All Forum Posts by: Tiffany Alexy

Hoping to make it to the next one!!!

Hey guys,

I've been playing around with the idea of venturing into commercial property. Here is one that I found that I think might have potential. Would love your thoughts, especially of my fellow Charlotte friends! I've heard so much about NoDa (where the space is) so I think it'll fit a buy and hold strategy. The ad says 10% cap rate, but I know once I account for insurance, taxes, plus the HOA fee it's not going to be that. But what I think is a positive is it's zoning - if it were to be converted to residential, I think the property would be worth significantly more (given housing costs in Charlotte and its location). Don't think I would want to do that anytime soon but there is potential. Honestly though I have no idea!

Here is the ad: http://charlotte.craigslist.org/reo/4642041479.htm...

Thank you!!!!

-Tiffany

Hey Calin! Welcome to BP.  Yes, BP is definitely a great site! If you're free in about 45 minutes, there's a webinar going on being hosted by Brandon.  Should be some good stuff in there :-)

I'm about to be where you are... renting out my first property and moving to my second.  However, I bought the second place as a residence and not as an investment per se.  I'm still renting out an extra bedroom though which will cover my mortgage payment though!

Commercial is something I've been tempted to get into since my mom has experience owning/operating restaurants, so I kind of have a built-in mentor there... haven't pulled the trigger yet... 

Also, thank you for your service :)

Tiffany

I will be there! Looking forward to it :)

Is there a deadline you need to know by? I'm hoping to make this meeting, but I'll be coming from Raleigh (relocating to Charlotte in the fall) so my schedule for July 15th is still a tad hazy at the moment! 

Hi @Chris T. -

Thanks for your response. Yes, I am definitely factoring in HOA fees. This particular property would meet my 1% rule while others in Myers Park wouldn't. Currently, it's being rented out so I assume there are no rental restrictions.

I'm definitely open to SFR's, but haven't looked at them as much just because where I'm from, the bulk of them don't cash flow as well (or at least the ones that I have looked at).

Another option would be to spend almost 2x as much on a condo that is beautiful and much newer, and also in Myers Park. The problem with this would be future cash flow as it likely wouldn't meet the 1% rule which is kind of my bottom. Though I guess I could always sell it when I'm done with it.

Hi all, would love some sage REI opinions on this matter. I'll be relocating to Charlotte in November for a job, and have started looking into housing options. As a real estate investor myself, I've never been a fan of renting because I hate feeling like my money is going to line someone else's pockets instead of building my own equity. In this case, I've considered it a little more because Charlotte is new to me. BUT, I have time on my side, so I've been looking at rentals as well as places for sale.

There is one for sale that I looked at that would suit my needs, for the short-term. It's a 2 bed, 2 bath in a nice area, convenient to shops (in Myers Park). It's really a cute condo inside. My plan would be to live in it for a few years (with a roommate) and then afterward convert it to another rental property. The price of the condo is low enough that rent would cover 75-80% of my mortgage. I have a job, so making the payments wouldn't be a concern, but that is definitely why I'm leaning toward a roommate rather than using the 2nd bedroom as an office or guest room.

There some trade offs, however. The biggest issue for me is you can only get to the laundry room by going through the master - it is part of the Master closet. I'm just not sure how much I'd like having my roommate need to come through my bedroom to do their laundry. Other than that though, it is a nice property. This is just something that I have to think about strategically as well as emotionally, given my long-term plan.

So, should I spend a little more time/money shopping around for a place that I LOVE or do I shop with my head and go for the property that will work for now, and make a nice rental in a few years? I plan on continuing to invest in real estate over the next 10-15 years with my mom, which is why it plays such a huge part in my decision.

Thank you!