All Forum Posts by: Account Closed

My husband and I live in Charlotte, NC.  The market is very hot right now, and we're having a difficult time finding anything in our price range- for a few reasons.  First, is how to fund the purchase.  We have access to cash (our own and family's)- my husband wants to finance as much as possible, where I want to use as much cash as possible.  Logistically it just doesn't seem like its going to work to finance in this market b/c it takes too darn long to close.  More importantly though, we disagree on how fast we should close.  Again, I'm of the mindset that we offer cash and close ASAP.  My husband's a GC and has been in construction his entire life, so I'm confident is his ability to identify problems.  Even if we did want to get an inspector in there, I'm thinking we could have it inspected w/n the 10 day period (maybe I'm wrong).  Anyway, he doesn't want to close any sooner than 30 days b/c he feels like we need that amt of time for doing our due diligence- he's mostly basing this off his mentor.  The problem I see with that though, is that his mentor bought during a different market.  He gobbled up properties after the crash of 2008.  With the way Charlotte is right now, I just don't foresee us getting a deal unless we can move quickly.  Any thoughts or input would be greatly appreciated!  I'm not really looking for a one sided, "agree with me" only, kind of an answer.  I'm open to hearing out both sides... maybe my logical is faulty! 

Taylor Pelzel , I'd love to chat with you about the Gastonia/ Belmont area. I wish I could do more in charlotte, just b/c it's closer to me, but things are moving too fast and prices are too high for me!

I agree with Patsy Waldron ... if you're planning on teaching in NC be sure to really do your research. My husband is from MIA and has been teaching in Charlotte Mecklenburg Schools for the past 6 years. The pay is TERRIBLE. He's taught in title 1 schools and for the most part really enjoyed his students and fellow staff members, but this year he's leaving to take his contracting business full time. Teaching is just not worth it financially anymore (which is truly sad b/c he was so dedicated and the world needs good teachers). Not sure what your long term goals on, but just keep that in mind. As far as the market in Charlotte, because we're starting out at a lower price point, we've found the Charlotte too hot for us this summer. (Commercial loans aren't much of an option at this time and we're not ready for hard money loans.). We're keeping our eye on the surrounding suburbs where we're a little more comfortable getting involved. Just my 2 cents! If you'd like to talk to someone from MIA, feel free to message me and I'll give you my husband's #- you guys can compare notes on CLT and MIA. Good luck! Sara

@Taylor Pelzel- I've also heard that Gastonia is up and coming.  I haven't had a chance to drive out there and get the lay of the land, but I'd love to hear your perspective.  I looked up the Loray Mill apt's and wow!  They look super cool, but it looks like something that would appeal to a young, trendy crowd.  I mean absolutely no disrespect, so please forgive my ignorance!  But I guess my question is, what is drawing people to Gastonia?  Is it mostly people that are tired of living in Charlotte so they move out that way?  I love that the prices are very reasonable and there are quite a few older homes out there to be fixed up, but I'm just hesitant to get involved without really getting a good idea of the area.  I plan to head out there over the next few weekends just to drive around and get comfortable in the area, but I would appreciate any guidance you have- looks can be deceiving sometimes!  

Thanks for your insight! 

I'm a little late to the conversation, but I've been keeping my eye on Grier Heights.  About 5 years ago we drove through there and barely made it one street in, it was pretty rough.  I've driven through there a few times lately though and it looks safe enough and looks like there are some very early signs that change is coming- a few dumpsters around, etc.  I originally thought maybe the area was all section 8 b/c hasn't been much for sale but after some further digging, they are definitely individually owned.  I'd love to get involved over there if anyone had any leads.  I'm sure others have thought of this, but it would be awesome for a few investors to go in there and clean up the area.  Its a prime location!