Best Rental Investment Areas in Charlotte Area (Chapel Hill, Boone: real estate, 2014)
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I am an investor (rentals & Flips) out of state. Looking to start investing in the Charlotte, NC due to a scheduled move to Charlotte, NC sometime early - mid spring of 2014.
Any other investors or real estate agents (specializing in foreclosures, estate sales, investments or rentals) that would be willing to share some information would be greatly appreciated.
Total investment (purchase and rehab) per home: 40K - 60K maximum.
Seeking to gross $800 minimum a month (of course more is better) on the investment.
Is this doable in the Charlotte, NC area? If so, what areas (neighborhoods, blocks, streets, etc) should I be targeting and researching? Could you provide examples? (property cost and rental incomes) If there are better property investments I am open to explore them.
Note: I am a general contractor, licensed inspector and seasoned flipper. So all the work will essentially be completed by me so this reduces the rehab cost substantially.
Can it be done... yes. But in that price range there is currenty a ton of competition from both local investors and wall street funds. See Invitation Homes.
I don't mind competing for my piece of the pie as long as I have properly completed my homework and feel comfortable that these investments will make a decent ROI.
What areas of Charlotte are the most popular for investors that fall within the criteria I mentioned before?
The Westchester Subdivision - West Charlotte. - The area is ridden with foreclosures and REO properties. Most of the properties are 60's and 70's brick ranch style homes, some split levels.
I have more than one friend who has property near the university area and who rent to students. I don't do it myself and unfortunately I don't have specific neighborhoods. Of those, one couple in particular has other rentals near other colleges too - specifically Chapel Hill for UNC students and Boone for Appalachian State students.
Westcoastbabe, Thanks for that information. Are you actively investing? What is the average rent for a 3bed 1+ bath in that area?
Not actively investing, but just sold my home to an investor group. I had a 3bedroom, 1&1/2 bath ranch style home. Its now being rented out for $850.00/mth.
Westcoastbabe, I don't mean to get too much up into your business. If you don't mind, what was the price range and square footage? I appreciate your help.
Got them. Thanks for the info. I guess because my account is new I am limited to sending 1 direct message a day.
We are relocating to Charlotte because it is the warmest climate we can get to and still be within driving distance to family. Still need a decent size population for business reasons. Charlotte is about the only thing we have that meets our needs. Would love to be on the coast line but that is not doable at this time. Plus we like the mountains and Charlotte provides a reasonable distance to both the mountains and the ocean. So Charlotte became our choice. We've visited many times and like the overall feel. Not perfect but better than most.
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