buying duplex to rent out? (Charlotte: for sale, real estate, renter)

[kd83]

I'm thinking that a smart investment (after some research of course...I figure this is as good a starting place for research as anywhere) would be to buy a duplex in charlotte and rent out both sides/floors to not only pay the mortgage but give enough to save for repairs and maintenance and possibly a little extra cash in my pocket. I currently have 45 grand in the bank and other than stocks and small investments, I have not really done much with it. I have thought about opening a business of different types from bar/billiards to a car wash etc, but I've been thinking maybe the duplex to rent out would be the best route but I dont know how to start or what I have to look forward to. PLEASE BE CONSTRUCTIVE - I DONT NEED TO HEAR "ITS A LOT OF WORK..DONT DO IT....YOU DONT KNOW WHAT YOU'RE GETTING YOURSELF INTO.." etc. I NEEEEEED to do something with my life and with my money. I dont plan on having a great career and I dont plan on doing much with myself other than something like this, so I'd really like to make the most of what I have. Any help in a constructive manner is much appreciated. Thank you.

[kd83]

wow I expected to wake up today to at least a few posts....nobody knows anything about this? We have what, like 10 realtors on here and like 1000+ home/property owners? PLEASE HELP MEEEEEEE

[CharlotteAgent]

kd83,

I was in the same boat as you about 3 years ago. I have since made many investments in Real Estate and wished I started 10+ years ago. For your first Real Estate investment (rental) I would start with a single family home. They are a little easier to sell should you decide its not for you. Also working with one tenant is easier to get your feet wet. Remember Real Estate investment is not a get rich quick scheme it takes a few years to see the benefit.

Moderator cut: Soliciting business not allowed in the forums

Happy investing!

[lovesMountains]

Originally Posted by kd83

I'm thinking that a smart investment (after some research of course...I figure this is as good a starting place for research as anywhere) would be to buy a duplex in charlotte and rent out both sides/floors to not only pay the mortgage but give enough to save for repairs and maintenance and possibly a little extra cash in my pocket. I currently have 45 grand in the bank and other than stocks and small investments, I have not really done much with it. I have thought about opening a business of different types from bar/billiards to a car wash etc, but I've been thinking maybe the duplex to rent out would be the best route but I dont know how to start or what I have to look forward to. PLEASE BE CONSTRUCTIVE - I DONT NEED TO HEAR "ITS A LOT OF WORK..DONT DO IT....YOU DONT KNOW WHAT YOU'RE GETTING YOURSELF INTO.." etc. I NEEEEEED to do something with my life and with my money. I dont plan on having a great career and I dont plan on doing much with myself other than something like this, so I'd really like to make the most of what I have. Any help in a constructive manner is much appreciated. Thank you.

Hi kd I was waiting for the realtors to chime in before I gave you my take on things. I agree with CharlotteAgent about a small single family home being the way to start. In Charlotte all the duplexes I know of are not in areas of high appreciation. You want to buy a piece of property that will be in a fairly desirable location so that A) you gain appreciation, and B) your potential renter pool is reliable for paying the rent. You would be in great shape if you bought a home in one of the neighborhoods poised to be the next big thing for people wanting quick commutes to uptown. In particular, look at Oakhurst. There are a few for sale in there right now for around $115,000.

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[Anigirli]

HI KD83
Congratulations on your new undertaking! I am also in the same situation as you. CharlotteAgent brings a good point, it is not a way to get "rich quick", but if your patient and savvy you can accumulate over the years. Also look at the location, usually rentals that are closer to "Uptown" go faster. For example Sedgefield is an area I would buy into. Lots of mid 20th century homes in larger lots with a good schools(Myers Park HS). Their broad appeal is great since it works just as well for family who have children and are thinking about school districts. Or for a single person/young couple who works in the city or working in the burbs since they will be going against the traffic. In the morning when people are headed to Charlotte you are leaving and in the afternoon when everyone is leaving you are going back. So the commute is much faster. On the flip side the (one bathroom for three bedrooms)floorplans might be considered outdated by most people so some owners renovate them to make them appealing. There are also many factors to consider so you just have to dilligently do your research on the property. Look at crime rate, schools districts, construction date, original price of property, access to major roads/highways, commute time, is the location close to an undesirable building etc etc) Also working with a great realtor helps tremendously. And networking is also a good way of finding that "rare gem deal" when you least expect it or finding that "dream tenant". Good Luck!

[savvychltsales]

contact chlt gator ont his forum, he has can make a few suggestions that I think would help you. Agree with Charlotte Agent 100%. i wish I had started investing earlier too and the single familly is the best way to go to start out. Good luck!