Looking for my first property

[Salman Bakhrani]

Hello,

I moved to Charlotte 9 months ago and am looking to buy my first property - ideally a duplex - later this year (if timing works) or early next year. Looking to connect with agents around the area. I'm open to buying in areas around Charlotte as well (Gastonia, Concord, Salisbury, Fort Mill, Rock Hill etc). I've been analyzing some duplexes in Charlotte and they barely cash flow - negative even because of tight inventory it seems. Is it an appreciation play?

Would love to connect with other investors as well and be a part of any virtual meetups.

Thanks

[Laura Shinkle]

Hi @Salman Bakhrani, sorry I'm a little behind on seeing this thread! I'd agree with your assessment about multifamily properties in the Charlotte area. The ones that are in decent shape (not foundation/structural/mold/toxin issues) are priced a little bit more than what I think would make sense for an investment. 

Also, the Charlotte market has grown leaps and bounds, especially in the last five years. Right now we are at the lowest inventory we've ever been, less than 2 months of inventory last month. The low inventory coupled with high demand from buyers is causing a surge in prices. The last decent duplex I saw received multiple offers within 12 hours of being on the market and sold site unseen. 

There are still multifamily properties out there, they are just VERY few and far between. If the goal is to househack, there are other ways to accomplish it. Perhaps a property with a studio/1bedroom over a garage or a finished basement? Or I have some clients that buy a large house, 4-5 bedrooms and rent out the rooms either long term or on Airbnb. If you're single and/or your partner is on board, it's a great strategy and slightly easier to find something that would work. 

Good luck!