there is one in the Belmont neighborhood right now for around $100k with a rental income of $900/mo. Which should be enough to allow you to cash-flow $100-200/mo depending on if you hire a property manager and repairs. It is a great appreciating area that has already seen a lot of turned properties in the last few years and will continue to do so in the next 5-7 years. So, it should experience much better than average appreciation and provide you with a lot of different exit strategies down the road.

I work with a lot of investors and investment properties and would be happy to discuss this with you further.

Thanks,
Matt
0 votes Thank Flag Link Mon Feb 2, 2009
Thanks for your help. This is my first investment property, and I am looking to spend no more than $100,000. My goal is to rent out the property for 5-7 years, and then sell. I realize that I won't be able to afford the Uptown area, so I would like to find an area that is appreciating and will give me the best return on my investment.
0 votes Thank Flag Link Mon Feb 2, 2009
Ashley,

Honestly, it depends on what you're looking for in an investment property: how much you're looking to spend, whether you want to rent the property long-term or you just want to rent for a few years and then try to re-sale the home for a profit once property values have gone back up, etc. Generally speaking, neighborhoods close to uptown are great for investors because with the way things are today folks are wanting to leave closer to town and have shorter commutes. Neighborhoods near UNCC can be great for investment properties as well if you're willing to rent to college kids. Again, it really depends on what specifically you're looking for in an investment property, and I'd be happy to sit down with you and discuss your specific goals/desires. I do some real estate investing myself, and I work with a lot of investor clients from as far away as California. Working with investors is one of my favorite parts of what I do as a Realtor.

Andy Yates
Broker/Realtor
Coldwell Banker United, Realtors
(704)467-0795
ayates@cbunited.com
0 votes Thank Flag Link Mon Feb 2, 2009
Dear Ashley,

What are your investment goals? Do you want to "flip" the house quickly or are you looking for rental property that you will hold? "Flipping" is more difficult now than it has been in the past. Rental properties that are well bought in a good area, are a good longer term investment.

What price range are you looking to buy in? This will also affect the area that will be best for you. South Charlotte is more expensive, but generally holds its value better. On the other hand, area 3 which is northeast of Independence and south of Albemerle Rd. and extends from the center of Charlotte out to the county line, has seen the only appreciation in the average sale price in 2008. (Check out the area statistics on my website at http://www.RichProperties.net/statistics.html ) Matthews area is usually a good area for investment properties.

If you will let me know what criteria you are thinking of in investment properties, I can do a search and email you possible houses. You can also search on my website for yourself, but it is difficult to know which are the best buys in that type of search.

If you are looking to rent the investment property, we do offer Property Management services at Rich Properties.

Let me know how I can be of service to you.

Sara Rich
0 votes Thank Flag Link Mon Feb 2, 2009
Ashley -

That is a great question. There are many variables that we must take into consideration. I am an expert in the Uptown market sectors and "historic ring" neighborhoods, where many people choose to invest and would love to consult you on your wants and needs in your investment property. Take a look at my personal site to learn more about the services I provide. Feel free to contact me directly to schedule a consultation where we will access your real estate goals in more detail. I look forward to it...... Let me know how I can further assist.

soon,
-Scott

Scott Russo
Broker- Realtor
Center City Realty
UptownEvolution.com
704.421.0706 direct
When the media tells you it's time to buy, it'll be too late.
0 votes Thank Flag Link Mon Feb 2, 2009
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