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I am a Californian from San Diego who has been looking to invest in the Charlotte market for some time now. I took a trip to Charlotte last year and was really impressed with the city. We were shown homes in the Ballantyne, Pineville and Lake Wylie areas. I am looking to purchase some single family residences that will cash flow with little (5% - 10% down) While I really liked the areas that we were shown it appears as if they have already grown too expensive to cash flow with little down. When I visited Charlotte about a year ago newer houses just outside of the Lake Wylie area appeared to be selling for $140,000and renting for $1,100 but I have been told this is not the case anymore.
I was recently told that there are some opportunities in the Clover area of South Carolina. I have been sent emails of some newer 3/2 houses in this area that are selling for $130,000 - $135,000. I have been told that these could easily rent for $1,100 a month. I was also told that York County is attractive because it is close to Charlotte, has lower taxes than Charlotte, and has a better school system as well.
I just wanted to post this information here to see if it was indeed accurate, and to get any feedback on the Clover area as a good area for real estate investment?
If anyone else has any other suggestions about other areas for investments in south, southwest Charlotte, or Rock Hill, I would appreciate the feedback.
<----When I visited Charlotte about a year ago newer houses just outside of the Lake Wylie area appeared to be selling for $140,000and renting for $1,100 but I have been told this is not the case anymore.----> That is a correct statement. I have been looking in the south of Charlotte in Union and Monroe which are the growing areas. If you do the right negotiation you can buy in your range and rent for a small cash flow and build on equity.
Hope that helps.
I am a Californian from San Diego who has been looking to invest in the Charlotte market for some time now. I took a trip to Charlotte last year and was really impressed with the city. We were shown homes in the Ballantyne, Pineville and Lake Wylie areas. I am looking to purchase some single family residences that will cash flow with little (5% - 10% down) While I really liked the areas that we were shown it appears as if they have already grown too expensive to cash flow with little down. When I visited Charlotte about a year ago newer houses just outside of the Lake Wylie area appeared to be selling for $140,000and renting for $1,100 but I have been told this is not the case anymore.
I was recently told that there are some opportunities in the Clover area of South Carolina. I have been sent emails of some newer 3/2 houses in this area that are selling for $130,000 - $135,000. I have been told that these could easily rent for $1,100 a month. I was also told that York County is attractive because it is close to Charlotte, has lower taxes than Charlotte, and has a better school system as well.
I just wanted to post this information here to see if it was indeed accurate, and to get any feedback on the Clover area as a good area for real estate investment?
If anyone else has any other suggestions about other areas for investments in south, southwest Charlotte, or Rock Hill, I would appreciate the feedback.
Thanks,
Hey there Guanabana - I have lived in Tega Cay, SC (York County) for 3 years now (I am a transplant from So CA). I am not a realtor...just a wishful hobbyist real estate investor and if the cashflow cloud ever had a reason to drop a load of money on me...Clover, SC would be One of the areas that I would invest in (there are a few others...but Clover is surely towards the top).
If you have any other questions in regard to the York county area feel free to send me a PM.
I would view Clover as a positive investment. We are moving to Fort Mill from Huntersville, but actually looked at Clover as well. Nice community with very good schools. Fort Mill won out for us because it's closer to family, and my commute to Uptown is much easier from Fort Mill than Clover would have been.
Why would you want to buy a home for investment purposes in the $140K range it just does not add up to me. Your rent is going to have to be over $1100 and with only 5% down your payments would be up there too.
I would buy 2 homes in the $70K range with 5% down on both and your rent could be as little as $800-$850. So depending on your mortgage payment and if you escrow your cash flow could be upwards to $300 compared to the $100-200 on one home.
You also will see appreciation on 2 homes instead of one.
This is obviosuly all basic numbers and you should do your homework before you buy anything.
Thank you everyone for all of your suggestions. They have really been helpful. I appreciate any other suggestions as well.
Charlotte Agent you do bring up a great point, however there is a method to my madness. Let me explain. I have about 10 years of property management experience out here in San Diego outside of my normal job. What I have found is that when I purchase newer "starter" homes in newer, solid family neighbhorhoods, with careful screening, I have been able to get really high quality tenants that cause little or no problems. They take care of the house, make good neighbors and pay the rent on time. However when I have bought lower end houses even though the cash flow is better, I have not been able to secure the type of quality tenants that I would like. Unfortunately I have had certain problems with tenants in lower end investments.
