U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-06-2007, 05:21 AM
 
Location: England
101 posts, read 430,274 times
Reputation: 38

Advertisements

We returned to the U.K. last week following a 5 day 'tour' of N.C. (We just ventured over the border into S.C..) We had come to look at different areas that we'd researched beforehand with a view to buying a small investment property, around the $150,000 price point, placing it in the hands of a management company and renting it out. Does anyone know what the rental market is like in Charlotte at the moment? Have you been looking for a rental property and found that there is a huge amount to choose from?
Also I can't seem to find many rental managements via the internet. Does anyone have one they could recommend if we go ahead with this.
Obviously we could only cover a small amount of ground during the time we were in Charlotte. But we visited Monteith Park and loved it, especially the style of homes. Saw a couple of new townhomes there, (and met the dreaded sales people aforementioned in this forum!!!) They were quite pleasant to us - perhaps it was the english accent that did it !! I believe resale prices there are less than the new homes. Visited Gilead park as well, but the pylons put us off a bit.
The Ballentyne area was really nice, and we both felt we could pack up tomorrow and move to Tega Cay! (wonder if our children would notice we'd gone!?)
So... does anyone out there have any words of wisdom on rentals. We liked Raleigh too, but I spoke to a letting agent there yesterday who said that their inventory of homes was quite large and the market was quiet, but picking up slowly.
Any help would be much appreciated
Reply With Quote Quick reply to this message

 
Old 02-06-2007, 06:26 AM
 
Location: Near Charlotte, NC
405 posts, read 1,146,208 times
Reputation: 192
My wife and I have a rental property in Sapphire Valley, NC. The main resort in the area manages the property for us. They take 28% for a management fee, and charge $60 for a cleaning. There is a 2 day minimum rental, and it rents for $175 per night. So $350 x 28% = $98, plus $60 cleaning fee, equals $158. So I net $192 for every two day stay. They also have rentals at $1050 per week. My net is better with a weekly rental because there is only one cleaning for the week.

We purchased in a resort area because of the volume of people going to the mountains. We looked at a local house but decided against it. We now have a place in the mountains we can use as a 'vacation home', plus we have all the tax benefits of a rental, so we killed two birds with one stone. YOu may want to take a look at this type of rental.

http://www.sapphirevalleyresort.com/

http://www.skisapphire.com/
Reply With Quote Quick reply to this message
 
Old 02-06-2007, 07:03 AM
 
Location: England
101 posts, read 430,274 times
Reputation: 38
Thanks for that. I have looked at both websites but can't find anything about property sales - I'll keep looking though. Unfortunately we didn't get time to visit the mountains and I haven't done any research on that area, but it looks like a good year round resort. Just realised I should have titled this thread Rental market!!! Stupid of me, but I'm only just getting the hang of this type of communication!
Reply With Quote Quick reply to this message
 
Old 02-06-2007, 07:14 AM
 
Location: Cornelius
2,314 posts, read 2,106,748 times
Reputation: 287
The rental market in Charlotte is strong. Obviously it depends on what market you are focusing on. Middle America has a strong market but it is a little longer to find a tenant lower income is easier to rent due to credit problems and such.
Reply With Quote Quick reply to this message
 
Old 02-06-2007, 07:39 AM
 
Location: Near Charlotte, NC
405 posts, read 1,146,208 times
Reputation: 192
Those links were for the Sapphire Valley area. The links below are for real estate in the same areas.

http://www.wncproperty.com/ - this link has a free buyers guide available for download

This is the real estate agent we deal with - http://www.parksmtnrealestate.com/

There is a link on his site that will allow you to search the mls listings for the NC mountains
Reply With Quote Quick reply to this message
 
Old 02-06-2007, 07:57 AM
 
Location: England
101 posts, read 430,274 times
Reputation: 38
I think we would be looking at a 2/3 bdroom townhouse. I guess the rental income would be around $1000-1100 per month? Obviously depends on area, but as I said, somewhere like Monteith Park really appealed to us. Is that the sort of price bracket that it's best to aim for? We have to take management costs and HOA fees into consideration of course.
Now then CharlotteAgent- it is you that wanted the Salad Cream, Right!?
Sorry, we couldn't oblige this time, but when we visit again, maybe then!! Don't you have anyone in the U.K. who will send you out emergency supplies and PROPER chocolate? I know that in Florida , Publix sells Cadbury's Fruit and Nut but it's definitely not the right stuff!!!
Reply With Quote Quick reply to this message
 
Old 02-06-2007, 02:34 PM
 
Location: Cornelius
2,314 posts, read 2,106,748 times
Reputation: 287
Yes I have a supply for Chocolate but they keep the good stuff!!

As far as Property management fees you are looking at 8-12% of collected rent. So if you by a town home not only do you have HOA fees monthly but also prop. mang. fees. This can eat away at any positive cash flow.

I prefer SFH myself.....
Reply With Quote Quick reply to this message
 
Old 02-07-2007, 03:12 AM
 
Location: England
101 posts, read 430,274 times
Reputation: 38
I'm distinctly getting the feeling that a SFH is easier to rent. Don't know that we would find anything in our price range though that is in Ballentyne or Huntersville. However, I have noticed a few Foreclosures on the internet. Can anyone tell me if you go about the purchase of a foreclosure any differently to a 'normal' sale? Can a realtor still act for you in the same way? What pitfalls could there be for us? I suppose it depends on how far down the line the process has been taken.

Any one got any knowledge of this?
Reply With Quote Quick reply to this message
 
Old 08-06-2007, 07:01 AM
 
1 posts, read 2,733 times
Reputation: 10
Default rental property from afar

hi -
glad you liked Raleigh. I can tell you this - there is a lot of inventory right now for sales - but the market is definitly stronger for rentals, i have a few properties in parts of downtown and i've been able to increase rents at every one of them when they become vacant.

I would think twice, though, about getting a long-distance rental. I kept my first house in Texas and, did ok with it for years, but then the last few tenants treated it poorly, and pretty much all the property manager did was respond to calls and collect my (and THEIR) money.

I don't recommend buying rental property that you can't look in on - most property owners will tell you the same thing

Unless you visit it at least once and year and carefully make sure your property manager is obligated to do basic routine maintence (mine in Tx described what she does with her OWN properties, but she didnt' do with the ones she manages!)

the caveat would be if you buy in a complex of some sort where the entire building or resort is managed, that might be different, i'm speaking of private 1-off residences
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 01:30 AM.

2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top