CHARLOTTE, NC - first time investor research

[Colin M.]

Hey there!

Im a NYC based investor, looking to get into the Charlotte, NC market to purchase my first ever rental property! As you can imagine, being an out-of-state investor brings many concerns on top of the normal! I'm looking for any advise offered on areas that are hot for rental incomes, good value for money, better local real estate agents to approach, etc.

Also - i have a dilemma where i want to get pre-approved so when i do reach out to my Agent, i can tell them that i am pre-approved for X amount and they can they see whats on the market within my budget.... However, when i reach out to mortage lenders, they ask to see the price of the property im purchasing!!! i dont have it! i havent looked as i dont know what i can afford! Is this a catch 22 or am i missing something obvious?

Appreciate the help BP!

Colin

[Colleen Goldstein]

Happy to help with market insights. Getting prequalified should always be the first step though, you can just ask the brokers for your max budget based on your income/debt, and down payment size (20% down if you’re going conventional 30 yr fixed, plus ask them what they want to see in reserves after close.