Updated over 11 years ago on . Most recent reply
My Plan for Charlotte Condo
Hi all, would love some sage REI opinions on this matter. I'll be relocating to Charlotte in November for a job, and have started looking into housing options. As a real estate investor myself, I've never been a fan of renting because I hate feeling like my money is going to line someone else's pockets instead of building my own equity. In this case, I've considered it a little more because Charlotte is new to me. BUT, I have time on my side, so I've been looking at rentals as well as places for sale.
There is one for sale that I looked at that would suit my needs, for the short-term. It's a 2 bed, 2 bath in a nice area, convenient to shops (in Myers Park). It's really a cute condo inside. My plan would be to live in it for a few years (with a roommate) and then afterward convert it to another rental property. The price of the condo is low enough that rent would cover 75-80% of my mortgage. I have a job, so making the payments wouldn't be a concern, but that is definitely why I'm leaning toward a roommate rather than using the 2nd bedroom as an office or guest room.
There some trade offs, however. The biggest issue for me is you can only get to the laundry room by going through the master - it is part of the Master closet. I'm just not sure how much I'd like having my roommate need to come through my bedroom to do their laundry. Other than that though, it is a nice property. This is just something that I have to think about strategically as well as emotionally, given my long-term plan.
So, should I spend a little more time/money shopping around for a place that I LOVE or do I shop with my head and go for the property that will work for now, and make a nice rental in a few years? I plan on continuing to invest in real estate over the next 10-15 years with my mom, which is why it plays such a huge part in my decision.
Thank you!
Most Popular Reply
Be sure to also factor in the condo association fees as they can often be hundred of dollars a month. Also, some condos might have restrictions on rentals. That wouldn't be an issue while you live there but later on if you convert it to a full rental.
Myers Park is a desirable location though. Are you looking for a condo or would you also be looking at SFR?