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Hello, I am Foxy; so nice to be on this forum. I live in Melbourne with my husband and two four-legged friends Wispy and Saffy (should be renamed 'Tuna Breath'. Anywho, we can't afford a second property in Melbourne but we can just get into the market in the USA (I am an American from NY but have lived here down under for a few decades). We'd like to buy in a warm climate - in a city to which we could one day retire - (it doesn't have to be Charlotte but I've heard good things about NC). The thing is: we need to purchase an apartment (condo?) which we can DEFINITELY rent out - otherwise we can't pay our mortgage - though of course we realize there will be times when it will be vacant - I simply mean that we can't sustain long term vacancy. Can any of you kindly advise us on an area in which to purchase that will likely entice a renter? We will likely go for a two bedroom place for around $200,000. We are worried though as it seems there are a plethora of condos etc. to rent but don't know the area well enough to determine if that's just 'normal state of affairs'. Also are there apartment blocks with 4 to 6 apartments as opposed to huge massive undifferentiated condo areas, which don't appeal to us? Thanks for any advice you can give.x Foxy
Just a thought; will you be trying to obtain financing in Australia? Because you will NOT be able to obtain financing here. You need to be a permanent resident here in order to obtain financing here. They frown on people who not only do not live here, but, live abroad as you have no ties to the property and could easily walk away with little/no recourse.
Also, to answer your question, it is rare here in Charlotte to find 4-6 block condos as opposed to entire buildings.
The condo market, itself, is very difficult to obtain financing as it has one of the highest rates of foreclosures now. Good Luck!
PS: You can find some spectacular deals in FL, but, again, the financing is difficult at best
Hello, I am Foxy; so nice to be on this forum. I live in Melbourne with my husband and two four-legged friends Wispy and Saffy (should be renamed 'Tuna Breath'. Anywho, we can't afford a second property in Melbourne but we can just get into the market in the USA (I am an American from NY but have lived here down under for a few decades). We'd like to buy in a warm climate - in a city to which we could one day retire - (it doesn't have to be Charlotte but I've heard good things about NC). The thing is: we need to purchase an apartment (condo?) which we can DEFINITELY rent out - otherwise we can't pay our mortgage - though of course we realize there will be times when it will be vacant - I simply mean that we can't sustain long term vacancy. Can any of you kindly advise us on an area in which to purchase that will likely entice a renter? We will likely go for a two bedroom place for around $200,000. We are worried though as it seems there are a plethora of condos etc. to rent but don't know the area well enough to determine if that's just 'normal state of affairs'. Also are there apartment blocks with 4 to 6 apartments as opposed to huge massive undifferentiated condo areas, which don't appeal to us? Thanks for any advice you can give.x Foxy
You mentioned you are an american living down under for decades. I assume 1. you are still an American citizen 2. You have established credit or 3. You are buying cash. Three other areas Dilworth, etc...have been mentioned... add the entire Uptown..eg there is a complex on 5th and Poplar....I guess 2 bed in there would be in mid 200...more like 250. But if any place would rent consistently my vote would go to Uptown Charlotte. Reason being Bank of America is based in Uptown and so is Wachovia (now Wells Fargo), Duke Energy, Sun Trust Bank, GMAC Bank and others....the business is all uptown...so young, young at heart, singles and young families, contractors (at Bank) prefer Uptown. Uptown is where Nightlife is, Rail service is, Bus Terminal is in short ACTION is....else the family areas of Charlotte are pretty much spread all around and are away from Uptown Charlotte.
Units in high rises are in ample supply but a 2 bed at 200 will be a stretch. 250-275 might be a good bet for a small subset of the larger market. Iam not a real estate professional but at one time in not too distant past was looking at the charlotte market....
The Charlotte Real Estate Update: Real Estate Statistics (http://www.charlotterealestateupdate.com/real-estate-statistics/#tp - broken link)
You mentioned you are an american living down under for decades. I assume 1. you are still an American citizen 2. You have established credit or 3. You are buying cash. Three other areas Dilworth, etc...have been mentioned... add the entire Uptown..eg there is a complex on 5th and Poplar....I guess 2 bed in there would be in mid 200...more like 250. But if any place would rent consistently my vote would go to Uptown Charlotte. Reason being Bank of America is based in Uptown and so is Wachovia (now Wells Fargo), Duke Energy, Sun Trust Bank, GMAC Bank and others....the business is all uptown...so young, young at heart, singles and young families, contractors (at Bank) prefer Uptown. Uptown is where Nightlife is, Rail service is, Bus Terminal is in short ACTION is....else the family areas of Charlotte are pretty much spread all around and are away from Uptown Charlotte.
Units in high rises are in ample supply but a 2 bed at 200 will be a stretch. 250-275 might be a good bet for a small subset of the larger market. Iam not a real estate professional but at one time in not too distant past was looking at the charlotte market....
The Charlotte Real Estate Update: Real Estate Statistics (http://www.charlotterealestateupdate.com/real-estate-statistics/#tp - broken link)
Even if you are an American citizen, if you live abroad, most lenders will not lend to you.
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Thanks Native Son
They frown on people who not only do not live here, but, live abroad as you have no ties to the property and could easily walk away with little/no recourse.
