Condo Investment in Heart of Charlotte

[Kaitlyn Chami]

Investment Info:

Condo buy & hold investment.

Purchase price: $260,000
Cash invested: $52,000

This gem of a condo caught my eye, despite the fact that I traditionally believed condos weren't as great an investment as single family homes.

What made you interested in investing in this type of deal?

This condo is in the heart of a prime neighborhood in Charlotte surrounded by multi million dollar single family homes. I wanted to have a spot to rent out and cover the monthly mortgage payments while securing a small spot to have for myself in the next 30 years for when I no longer reside in Charlotte but want to visit friends, or downsize.

How did you find this deal and how did you negotiate it?

I found this opportunity through a detailed Zillow search I had pinpointed the specific streets in the neighborhood I liked. I negotiated using my background in real estate investing. I'd love to help you and represent you as a licensed agent in NC, should you be looking for a similar investment property.

How did you finance this deal?

Traditional mortgage, 30 year fixed

How did you add value to the deal?

I provided a strategic offer to win in a multiple bidding scenario using discernment around the due diligence fee and length of timing.

What was the outcome?

My offer to purchase was successfully accepted in a competitive market, and I immediately found a tenant to rent out the space for a 12 month lease. I love the area, and I'm very happy to have this condo for the long term buy and hold strategy.

Lessons learned? Challenges?

While my insurance charges are relatively low each year given this is a condo, I learned to better assess who is behind budget planning at the HOA level for all of the units for roof, cleaning costs, basement improvements (shared by all units), given this was run well by one individual. As unit owners, we have since created a plan to bring in a property manager for the building's insurance needs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed REALTOR / Broker in the state of North Carolina and I'd love to help you find your next investment!