Lake Norman, Mooresville, NC - In contract for our first STR!!!

Charlotte, North Carolina
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Lake Norman, Mooresville, NC - In contract for our first STR!!!

Jason Harty
Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes

Hey all!

It is with super excitement that I share that my wife and I are in contract for our first investment home that we intend to rent out on a short-term rental basis. The property is located on the beautiful Lake Norman in Mooresville, NC. The property is located just 30 minutes north of Charlotte and just a few minutes off of I-77. The property is a SFH outside of any HOA and we are purchasing from the original owners of 30 years. The property can use a little TLC, but not much at all. I am a contractor by trade and will be doing any renovations myself quickly to get the property listed for use ASAP.

I would love to speak with people in the Lake Norman area that are currently renting on a short term basis and learn from what you are doing.  Thanks to all who comment or reach out!

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Paul Chapey
Investor · Canyon Lake, CA · Member since 2015 · 92 posts · 34 votes
3y

Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.

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  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Looks like a cool place @Jason Harty! Post more pics, especially of the view of the lake. We have a lake house as well. Love to see others work.

    0Reply
  • James York
    Member since 2020 · 137 posts · 158 votes
    4y
    Quote from @Jason Harty:

    Hey all!

    It is with super excitement that I share that my wife and I are in contract for our first investment home that we intend to rent out on a short-term rental basis. The property is located on the beautiful Lake Norman in Mooresville, NC. The property is located just 30 minutes north of Charlotte and just a few minutes off of I-77. The property is a SFH outside of any HOA and we are purchasing from the original owners of 30 years. The property can use a little TLC, but not much at all. I am a contractor by trade and will be doing any renovations myself quickly to get the property listed for use ASAP.

    I would love to speak with people in the Lake Norman area that are currently renting on a short term basis and learn from what you are doing.  Thanks to all who comment or reach out!


     I live close by. Looking forward to watching your progress!

    1Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    4y
    Quote from @James York:
    Quote from @Jason Harty:

    Hey all!

    It is with super excitement that I share that my wife and I are in contract for our first investment home that we intend to rent out on a short-term rental basis. The property is located on the beautiful Lake Norman in Mooresville, NC. The property is located just 30 minutes north of Charlotte and just a few minutes off of I-77. The property is a SFH outside of any HOA and we are purchasing from the original owners of 30 years. The property can use a little TLC, but not much at all. I am a contractor by trade and will be doing any renovations myself quickly to get the property listed for use ASAP.

    I would love to speak with people in the Lake Norman area that are currently renting on a short term basis and learn from what you are doing.  Thanks to all who comment or reach out!


     I live close by. Looking forward to watching your progress!


     Thanks!! 

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    4y
    Quote from @Michael Baum:

    Looks like a cool place @Jason Harty! Post more pics, especially of the view of the lake. We have a lake house as well. Love to see others work.


    The Lake is quite low at the moment. 

    2Reply
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    4y

    That house has some presence.  Can’t wait to see what you do with it.  

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    4y
    Quote from @Kerry Baird:

    That house has some presence.  Can’t wait to see what you do with it.  


     Thanks so much! We are excited to begin the Reno first week of December!

    0Reply
  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    4y

    Congrats!!

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Hey @Jason Harty. Looks good! Why is the lake down?

    Ours drops about 7 feet in the winter due to changes to the outflow for the winter.

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    4y
    Quote from @Michael Baum:

    Hey @Jason Harty. Looks good! Why is the lake down?

    Ours drops about 7 feet in the winter due to changes to the outflow for the winter.


    What I am told is, Duke Power lowers the lake levels in the off season. As well as dependent on rainfall totals in the area. When visiting over the summer, the lake was up over 3' from where it is now. 

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    4y

    Yeah, they do the same thing here in Idaho on Lake Coeur d'Alene. Cool beans

    0Reply
  • Josh Surver
    Realtor · Colorado Springs, CO · Member since 2019 · 23 posts · 10 votes
    3y

    @James York

    Congrats!

