All Forum Posts by: Harry Marsh

Crazy hot market around here:  highest prices ever, type of thing.  
I tell 'new' investors that the 'right' investment might be not making one, and waiting for a dip

Or, if you have to do it, be picky and look for the best deal that comes across your plate.  It might be a multi-unit, it might be a $300k house you can live in and flip, or it might be a $20k house in Gastonia that you can turn around for $50k
If you make one thing work for all situations, it likely won't work as well as something else could ahve

I'd tell you to come here and attend some of the local real estate groups: Hobby Millionaire, Charlotte Real Estate Investing, etc, REIA: most of them have weekly and monthly meetings

I see every way people invest in Charlotte, as I do their real estate closings.   Everyone has their niche and many people make it work in their own way

All of the meetups are worth going to.  You never know when you'll meet the 'most important' contact you've yet met.   It could be at any meeting.  Tonight is the Cabarrus meeting with Nadine Massarelli, for example.  Good people

Contact me and I can put you in touch with some people that I recommend 

Buy 3 or 4 subject-2 properties

$20k can buy you a property (take over someone's mortgage) rather than $120k

I see a few on occasion and have a few that are available

@David Sussman It's a bit of everything.  Networking, investor meetings, helping people.
If you create value for someone, they'll create value for you

But I shouldn't lie:  doing the closings and being involved in that way probably shows me a lot of them

Gastonia is close enough to Charlotte that it's silly hot.  It might have been the best place to invest a few recent years ago (probably today, too).   It's where most of the experienced investors are plying their trade:  they know they can double their property values by adding some value and/or waiting on price increases, which may double values again

Local agents are typically idiots (nicest way I can put that).  You're often dealing with someone that is a realtor part-time, and doesn't know what a 'wrap-around' or 'cash-flow' means.  These realtors will list everything that a wholesaler/investor can't move
There are very few exceptions.    Don't deal with an agent:  deal with a wholesaler or someone experienced in the investor market.   

Everything is dependent on price.  Harrisburg is far nicer than Gastonia, but you might get 3 Gastonia properties for one Harrisburg Property.  What's important to you?
3 Gastonia properties renting for 800/month that are $50k properties?   Or 1 Harrisburg property that is $150k and rents for 1200/month?
You might make 900/month on those 3 Gastonia properties that are the same price as one Harrisburg property that only cash flows 200/300 per month 
On the other hand, the Gastonia properties will have high turnover and the occasional drama from vacancy and/or needed repairs, that will decrease their value


Lots to consider:  nothing is ever easy :)
I can't imagine managing properties from across the Country.  You'd need someone you can trust on the ground

There are a few townships around Charlotte, like Mint Hill...that will appreciate a little bit more (most are already overpriced)

But for the reasons you mentioned, I would stick to driving distance of Charlotte

Gastonia, Monroe and Concord are three cities within driving distance of Charlotte.  The high demand is pushing prices up in those area.  I think they're a good investment (particularly Concord and Gastonia).  You can still find properties for $40k (might need a little work)
Curtis Waters  on here is a wonderful resource for Gastonia

Everything is about networking.  Between Curtis and I, for example, we probably know most of the investors in Charlotte and see a good % of the deals.   I know of a subject-2 available with a foreclosure date of Tuesday (48 hours)

I think they're too high, if you're financing the entire amount

You should chase some of the subject-2s in Charlotte.   I have a few that I've seen, this week
You'd need cash, though.

I reasonably commonly see subject-2 purchases for $50k or so, that cash flow and have equity.  You'd need cash, though

Eric Little 
That's the CPA that many use.

Most investors use me or Dale Fussell for closings

The commute in/around Charlotte is amazingly nice, compared to me moving here from up North.   Their idea of a traffic jam down here, is the highway dropping from 70mph to 30-40mph (lake norman area is an exception, due to construction)
To get from downtown to Harrisburg is probably 30 minutes on a normal time.   At worst, it could push an hour due to rush hour.   An hour commute up North is good/reasonable.   You'll learn to complain about it, if you move here :)

I think there's a market for room rentals wherever you are.   There are always people getting divorced or moving into whatever area you're talking about:  just more of them downtown.  I don't think you'll have any trouble renting rooms.

I'd recommend joining a few of the Charlotte investor groups on Facebook:  Hobby Millionaires or Charlotte Real Estate Investors.  Plenty of discussion on all of these topics!

Like anything, you need to know your market.  I live just south of Harrisburg near Mint Hill (fair to good investment area).  One exit North on 485 is often a very poor investment (huge foreclosure rates) because they were lower middle class homes built 2 feet from each other's door.  They're poorly constructed vinyl homes that aren't aging well, and the buyers were tenuously qualified to buy them.  Rough developments.  But you'll think they're priced amazing well compared to stuff just a few miles away (there is a reason)

2-3 exits North are older communities.  Larger lots and far more likely to stand the test of time.   But it's far better east of the highway than west (toward Concord, as you suggested)

3 -5 exits North are the 28269 areas that suffer from the problems in paragraph 1.   If you get past I-77 (roughly 10 -12 minutes north), you get back into some nice areas again (highland creek, mountain island area).

The exits 3-4 south of me are doing wonderful (south Mint Hill, Matthews, Indian Trail)

I think it would be very hard to invest without being here and seeing the areas for yourself.   More important than any particular area may be the particular deal.  For the right price, any house might be your best investment.   But the neighborhood and details can matter, a lot

Daily rentals:  I see a lot of these.  A few years ago, AirBnB was the 'thing' and people were doing wonderful.  Supply and capitalism has caught up to those.  A quick search shows a 6-bedroom brick house renting for 64/night.  One night minimum stay.  I don't know how he's making $ after providing utilities....(i would guess he's trying to break even)

Which leads us to daily room rentals.  I think the AirBnBs are making less money, so people switched those to daily room rentals, to try to get the same return that they once had.


I think we could all agree that the further you get from downtown, the more difficulty you'll have with daily room rentals.  Charlotte has a large supply of temporary work-staff.  IT Professionals and other semi-professional jobs on temporary contracts.   The further from town you get, the less likely they'll be, to be looking for your place.   Your niche would be a different sort of folks in those areas.
So, I think you're thinking about the right things.