Info about Northern Charlotte, North Carolina?

Question

Hi all, can anyone provide me with details about the Northern Charlotte, North Carolina housing/rental market, specifically for cash flow purposes?

A potential real estate investing partner from work recently suggested buying rental properties in this area. It seems to be a healthy, growing market in the medical field, plus his father, a former construction manager, would take care of property management (we live in New York) and help vet the properties we'd be considering, which could help reduce costs.

I did some initial searching online and was a bit disappointed at the prices--many well above the rough 100k mark I'm targeting, and most between 150-250k--because the cash flow opportunity doesn't seem to be as promising as I hoped. Hopefully his father can help identity local deals that aren't online.

Any and all info and advice is welcome. Thanks!

-Josh

Cindy Bowman · Answer

Hi Joshua,North Charlotte is very very active in the rental market. I am a realtor working in the university area and we have sold tons of properties to buy and hold investors. I will say most of them are the institutional size investors not individuals buying one or two properties. North Charlotte encompasses a lot of areas including but not limited to University area, Huntersville, Cornelius, Davidson, Harrisburg, Concord and Kannapolis. Finding anything in Huntersville, Harrisburg, Cornelius or Davidson would be difficult but there is still properties to be found in the other areas. Are you only interested in turnkey properties? If that's the case, finding one will be a bit more difficult.

Evan Griffiths · Answer

@Joshua Eastman I am a New York real estate investor myself and have moved down to Charlotte in the last year and have begun to look at investments in Charlotte. Please feel free to reach out as we can share ideas I have found some interesting information about Charlotte rentals that is different from New York. Evan

Andrew MacLeod · Answer

Go on... is self-help an available remedy in CA?

Paul Chapey · Answer

I just looked at Mr. Hartman's site and read this: "Judicial versus non-judicial states""When you are managing properties in, for example, California or New York you have to go through the eviction process and likely have to hire an attorney to do that. An eviction in California or New York, both judicial states, may cost you thousands of dollars where an eviction in the Florida market might only cost you $200 or $300 and a couple of recording or document fees to the county. Somebody in Florida can be evicted within a month."There are a few errors in that statement.

Alex Franks · Answer

Yup I was supplying homes to them . Great guys and great group and they seem to be focusing on Florida right now .

Charles McClure · Answer

@Alex Franks, since you have sold turnkey rentals in Charlotte previously, can you share any comments regarding Jason Hartman's organization?

Alex Franks · Answer

Josh this was a post I answered for a California investor about Charlotte NCWill How are you? From 2010 to 2013 we invested both buy and hold and selling of turnkey rentals in Charlotte NC. I worked for one of the bigger turn key outfits( co owned) Charlotte is like most markets there are good and bad areas. With that being said first the most important is what are you real estate goals.Then you can decide what areas are good for you. Each area has some thing different to offer . Some great cash flow_ others appreciation. I read a lot of the advice below and was really good. I did see Waxhaw NC . I'm currently building quads and Duplexes in that area. I live just below Charlotte on the SC side. NC much better for taxes then SC on investment properties. I still own quite a few rentals scatted about NC and SC. For me personally I would only invest in A and B assets. Again that is for me personally. Been in this business for 16 years and the lower end take a lot more time and energy.( patience ) With all that being said If I was out of state I would check out these areas. 28215 own rentals here 28134 own rental's here 28273 sold turn key properties here 28252 sold turn key properties hereAreas I choose to stay away from. 28208 I own rentals here , and sold rental here 28214 own rental here 28216 50/50 What I look at is when an area turns mostly rentals ( vinyl villages ) in the long run the area will not climb in appreciation. Most likely the opposite. At the same time I expect rents to keep climbing as us investors just not learned out lessons yet again.As you can see I'm speaking from my personal experience. Right now Charlotte is great for retail properties in most of the areas mentioned above. Good rentals are harder to find as the numbers just not making sense. We have chosen to build new construction quads instead. Please ask away if you have any questions. If you are ever in Charlotte stop by open door here. I also travel a good bit to California ( San diego ) if I recall the airport lands right over the water. Awesome seafood restaurant I was at. Cant recall the name right off the water and airport as well. I make out that way 6 to 8 times year ( Cali)Ask away Alex Hope this helps feel free to PM any questions

Cindy Bowman · Answer

@Joshua Eastman once you narrow things down a bit, let me know if you'd like me to set you up on any mls searches. I'd be happy to help. Side note I'm originally from NY my father was a copywriter there for over 50 years.

Joshua Eastman · Answer

Hey @Cindy Bowman, thanks for the quick reply! We've been focusing on turnkey-type properties to hold for rental income, but if my partner's Dad is willing to help rehab, fix and flip may be on the table. My partner had listen the following areas: Concord, Kannapolis, Morresville, Huntersville, Davidson, and Cornelius, so maybe not focusing on the later 3 would be a good start. I'm meeting up with him today to talk more details and will be sure to bring this up. Thanks again!