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 06-07-2006, 09:41 AM
 
37 posts, read 202,488 times
Reputation: 23

Advertisements

Does anyone own any Investment Properties (e.g., Single Family Homes or Condos?) in Charlotte, NC? If so, are they easy to rent?

Is it Uptown Charlotte that has all the banking or financial industries? Newly build 2 BR condos in Uptown Charlotte going for 450k in high rise with $350 monthly fees. Mortgage (Interest Only) will be 2500 with 350, is that doable there?
Reply With Quote Quick reply to this message

 
Old 06-07-2006, 10:11 AM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,763,807 times
Reputation: 2109
you may want to check url removed and see what the homes are renting for now and what areas. The uptown condos I see listed seem really expensive (almost new york like expensive). But I guess since there being built and priced that way, someone is buying them. However I guess I would ask why would I pay 2500/mo rent if much less than that can get me into a home?

I'm looking at rental properties but mostly townhomes in the $125K or less range...

Last edited by Yac; 06-08-2006 at 06:43 AM..
Reply With Quote Quick reply to this message
 
Old 06-07-2006, 10:34 AM
 
2,301 posts, read 1,900,668 times
Reputation: 317
Quote:
Originally Posted by Miker2069
you may want to check removedand see what the homes are renting for now and what areas. The uptown condos I see listed seem really expensive (almost new york like expensive). But I guess since there being built and priced that way, someone is buying them. However I guess I would ask why would I pay 2500/mo rent if much less than that can get me into a home?

I'm looking at rental properties but mostly townhomes in the $125K or less range...
Me too.......some nice ones check out the new ones in Cornelius.

Last edited by Yac; 06-08-2006 at 06:43 AM..
Reply With Quote Quick reply to this message
 
Old 06-07-2006, 12:03 PM
 
40 posts, read 28,414 times
Reputation: -1
Quote:
Originally Posted by Miker2069
I would ask why would I pay 2500/mo rent if much less than that can get me into a home?
Take your time. There's no rush. The bubble is deflating, and if you are patient, you'll have more bargaining power. Crunch the numbers carefully (remember to factor in everything ) and don't go for exotic, non-amortizing loans.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 09:03 AM
 
2 posts, read 6,905 times
Reputation: 10
Default stay in the bell curve

Quote:
Originally Posted by DesiiLiciouss View Post
Does anyone own any Investment Properties (e.g., Single Family Homes or Condos?) in Charlotte, NC? If so, are they easy to rent?

Is it Uptown Charlotte that has all the banking or financial industries? Newly build 2 BR condos in Uptown Charlotte going for 450k in high rise with $350 monthly fees. Mortgage (Interest Only) will be 2500 with 350, is that doable there?
Short answer is yes it is doable but as an investor real question is "is it probable?" Keep in mind that 80% of the tennant base in Charlotte NC pays between $800-$1500/month in rent. Given the profoundly undervalued market status that Charlotte enjoys as you move above the $1500 mark not only are you simply dealing with a smaller tenant base. Real estate in general in this market is more affordable and those that can afford those kinds of rents will also find attractive opportunities to purchase that represent a great value from where they were coming from (Northeast, Chicago, Florida). This not to suggest that there isn't a market, there is but a drastically smaller one. Yes it is true that looking forward the downtown condo market will see significant run up in price. But what good does that do you if you are hemmoraging cash during your hold period because you can't keep a tennant? There are three things that one must focus on 1.) Exit Strategy (will the property have the broadest range of marketability in the broadest array of market conditions) 2.) Certainty of Appreciation (why is it that a certain property is going to be worth more tommorow than it is today) and
3.) What is the "spread"? relationship of costs vs incomes (there is another thread here where I talk about relationship between cash flow and appreciation . . might make a good read). Higher priced condos seem to be lacking in the 1 & 3 categories.

Hope that helps.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 10:58 AM
 
Location: Charlotte
113 posts, read 420,025 times
Reputation: 32
a friend of mine has a 1 bdr for rent in the 1st ward, she is asking $900, just put it on the market. She will not recover her mortgage, etc, she would ask for more but she thinks that's all she can get.
She also has a house in, like Windsor Park that is a positive cash flow.
Reply With Quote Quick reply to this message
 
Old 05-16-2007, 11:30 AM
 
462 posts, read 1,686,729 times
Reputation: 215
I like the post from 6/06 on how the bubble is deflating and not to rush into the market. I wish I bought back then. I would have some nice equity in my house by now.
Reply With Quote Quick reply to this message
 
Old 05-17-2007, 07:04 AM
 
889 posts, read 2,850,054 times
Reputation: 343
Yes, i do own a rental home in the area. Whats been good is it rents for $1,150 and the mortage, taxes and insurance are way less than that so, so far so good.
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
Follow City-Data.com founder on our Forum or

All times are GMT -6.

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

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