All Forum Posts by: Raul R.

Andrew,

I live in NYC and invest in Charlotte.. I've been investing in Charlotte for 2 years now, I have 3 investment Properties in Charlotte.

Yes there is a demand for rentals in Charlotte, but competition is getting harder compare to when I started.

What is your main source of income?? How will you finance your future investment properties?

If you change jobs and you are looking to finance for new investment Properties remember, most banks will require to wait at least a year with new job before you qualify for finance.. Banks like stability...

My GF would never go for moving to an apt or house without a dishwasher.. Definitely keep the dishwasher... What I've been doing to my properties is removing Garbage Disposal. They are not needed and they break. One less call to worry about...

I had a conversation with my Business rep from BOA. She told me that BLOC are harder to get for Real Estate compare to other Business. She also mentioned its not impossible just harder.

Is this true??

In February 2018 I'll have my LLC for 2 years. I plan to apply then and see what happens.

I also have Personal Line of Credit for 50K that I've used and quickly payoff from TD Bank. TD Bank was the only major Bank I could find that offered Personal Line of Credit.

Originally posted by @Harjeet Bhatti:

They are few banks who offer HELOC for investment property. Cash out will be good option all depend what interest rate you have already and when you want to use this money.

 Harjeet,

Can you name the Banks that offer HELOC for investment Properties??

Too bad our home market is not the same. Before investing in Charlotte I looked everywhere around us and the numbers didn't add up. I give credit to beginners who invest in NYC, they most be very creative. I follow a lot of formulas, one big 1 I have is 1% percent rule and I couldn't find that in Tristate area, not even close..

Congrats!!! I'm an out of State Investor and invest in Charlotte as well. I concentrate in the University area.. Man I wished I started when I was 23, you have the right idea.. I started investing in Charlotte 2 years ago now I have 3 investment properties so far so go good it's a good market but yes I agree right now it's a seller Market.

I rent out an apt/condo, I rent out the rooms. Utilities are included with the rent.. When doing this it's important to put on lease your utility Caps and to be clear. For example for water my cap is $50 anything above it gets divided by 4 (each tenant) What I notice is very important to these tenants is high speed internet they typically don't even watch Cable TV. When I bought property ex landlord was paying for Cable TV, I asked if anybody was watching and all 4 said no.

Originally posted by @Emily Cline:

@Ryan Battista would you be willing to share which closing attorney you use in Charlotte? I am looking for a new one. 

 Sperry Law Firm is an excellent Closing Attorney. Mr. Sperry has an Excellent Staff. 

I'm an Out of State Investor, Communication is key for me. I have done 3 closings with them and they have all gone smoothly..

Google Search SperryLaw

I rent to College Students in Charlotte. I have a 4br/4ba, I learned that a private bathroom for College Students is a luxury. If you plan to rent out rooms and has private bathroom you will have an advantage. A trick I learned is providing a finder fee for a vacant room. My finder fees are enough to make them look and far less than what Property Manager would charge me. Remember it's to tenant advantage to find their own roommate and if you give them a finder fee you give them an extra incentive. As of yet I've never had to look for a tenant for this particular property..

Tenant should have been upfront with you from the beginning. I agree w Deanna, they needed to ask your permission to get property inspected for Section 8. If I was in your shoes I would consult a lawyer. Depending on your State you might have no choice but to accept your tenant request. A good tenant wouldn't force Section8 on you. If you knew they were Section 8 from the beginning maybe you would have charged a higher rent like most landlord do? I agree w others, Section8 is not bad but it shouldn't be force on Landlord.