New RE Investor interested in greater Charlotte

[Anduril Elessar]

Hello everyone - 

I wanted to introduce myself to the forum. Been an avid bigger pockets lurker for quite some time and I'm gearing up to actively invest with my family in RE utilizing the BRRR method as well as looking for simple cash flowing properties. My parents are contemplating a move to Charlotte for some family reasons and are looking for work. We've heard a lot about the real estate market there and we're interested in building out a portfolio of cash flowing properties. Over time we'd like to move into more appreciation type markets but for now we like BRRR.

We're from NY and are trying to understand if the Charlotte (and any smaller cities up to 2hrs away offers good opportunities). We have a little under $1M that we're looking to allocate toward investments in the area. My day job is in the VC industry so being able to manage properties from out of state would be important. 

Would love to speak to anyone local that might be able to help provide some color, assemble a team, and potentially tackle some deals together. Looking forward to hearing from you and continuing the conversation. Thank you for your valuable time!

[Laura Shinkle]

@Anduril Elessar welcome to the forums of BP! Some markets you get all cash flow and little to no appreciation and some you have appreciation but negative cash flow. Charlotte is a great market because it straddles the appreciation market and the cash flow market fairly well.  Certain neighborhoods, of course, are better than others. 

The Charlotte region population increase is over 2%, and surrounding counties like Lancaster and York are seeing even higher increases than that. We are only seeing an increase in housing at about 1.3%. This demand for housing is causing the amazing appreciation that we've seen in the past few years. 

Another affect of this demand is that good properties have been flying off the shelves. As @Daniel Shchyokin pointed out, though, there are a lot of price reductions. The market is slowly shifting from a sellers market towards a buyers market, especially in the higher price points. Buyers are tired of having to decide in an hour whether or not to buy a home so the market is reflecting that push back. However, most homes in the sub $200K price point are gone within a week, if not days. If they aren't, there are most likely major issues with the property, whether structural, neighborhood, or overpriced.

I really like the university area for investing since you should always have plenty of tenants. Gastonia, Indian Land, Concord are good areas as well. 

If you would like to speak more specifically about your situation and what you are looking for, I'd be happy to chat with you. I am a local agent here in the Charlotte area and service clients within a 50 mile radius of Center City. I love helping serious investors who are looking to start or build a portfolio! It's really the only kind of investing that makes sense to me! Feel free to reach out if you would like to chat!