(Charlotte, NC) Multi-Family (Duplex, Triplex, Quadplex) with FHA

Multi-Family and Apartment Investing
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(Charlotte, NC) Multi-Family (Duplex, Triplex, Quadplex) with FHA

Jimmy Presnell
Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote

Hello Everyone- I've been living in Charlotte for 1 year as renter in an apartment paying over 1,000 for a 1bed 1 bath and am looking to get into a house hacking scenario and have some help paying my future mortgage. I am 23 years old and single so extremely flexible on living situaton. Ideally I would purchase a multi unit (duplex, triplex, or quadplex) and bringing in as much cash flow as possible by renting out all the other units for 800+ and rent out space in my unit to a friend for an extra 500-600 hundred.

I a looking for things near the uptown area so I know it can be a bit of a dig but was curious if anybody had any tips or advice on how to find deals?

I haven't found anything that matches the criteria, and was looking to find a deal in the next 12 months.. Any ideas on how I could find a multi unit?

Any advice would be greatly appreciated!

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Carlos Paz
Real Estate Broker · Concord, NC · Member since 2019 · 74 posts · 42 votes
5y

Hey @Jimmy Presnell @Ruben Garratt I’ll be glad to be a resource for you and learn about your goals to help you find an investment property in Charlotte and surrounding areas. Just sent you a PM to connect.

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  • Raul R.
    Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
    7y

    @Jimmy Presnell

    Good quality Small multis are in low inventory and very hard to find in CLT area. Find a realtor and ask them to setup MLS searches on small Multis and you will see what I'm talking about. Quality small multis that do come up in market have multiple offers w a FHA loan you will be in a disadvantage vs applicants w all cash or w conventional loans offers.

    1Reply
  • Jimmy Presnell
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote
    7y

    Thanks for the input Raul, that makes pretty good sense. Would you have any recommendations outside of multi units with my situation? 

    Also, I have considered the condo or townhome route and rent out a room but feels like I’ll be stuck living there. (Definitely not as profitable as multi unit) What’s your thoughts on townhomes and condos?

    0Reply
  • Jimmy Presnell
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote
    7y

    I know this Charlotte market is pretty capped out (especially closer to uptown) but any advice on getting my first deal in real estate?

    0Reply
  • Raul R.
    Rental Property Investor · New York City, NY · Member since 2017 · 493 posts · 386 votes
    7y

    @Jimmy Presnell

    Many have a strong opinion and don't like investing w Condos and Townhomes some hate the HOA for good reasons but I'm not one of them. I think for a beginner Condos and Townhomes are a great way to start. Although HOAs can be a pain in the butt you can make them the bad guy when enforcing the rules

    If you will househack w a SFH make sure its a good layout if you're planning to have roommates. Private bathroom for many roommates is a luxury if you can have a full bathroom dedicated for each roommate will be easier to find a good roommate

    0Reply
  • Tj Hines
    Specialist · Tampa, FL · Member since 2012 · 933 posts · 492 votes
    7y

    @Jimmy Presnell not sure how you're sourcing your deal flow. You can always pull a list direct for listsource of off market properties seeking owners who may have owned them more the 15-20 years. Stay consistent with your mailers and follow up to these owners, build rapport and trust with them. If you have a good follow up system in place you can create a pipeline of deal flow coming from these highly targeted list.

    0Reply
  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    7y

    @Jimmy Presnell

    Welcome to the Charlotte investor market! Small multis are hard to come by here but they hit market from time to time- but honestly, the deals normally suck. 

    Join some of the FB Charlotte investor groups- network with some wholesalers. You may need to try to get something off market. Use a Hard money then refinance into a traditional loan once you're set. 

    There was just a duplex down on Orange street which is pretty in Charlotte, but a little sketchy of an area. Gotta roll the dice on where you think will gentrify and how fast. 

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
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    1Reply
  • Jimmy Presnell
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote
    7y

    Thank you everyone!- I will continue to scope out multi units and will begin to look into townhomes and condos that don't have a massive HOA.

    I am completely open to other ideas to get started if anybody wants to share any paths to enter into real estate.

    Jimmy

    0Reply
  • Eric Nelson
    Rental Property Investor · Charlotte, NC · Member since 2016 · 27 posts · 21 votes
    7y

    @Jimmy Presnell

    Finding any multi family near Uptwon will be hard. Especially one that isn't in a sketchy area and not falling apart. 

    I was in the exact same boat earlier this year. I was looking for a multi to house hack as close to Uptown as possible. I wasn't able to find anything that made sense. Ended up settling for a SFH outside of uptown.

    0Reply
  • Jimmy Presnell
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote
    7y

    Appreciate the response Eric- yeah that's what it's looking like for me as well. Do you like your SFH decision or is there another route you would have done?

    0Reply
  • Ruben Garratt
    Member since 2021 · 1 post · 0 votes
    5y

    Hi Jimmy,


    I’m in Charlotte and interested in doing the same thing - purchasing and living in a small multi family property. We’re you able to do this successfully? 

    0Reply
  • Jimmy Presnell
    OP
    Rental Property Investor · Charlotte, NC · Member since 2019 · 6 posts · 1 vote
    5y

    @Ruben Garratt


    it’s pretty tough to get multi units within a 5 mile radius of uptown that isn’t sketchy, but I’ve expanded my search requirements and am keeping an eye on the market. Haven’t pulled the trigger yet but I’m now looking at townhomes/sfh if I can find a more desirable area to just rent by the room while I live in it. Hope this helps

    0Reply
  • Carlos Paz
    Real Estate Broker · Concord, NC · Member since 2019 · 74 posts · 42 votes
    5y

    Hey @Jimmy Presnell @Ruben Garratt I’ll be glad to be a resource for you and learn about your goals to help you find an investment property in Charlotte and surrounding areas. Just sent you a PM to connect.

    2Reply
  • Trevor West
    Rental Property Investor · Canton, OH · Member since 2019 · 27 posts · 22 votes
    5y

    @Jimmy Presnell

    I definitely agree with @Natalie Kolodij as that being a great way to immerse yourself in the market and establish a presence. 

    Additionally, @Carlos Paz is with an amazing team of Five Pillars who focuses on investment properties. 

    My advice is to be as vocal as possible about what you want. Attend as many meetups (in person or virtual), take investors out to coffee, Drive for dollars (call "for rent" signs, look for distressed properties or maintenance deferred properties) and by consistent effort you will get what you are looking for!

    0Reply
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