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Old 04-23-2011, 06:14 PM
 
14 posts, read 24,291 times
Reputation: 13

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Greetings!

First and foremost, this forum is a true blessing. I'm looking to gain some insight from some individuals already in the Charlotte area, particularly those who are heavily invested in real estate or have second homes as investment properties. Iíve discussed my situation with my peers, family members, and even my girlfriend who have all encouraged me to seriously consider my proposal below. I post today welcoming any comments, concerns, critiques and suggestions. With that being said, I genuinely appreciate you taking the time to read about my situation. Sincere apologies if I come across as young, naÔve, or overly confident.

As stated by the title of my post, Iím currently considering relocating from Chicago, IL to Charlotte, NC. Iím 24 years old.

My younger sister moved to Charlotte from Connecticut in October and I purchased a foreclosed townhome for her and her boyfriend to live in. The property is located in East Forest and is a two bed, two and a half bath, finished basement end-unit and is approximately 1300 square feet. I purchased the property for $38,000, putting down $10,000 with the remaining on a 30-year mortgage at an interest rate of 4.5%. After my mortgage payment, taxes, insurance, and HOA dues, Iím paying roughly $425 a month. Iíve signed them on a two-year lease at $625 per month. So far the expenses have been minimal (paint, carpet cleaning, plumber) but Iím now shopping for a new HVAC/Furnace unit thatís looking to be in the neighborhood of $4700.

My living expenses are roughly $1000 a month in Chicago and Iím fairly confident that I can earn close to the same wages in Charlotte. Iím thinking of making the move down, purchasing a two or three bedroom townhome, find a roommate or two and let them cover most of my expenses. Iíd purchase a townhome in the neighborhood of $50,000 and put 20% down. In the event that Iím unable to find a roommate(s) right away, my expenses would still be significantly less than what Iím paying in Chicago. I would be saving aggressively with the hope to purchase more property, establish more connections in the area, and begin my mini real estate side career. While Iíd eventually like to move back to Chicago in 2-4 years, I think an opportunity like this would be very rewarding and serve as a unique and hands on learning experience.

Leaving my friends and girlfriend would be tough, but I feel like this is one of those opportunities you just have to take given the many deals that are available. Obviously this is assuming Iím able to find a job. I wouldn't move down without one in place. I love Chicago, but feel as if it simply doesnít make much financial sense. I look at this as an opportunity to eventually have several additional income streams. Itís pretty cool to think that I could be 27 years old and own between 2-4 properties.

Again, your feedback is certainly appreciated. Iím very eager to hear your thoughts (both positive and negative) and I appreciate your time.

All the best,
JP
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Old 04-23-2011, 06:26 PM
 
1,661 posts, read 2,788,121 times
Reputation: 549
I don't think you will want to be living in a three bedroom townhome in Charlotte that only costs $50K. I don't think you will want to be living with roommates willing to rent in a neighborhood with $50K homes. Aside from that, property is losing ~1%/month. My advice is to stay in Chicago given what you stated.
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Old 04-23-2011, 06:55 PM
 
14 posts, read 24,291 times
Reputation: 13
5879 Prescott Court #2201, Charlotte NC - Trulia

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?
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Old 04-23-2011, 08:14 PM
 
14 posts, read 24,291 times
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Moderator cut: link removed, linking to competitor sites is not allowed

Another property in a similar location. I've Google Map street viewed this area and it looks pretty decent. Thoughts?

Last edited by Yac; 02-07-2012 at 06:52 AM..
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Old 04-23-2011, 08:17 PM
 
11,836 posts, read 25,446,957 times
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Try this instead.
http://www.charlotteobserver.com/201...rime-map.html#
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Old 04-23-2011, 10:05 PM
 
Location: Charlotte, NC
7,041 posts, read 13,112,395 times
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Well, there may well be investment opportunities here, but, the job market is pretty bad. (which is why there are investment opportunities!) SO, before you pick up and move everything, you probably need to have a job lined up FIRST. (and, that won't be easy; there are many people here who have been out of work for several years)

secondly, this IS NOT Chicago. So, if you are used to a lot of the things that Chicago has to offer, you may well be disappointed.

So, I would think about the whole process first. After all, friends and a girlfriend can be hard to replace!
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Old 04-23-2011, 10:41 PM
 
Location: Charlotte Metro Area
2,155 posts, read 3,374,643 times
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Quote:
Originally Posted by jp47 View Post
5879 Prescott Court #2201, Charlotte NC - Trulia

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?
Wow, a HUD foreclosure in that neighborhood? What a surprise.
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Old 04-23-2011, 10:47 PM
 
3,071 posts, read 7,700,350 times
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It might need to be mentioned that the true value of most homes here and the highly inflated values used by gov-co are far from the same. There may be some 50k condos but they may very well be taxed at 100k but of course the selling price is 50k. There is nothing cheap here unless there is a BIG reason for it..
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Old 04-24-2011, 07:31 AM
 
1,661 posts, read 2,788,121 times
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Quote:
Originally Posted by jp47 View Post
...

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?
For your answer, this happened near there just last week.

3 charged with murdering man during drug transaction, police say - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC-
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Old 04-24-2011, 08:25 AM
 
14 posts, read 24,291 times
Reputation: 13
Quote:
Originally Posted by chicagocubs View Post
Well, there may well be investment opportunities here, but, the job market is pretty bad. (which is why there are investment opportunities!) SO, before you pick up and move everything, you probably need to have a job lined up FIRST. (and, that won't be easy; there are many people here who have been out of work for several years)

secondly, this IS NOT Chicago. So, if you are used to a lot of the things that Chicago has to offer, you may well be disappointed.

So, I would think about the whole process first. After all, friends and a girlfriend can be hard to replace!
Thanks for the reply! I wouldn't move down without a job lined up. Absolutely not. Well aware it's not Chicago, but find Chicago to be grossly overrated at this point. With that said, I'm very extroverted and won't have a hard time making friends. Already have a few friends in the area.
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