All Forum Posts by: Laura Shinkle

Well as far as neighborhoods go, it depends on your price range and comfort level for classes of neighborhoods. University/Northlake is good because there is a steady stream of tenants and the average price is a little lower. Southend/Southpark areas are of course very popular neighborhoods so tenants would be easy there as well. Wesley Heights and the surrounding neighborhoods on the west side of Charlotte are a little more transitional but up-and-coming. Steele Creek is also a little more affordable and a good location IMO.

Hi @Gabriel Pais and @Emmett Burton you're both right, the multifamily market here in Charlotte is minimal at best. They really don't build these types of properties here. The ones that are out there are few and far between. Either far out from Charlotte in surrounding towns and needing work or if they are in Charlotte, they won't cash flow like most investors are looking for. 

And Emmett, believe me I wish they would build them. However, splitting these buildings into individual townhomes/condos is more profitable than selling as a quadplex. It also makes it more affordable for the everyday buyer looking for a home. 

Hope this helps! The single family home market is doable from an investor standpoint, but multifamily is a waste of time here, IMO. 

How much cashflow are you looking for? Single family/townhomes/multifamily properties? Are you willing to do remodel work or do you need turnkey properties?

Hi @Davin Burnell, it totally depends on your strategy (buy and hold vs BRRRR vs flipping, etc). Buy and hold I believe is the easier option since that market is so crazy. Buying distressed properties to flip is hard to find. This market requires patience and readiness to act. Hope that helps

@John Paul Whaley the East side, depends on what neighborhood you're in, North side if you're closer to the university area, you're more likely to find a steady stream of tenants (college kids). The west side is being revitalized and city counsel has approved a light rail (public transport) line from Belmont to Matthews. It's won't be completed for prob 10 years, but it's in the works and will give better access to those areas of town. South Charlotte is hot and has been for a while. Deals are hard to find. Steele Creek is hopping more and more as is Indian Land, SC. Also Gastonia to the far West (30min-ish from Charlotte) is appreciating like crazy. 

Best of luck!!

@Roger Verastegui LBJ Law is reasonably priced and could probably help. I've been in transactions with them and it went smoothly. As an agent, you can also access standard lease agreements through NAR/NCREC.gov I believe. Unless you wanted a specific clause/addendum added to the lease agreement.

@Joseph Bogorad the best advice I got from an agent before I made the leap was to save up enough living expenses for AT LEAST 3 months, better yet 6 months. That way you can focus on building a client base and not on where your next rent payment is going to come from.

You can try meeting with some agents and see if they need an assistant, admin, or if a team is willing to have you join. With those routes you will learn a lot and quickly and have the support of the other agent. Some firms are better than others as far as helping other agents out. I've found Keller Williams firms to be very welcoming, supportive and the team leads encouraging and helpful. 

Hope this helps, and good luck!

@Josh Barnett Like it's been mentioned, most banks won't let you assume a mortgage anymore. Most loans have that written in a clause somewhere that it is not assumable.

If you're doing it solely for simplicity if something happens to your mother, you can speak with an attorney about structuring a trust or whatever would work best for your situation. 

If you're doing it for a rental property, it doesn't sound like its a pro for you until if/when something happens to your mom. At that point, if your mother has structured her will and assets well, it should transfer to you without much hassle. If you do this, you're tying up your money in a property that isn't cash flowing when you could be putting that money to use in a cash flowing property if buy and hold is your goal.

Just my two cents! Clarify what your goal is and speak with an attorney before you do anything.

@Sean McKay that's awesome! Slow and steady is great, less risk, more time to learn!

I sure am, more so Realtor than Investor these days while I build the cash for my next property. Happy to help in any way I can!

@Gus Muller seems like that worked out well! I love the idea of househacking but I think I'm past that stage in my life lol. Maybe if it was a second living space like an apartment above a garage or a multifamily. But, as I'm sure you know, those are really hard to find in this area!