    0Reply
  • Gerald Pitts
    Lender · Asheville NC · Member since 2016 · 470 posts · 317 votes
    3y

    Love Lake Norman, congrats!  Would love to hear updates on progress as well!

    0Reply
  • Anthony KingPro Member
    Investor · Charlotte, NC · Member since 2020 · 239 posts · 247 votes
    3y

    @Jason Harty awesome location. I hope to move to Lake Norman soon. Care to share some numbers? Price? ARV? Expected revenue?

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Gerald Pitts:

    Love Lake Norman, congrats!  Would love to hear updates on progress as well!


     Thanks!!

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Michael Baum:

    Yeah, they do the same thing here in Idaho on Lake Coeur d'Alene. Cool beans


     It makes sense from a utilities stand point. Looking forward!

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Anthony King:

    @Jason Harty awesome location. I hope to move to Lake Norman soon. Care to share some numbers? Price? ARV? Expected revenue?


     Thanks! We love Lake Norman, we have friends and family all within 30-60 mins. We frequent the lake when visiting. 

    Here are some basics - 

    Contract price: $740k
    Reno budget: $60k - $70k 
    ARV: $940k+
    AirDNA & Research: $143k in yearly bookings
    Expected profits: $25k - $35k  

    I am doing the work myself being I am a contractor in NY. We’ll get A LOT done for the reno budget. I plan to have the property open for bookings within 45-60 days of closing. 

    0Reply
  • Amy Shutes
    Specialist · Charlotte, NC · Member since 2021 · 185 posts · 106 votes
    3y

    @Jason Harty

    I live and work in Mooresville in lakefront community. Not on the lake though. Nice find.

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Amy Shutes:

    @Jason Harty

    I live and work in Mooresville in lakefront community. Not on the lake though. Nice find.


     Thank you so much! If you know of any meet-ups in the area, I would love to attend while down there.

    Also, we are interviewing vendors for the properties, if you have anyone you love to work with, I would be happy to build a relationship with them. We are looking for cleaners, handymen, landscapers. 

    Thanks!!

    0Reply
  • Paul Chapey
    Investor · Canyon Lake, CA · Member since 2015 · 92 posts · 34 votes
    3y

    Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.

    2Reply
  • Mark DiPietro
    Rental Property Investor · Mooresville, NC · Member since 2018 · 117 posts · 32 votes
    3y

    @James York we live close by too. I’d love the address if you wouldn’t be ok DMing it. Love to check out the progress.

    1Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Mark DiPietro:

    @James York we live close by too. I’d love the address if you wouldn’t be ok DMing it. Love to check out the progress.


     618 Isle Of Pines Rd. Mooresville, NC 28117 ... I will personally be living there to complete the renovations end of Dec into Jan. Feel free to pop in and say hello!

    2Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Paul Chapey:

    Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.


     Thanks so much!!! Feel free to stop in end of Dec to mid Jan. I will be there completing the reno!!

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Amy Shutes:

    @Jason Harty

    I live and work in Mooresville in lakefront community. Not on the lake though. Nice find.


     Great to know! Thanks!!

    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Paul Chapey:

    Congrats. I know that house on IoP. That's one of the nicest streets around Lake Norman. I live just off of IoP, closer to Brawley School Rd. If you ever need eyes on the property, let me know. I'm two minutes away.

    Hey Paul, I am in town on IOP. Feel free to pop in and say hello. Just got here yesterday and getting a started on the reno!
    0Reply
  • Jason Harty
    OP
    Contractor · Long Island, NY · Member since 2022 · 42 posts · 23 votes
    3y
    Quote from @Mark DiPietro:

    @James York we live close by too. I’d love the address if you wouldn’t be ok DMing it. Love to check out the progress.


     Hey Mark! I am in town. Feel free to pop in and say hello. Just got here yesterday and getting a started on the reno! 618 Isle of Pines Rd. Mooresville, NC 28117


    0Reply
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