All Forum Posts by: Colleen Goldstein

Hi Shak!

Fellow Charlotte real estate investor and broker here to weigh in. First off, congrats on your first investment! Second, I agree on networking in the Charlotte area as you can lean on other's experience and skip the learning curve and hassles trying to find the right contractors / handyman.

In terms of where to start for renovations, I agree with others - first tackling the functionality (i.e. A/C works, no plumbing leaks, roof / siding in good condition) - then take on the upgrades. To assess what type of upgrades to do and which will return for you - do some research into what other rentals in the area are renting for and scope of renovations they have - i.e. if the comparable rentals all have painted the 1970 cabinets - then you can do similar and not drop $40k+ on  full gut/ remodel. There's a saying in general for residential property not to over improve for the neighborhood - this is further amplified for the area so research other rentals and upgrade similarly. The exception to this rule would be if you are planning to do a short term rental, in which case you should approach renovations with an entirely different philosophy.

I run a meetup in downtown Matthews called South East Charlotte Real Estate Investors and would love to have you there - our next meetup is April 1st at Beer Temple in downtown Matthews. Also,let me know which part of town you are in and I'd be happy to recommend some reliable & investor friendly contractors!

@Justin Brown

Happy to connect as fellow Charlotte investor and licensed agent. Charlotte's definitely a difficult market, but there are still deals out there to be had. I would recommend tapping into the investor network (happy to point you to a few groups, including one meetup I run in downtown Matthews called Southeast Charlotte Real Estate investors.) Alternatively, if you're looking for help finding your next investment just let me know - I come across off market deals as well that might fit your criteria (for instance right now I have an off market unique multi-family in Matthews). 

Hey Carlos

Long time Charlotte investor and also a licensed agent in the area. Would love to chat to see what you're looking for and if there's anything I can do to help.

Thanks,

Colleen

@LaShanti Penn @Cameron Goodall

👋Also a Charlotte investor and agent, would love to connect with you both. There are still investable places in the Charlotte metro area but typically need to know how to look for them and find the value-add. I run an investors group in downtown Matthews called Southeast Charlotte Real Estate Meetup and would welcome you both to come, network, and learn.

Alternatively, if you want to connect I'm also a licensed agent for ERA Live Moore, seasoned investor, and have access to off market listings that might fit the bill for a first multi-family / house hack investment property.

I'm a realtor myself, so not offended if you take my opinion with a grain of salt.

I think it would benefit you to have an knowledgeable agent to help facilitate, negotiate, and walk you through the purchase / inspections and hold their feet to the fire if need be. Just because it is a new build, do not assume that everything will be smooth and perfect. I've seen missing support beams, various issues that builders said they would resolve / never did up until closing, etc. If this is your first rental property - I'd also recommend an agent that can ensure you are looking at the right kind of home, area, and type to ensure it meets your financial objectives and provides you with a return.

I've been an investor in Charlotte for over 10 years and also host a meetup called "SouthEast Charlotte Real Estate Investors/FI" - find us on FB. Feel free to come check it out and network with other investors like yourself just getting started. Also - happy to be a resource for you if desired throughout the process!

@Melissa Nash What automation tools have you found success with?

@Benton Pruitt

Brandon Colberg at MortgageRight is my go to lender. He's a wealth of information, provides amazing communication and always closes on time and on cost.

I agonized over the decision when I was starting out trying to figure out the best way to protect myself. Through discussions with insurance companies and lawyers - I determined it is simply not worth the hassle of maintaining an LLC and to just carry a larger umbrella insurance policy. I rent 9 homes right now - 2 short term rentals - and do not have any in an LLC. Research "piercing the corporate veil" and requirements for an LLC to provide the same protection as a simple insurance policy.

From my own investment experience, I'd recommend purchasing something cheaper in a good area. Do not exhaust your savings and where possible, put in the sweatequity to increase the property value upon your exit. Assuming you are on biggerpockets to grow your portfolio and income through investing, keeping your savings may allow you to make other investments in the future where opportunities arise.

Since this is your primary house and not strictly an investment, I would weigh the amount to put down with your comfort carrying the total monthly mortgage, interest rate differential (7% or 7.25% i.e. 20% vs. 25%). For choosing location, I have found great success in getting the start homes in nicer areas (i.e. either desirability like Noda, or good school districts - i.e. Matthews, Indian Trail, etc.).

Given you're not open to roommates, an alternative idea here would be to find a property that you can convert a basement, detached garage into an apartment (ADU) to offset the cost of ownership in the meantime. You will be increasing total value of the property and can maintain to rent as 2 doors in the future or will be increasing the total value of the property to sell with the capital exclusion gains (2 years out of 5 as mentioned above).

Feel free to reach out if you have any questions.

@Justin Campbell Southeast Charlotte Real Estate Investors find us on Facebook - we do monthly meetups, free, focused on networking