When I am local I can closely monitor all tenants which makes it easier, and somewhat diminishes the headaches. However as an out of state investor I really want to get into a neighborhood where I can have quality tenants that will take care of my place. I also want to buy a newer place with little or no deferred maintenance. According to my research since the prices in Charlotte have come up so much the least I can hope to pay for a home that meets my criteria in a neighborhood that meets my criteria would be $130,000-$140,000.
If my information is incorrect, or I am wrong in any way please let me know. Once again I really appreciate all of the information everyone is giving me.
Last question. Houses that are selling for about $130,000 - $140,000 in the 28278 zip code in the Planter's Walk and Steelecroft subdivisions have also caught my eye. What area is this called? Does anyone know if it is a nice area that would support a rental price of $1,100 or would you still recommend Clover over this area?
Thanks,
PS - If anyone has any questions about the market in San Diego I can help.
I moved here from CA and am also a landlord there as well. I am a local realtor and real estate investor. Your strategy for long term rentals is the same as mine, since it is key to find favorable neighborhoods and favorable long term tenants. Charlotte and northern SC are great places to live, but the affordability compared to CA makes it easier for a good tenant to buy their own place. However, there is always people who will rent, and for that reason if the northern part of SC in the price range you indicate is a wise choice. The State of SC recently lowered property taxes, and the proximity to Charlotte makes it an ideal place to live or invest. There are also spots in Charlotte which could be good long term investments -- primarily areas that have great schools and are experiencing current or likely growth. Union County has blown up over the last couple years because of the great schools, proximity to the Ballentyne area, and lower taxes. Kannapolis, which is in the very good Cabarrus County school system is building the new NC Research campus -- http://www.ncresearchcampus.net/ -- and there are homes some great values there which could yeild a positive cash flow and is currently starting to really appreciate in value.
Best of luck, hopefully that helps, and let me know if you have any questions.
Why would you want to buy a home for investment purposes in the $140K range it just does not add up to me. Your rent is going to have to be over $1100 and with only 5% down your payments would be up there too.
I would buy 2 homes in the $70K range with 5% down on both and your rent could be as little as $800-$850. So depending on your mortgage payment and if you escrow your cash flow could be upwards to $300 compared to the $100-200 on one home.
You also will see appreciation on 2 homes instead of one.
This is obviosuly all basic numbers and you should do your homework before you buy anything.
From what I know about the Charlotte market, this is very good advice
How much price increases since last year? Maybe None
Quote:
Originally Posted by Guanabana13
I am a Californian from San Diego who has been looking to invest in the Charlotte market for some time now. I took a trip to Charlotte last year and was really impressed with the city. We were shown homes in the Ballantyne, Pineville and Lake Wylie areas. I am looking to purchase some single family residences that will cash flow with little (5% - 10% down) While I really liked the areas that we were shown it appears as if they have already grown too expensive to cash flow with little down. When I visited Charlotte about a year ago newer houses just outside of the Lake Wylie area appeared to be selling for $140,000and renting for $1,100 but I have been told this is not the case anymore.
I was recently told that there are some opportunities in the Clover area of South Carolina. I have been sent emails of some newer 3/2 houses in this area that are selling for $130,000 - $135,000. I have been told that these could easily rent for $1,100 a month. I was also told that York County is attractive because it is close to Charlotte, has lower taxes than Charlotte, and has a better school system as well.
I just wanted to post this information here to see if it was indeed accurate, and to get any feedback on the Clover area as a good area for real estate investment?
If anyone else has any other suggestions about other areas for investments in south, southwest Charlotte, or Rock Hill, I would appreciate the feedback.
Thanks,
Hello,
I am just thinking may be one year doesn't make a lot of differences? From $140 k to $150k? Maybe Lake Wylie will still be the best place to invest.
Did you buy anything yet? I am in the same situation like you....From California, looking to invest in Charlotte....
Are you interested in buying something at higher value which can be rent for a little bit more. Eg. $200k, at rent of $1700? What is the problem with that?
What troubles me is: if we buy small at a time, we use a lot of our effort/time/closing cost to secure something small....
I really like to be able to buy something more expensive so that when you finish one, you get something big.
Any more ideas?
Thanks.
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and if the cashflow cloud ever had a reason to drop a load of money on me...Clover, SC would be One of the areas that I would invest in (there are a few others...but Clover is surely towards the top).
Charlotte Investment Real Estate
