I am interested in purchasing an investment home in Charlotte (Indian Hill or Matthews area). Do you know?

Asked by Laxman Murugesh, San Ramon, CA Mon May 5, 2008

what the rents would be for a 3.5K sft home with 4 bdrms/3 bths (new home). Also is this a good time to buy or do you expect prices to come down somwhat. Charlotte area prices seem to have not come down in the past few months compared to rest of the US.

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14
Wes, Agent, Charlotte, NC
Fri May 16, 2008
I have many luxury homes that the builder is offering 100% owner financing! What are you looking to spend? Thanks Wes
0 votes
Chastity Gai…, , Statesville, NC
Mon May 12, 2008
Now is a great time to purchase for investment purposes. There are alot of bank owned properties out there that can be purchased a good bit below tax value, great instant equity!
0 votes
Jane Kusterer, Agent, Charlotte, NC
Mon May 12, 2008
Hello: I just looked at a three bedroom two bath home in the Beacon Hills neighborhood in Indian Trail. The house needs new carpet, paint, roof, etc and if it were totally fixed up could sell in the low $130,000 price range. You could buy it "as is" for about $105,000. Let me know if you would like more information, Thanks!
0 votes
Jerry O'keefe, Agent, charlotte, NC
Sat May 10, 2008
50 - 60 dollars a square foot, depending on location, quality, and lot.
Web Reference:  http://www.jporealestate.com
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Cindy Babcock, , Charlotte, NC
Fri May 9, 2008
Based on current rental trends in Charlotte this size and age would rent between $1975 to $2150. Now is a great time to buy and there are several leasing companies that could handle the rental for you.
0 votes
Chastity Gai…, , Statesville, NC
Thu May 8, 2008
I am currently working with a buyer who is looking for the same thing, an investment property in the Charlotte area. You will find, there are alot of nice condos everywhere in that area that are very reasonably priced, and even alot of forclosed condos that would make for great rentals.
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Frank Diez, , 28078
Tue May 6, 2008
I live in Matthews and have 2 rental properties. One is located in Charlotte/Matthews border and the other is in Matthews near Monroe. The key to rental property is finding a home or townhome that appeals to a certain demographic and keeping your mortgage as low as possible....obviously. Since their has been a steady decline in qualified buyers due to loan programs disappearing, the rental market is booming. I just purchased a home with tenents and made a 2 year lease part of the purchase agreement. Everyone is a winner, they have the same rent for two years no matter what, and I have great tenents that will take ownership of the rental like it was their own. So many factors....call, I will be more than happy to chat.
Unlike alot of other agents who can talk the talk, I can help you walk it.


Frank
Web Reference:  http://www.frankdiez.com
0 votes
Teresa Quinan, , Matthews, NC
Tue May 6, 2008
Dear Laxman

It is a great time to buy and Charlotte prices are still increasing even though it has slowed down slightly. The rents depend on which area you are in and which school district. I would look at rental websites to get an idea e.g. trlawing.com. You can visit my website to research the schools and different subdivisions at http://www.TeresaQuinan.com. My contact information is on there also if you need more information.
Web Reference:  http://www.TeresaQuinan.com
0 votes
Brian Haigler, , Indian Trail, NC
Tue May 6, 2008
Depending on the area you are looking at and what neighborhoods, you can easily rent a 3500 sq. ft. home. I just purchased 2 new constructions over the past 3 months. One of them I had rented out before I closed and the other I had rented within 3 weeks after closing. Indian Trail and Matthews are two very good areas. I own several rental properties in the area and would gladly assist you in the purchase and/or rental of these properties.

Based on a recent study of 20 large metro cities, Charlotte was the only one who appreciated by 1.5% year over year. All of the rest of the cities depreciated year over year. Having said that, now is the time to buy because a lot of people are skiddish about buying another home so there is a little bit more inventory than usual so the supply and demand kicks in and you should be able to get an excellent deal right now. Let me know how I can assist you in any way.

Brian Haigler
Web Reference:  http://www.homewithbrian.com
0 votes
Larry Story, Agent, Greensboro, NC
Tue May 6, 2008
Laxman,
Most of NC has not suffered like the rest of the nation. I know the Charlotte area, the triangle area (Raleigh, Durham), and the Triad area (Greensboro, Winston-Salem, High Point) have held there own and appreciated at a steady rate. So you have picked a good area. The prices can always be negotiated. Personally I prefer Matthews since I use to live there. It is so close to Charlotte right outside and on the loop so very easy to get from one area to the next.

Good luck
Larry Story
Coldwell Banker Triad
0 votes
sara rich, Agent, Charlotte, NC
Tue May 6, 2008
Dear Laxman,

I checked the current rental prices in Indian Trail and Matthews area in Union County. (The town of Matthews is actually in Mecklenburg County, but the taxes are lower in the Union County part of the zip 28104) I found that rentals of the size house you are describing run anything from $1695 per month up to $2695 per month. There could be many factors that affect such a great spread.

Yes, the market in the Charlotte area is down some this first part of 2008, but the April figures seem to be coming back very slightly in Union County. Using the average sale price for 2007 and the average sale price for the first 4 months of 2008, the average sale price has dropped around 5% in 2008. You can see the area statistics under the "Metrolina Statistics" on my website at http://www.RichProperties.net .

Sale prices in this same area run from $264K to $445K. Are you looking at buying New Construction or resale? Remember that you will have to hold new construction longer to get you money back than if you buy resale. Another thought might be to buy 2 smaller properties that might rent more quickly. It is true that with the fall of the subprime market, many people who were planning on buying their first home are finding that they have to rent.

If you need a property management company, we do property management at Rich Properties. We are not a large firm but we try to give the best service in the business. We take our work seriously.

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

Sara Rich
Rich Properties
0 votes
John Walker, Agent, Matthews, NC
Tue May 6, 2008
Laxman,

Honestly, I would think it is going to be very tough to rent out a 3500 sq.ft. home in either Indian Trail or Matthews for a sufficient premium to other rental prices to make the numbers work as an investment, assuming you are trying to rent in excess of your mortgage payment?

As to the Charlotte market, it has held up well in most parts of town and the good homes in the south and east parts of town are doing fine on the market this season. To find out more about the Charlotte market, go to http://www.SoutheastCharlotteHomes.com. Give me a shout if I can be of more help. Take care.
0 votes
Tman, , 30642
Tue May 6, 2008
Hmm, quite amazing Marian ...

You live in Chicago, but you give out information about Charlotte...?
0 votes
M, , Florida
Mon May 5, 2008
Dear Laxman,
Charlotte has held its own and we predict that it will continue to do so. How do you plan to management this investment? Though a management company or do you plan to market it and rent/manage it yourself. Here is an example of a rental house in downtown http://www.rentvine.com/default.cfm?cs=467&action=result…
Why Charlotte? We believe that there are numerous places in the southeast that would make very good investment purchases in this market.
I'd enjoy helping you with this purchase.
Marian Schaffer
The Schaffer Realty Group
email my assistant at terry@marianschaffer.com
0 votes
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