All Forum Posts by: Romario Nicholas

@Romario Nicholas hello! My company manages STRs & MTRs across Charlotte and the surrounding areas (Gastonia, Kings Mountain, etc). I also invest in multiple STRs / MTRs in the area. I agree with @Brad Roche in that Charlotte should be looked at by neighborhood. Within any one neighborhood or pocket, take a look at revenue potential for different sized properties by bedroom size.

I find AirDNA to be extremely helpful for a general revenue potential idea, then use Rabbu to look at the comps to ensure they are comparable.

We have found a lot of success doing a hybrid of STR & MTR. Renting as STR during peak months and MTR during the slower season. There is no shortage families and individuals moving to the area needing temporary housing while searching for or waiting for their house to close. I find those renters to be more common than travel nurses, with higher budgets. We also work with insurance agencies to place families who need a home while theirs is being repaired due to an unforeseen circumstance such as a flood, fire, etc.

The average home value in the Charlotte-Concord-Gastonia area is $365,067, which has almost doubled in the past few years. Big investment companies bought tonnes of SFH in 2021-2022 in some regions of CLT and rented them out, so the rents didn't match the home values. The average Monthly Lease Price is $2,023 so long-term rental doesn't make sense in 06/2023 besides some unicorn Properties. Now everyone is investing in STR & MTR, and I helped a lot of BP members find the right property but suitable properties are still getting multiple offers and are under contract in a day. If you don't own a home in CLT, this is a great way to get started; find something outdated that is longer than average on the market, move in renovate it and sell it afterward.

Charlotte is a very large metropolitan area with tons of affluent suburbs and lots of attractions (NFL, MLS, NASCAR, White Water Center, Concord Mills, MilB, Carowinds) which can make it a prime market for both short and long term rentals.

If I'm reading between the lines it sounds like maybe you're newer to investing and are nervous about jumping in. That's perfectly normal! Choose a strategy that you're most comfortable with to start, define your buy box, and go from there. What helps me when I'm nervous about a deal is increasing my emergency fund. To get extreme, if you had $10 million in a bank account would you feel comfortable investing in a property in Charlotte? The reality is that there are no ideal/profitable markets with no competition. In my opinion, Charlotte is one of the better markets to be investing in in NC, if not the entire country.

There are 4,083 homes for sale in Charlotte right now. Narrow in on some communities you believe in. Buy a house that rents for more than the mortgage, taxes, insurance, and repairs. Buy it, learn some lessons along the way, rinse, and repeat.

Tag me when you come back with an update in 60 days or less. :)