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Updated almost 4 years ago on . Most recent reply
Newbie Entering REI in North Carolina - HELP
Hey everyone! My fiancée and I are looking to purchase our first property for Real Estate Investing in NC. We live in the Charlotte area which seems to just keep growing in population.
We would like to purchase a condo or single family home to use as long term investment property using a conventional loan with an LTV of 80%.
The process seems overwhelming and determining where to look is what I am struggling with. I would like to find a location of high demand in the area so that the property isn’t sitting vacant for over a month.
How do you determine the best location with demand?
Most Popular Reply
Hi German!
Welcome. I am fairly new here as well. I wonder, do you listen to all the podcasts? I basically went through all of them and then finally decided to get a membership due to being ready to actually buy property. Are you wanting to buy outside of Charlotte? One thing I know is that condo's are tricky, and to check HOAs/ community rules to make sure that it is allowed to buy and not owner-occupy the unit. Single family is probably a better bet. Also, think about what brings people to the area, such as job market, new infrastructure, tourist area, etc. Check Facebook Marketplace and Craigslist and see what rent inventory looks like and also what is being rented and for what price. Most cities need rentals for people who are not ready or able to buy, so you can't really go wrong. It depends on your own standards of what type of tenants you want, so therefore, what type of property you want to buy and what is within your budget. Use the calculators and it will show you what you need to know! I cross reference with zillow and real estate sites to see what they say rent would be, as well as projected expenses, and see what the calculator tells me. I am investing out of state (I'm in Oregon, investing in Texas) and I have been reading Long-Distance Real Estate Investing by the brilliant David Greene, and it has SO MUCH VALUE. So if you are trying to invest farther away, get that book, ASAP!