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Old 04-24-2011, 08:37 AM
 
14 posts, read 27,228 times
Reputation: 13

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Quote:
Originally Posted by yantosh22 View Post
Thanks for passing along! This incident was 5 miles and 3 miles away, respectively from the properties I posted. I consider that a considerable distance, would you not? I've done some research with the crime map that was posted by another poster and I've found a few incidents, but nothing I would deem too overbearing. I compared it to my neighborhood in Chicago (upscale Lincoln Park) and it's really no different.

I think I'm not getting my point across fully. Assuming I'm able to find a job, I can answer one of the dozens of Craigslist ads from young professionals and students looking for a room in the $300-$400 range. With that being said, I'm able to save a boat load of money. Even if I can't find a roommate(s) right away, my expenses per month would still be nearly half of what they are in Chicago. Salaries in Charlotte are only 6.5% less than Chicago while the cost of living is a 20.5% less. As stated, I wouldn't be moving down unless I had a job lined up.

Again, I already own a $38,000 foreclosure in East Forest and my sister and her boyfriend couldn't be happier with it. It's FAR nicer than the 2 bed, 1 bath apartment a roommate and I pay $1435 a month for in Chicago.

Clearly I'm missing something here. Is consensus that everyone is just bearish Charlotte in general? I appreciate everyone's time and input. You guys have been very helpful!
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Old 04-24-2011, 10:52 AM
 
1,661 posts, read 3,293,734 times
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Quote:
Originally Posted by jp47 View Post
.... I consider that a considerable distance, would you not? I've done some research with the crime map that was posted by another poster and I've found a few incidents, but nothing I would deem too overbearing. I compared it to my neighborhood in Chicago (upscale Lincoln Park) and it's really no different. ....
No, by car, which is the only way to get around there, it takes just a few minutes.

I bought a house in that area about 23 years ago, sold it 7 years later and just barely broke even. I won't drive into that neighborhood now and consider it fortunate that I sold it when I did. Where you are looking is full of starter (that is, disposable) homes that should have never been built in the first place because for the most part, in the New South, these places turn into slums. A friend of mine bought a place over there in a new subdivision in the 90s, and while he was at the lawyers office closing on it, thieves came an stole the airconditioning compressor. It's gotten worse since.

You should not use Chicago as a guide because it has little applicability to the New South. The closet place that you will find Lincoln Park demographics is about 10 miles from this area and most much further away.

Last edited by yantosh22; 04-24-2011 at 11:04 AM..
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Old 04-24-2011, 11:27 AM
 
Location: Charlotte, NC
11,839 posts, read 29,001,134 times
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Yantosh which Chicago neighborhood would that area most resemble?
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Old 04-24-2011, 06:06 PM
 
Location: Charlotte, NC
7,041 posts, read 15,059,472 times
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Well, Lincoln Park it is NOT. I would guess that it would be closer to Logan Square, (maybe?) or Albany Park... what do you think, Yantosh?
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Old 04-24-2011, 06:16 PM
 
Location: Charlotte, NC
7,041 posts, read 15,059,472 times
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Chicago is not comparable to Chicago in that here in Charlotte, the crime is much more spread out. Please read the Carolina News Panthers Bobcats Sports Banking | CharlotteObserver.com for more details. Random crime can happen literally everywhere, in the Winnetkas, the Gold Coasts as well as in the Albany Parks and (Chicago's) west or south side. By crime, I don't necessarily just mean property crime (although that is certainly here), but, even murders as is evident by a recent murder in one of the most prestigious neighbourhoods.

I am certain that you can find more foreclosures in better areas. There are a LOT of foreclosures here, now.
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Old 04-24-2011, 08:17 PM
 
1,343 posts, read 3,340,817 times
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You are young and ambitious, with very little to lose if your plan doesn't work out. I wish I had taken advantage of similar opportunities when I was your age. If everyone in this area (and on this board) could see the potential that you see.... well then it wouldn't still be out there would it? There is a negative bias on this board, some of it reality-based, but much is overly negative pessimism. I just got back from 1 week in New Jersey and Boston, and it was great visiting friends in some of the best neighborhoods in the USA, but I sure was glad I don't live there and was very happy to come home to Huntersville/Charlotte.

You remind me of these guys. Here is a "must read" article for you about the Benham brothers (twins)

http://www.charlotteobserver.com/2011/01/22/2000882/their-business-saw-foreclosures.html#storylink=misearch (broken link)


Here is a picture that went with the article

http://www.charlotteobserver.com/2011/01/23/2003001/benham-brothers-sell-foreclosed.html#storylink=misearch (broken link)
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Old 04-24-2011, 09:55 PM
 
Location: Up above the world so high!
45,217 posts, read 100,851,027 times
Reputation: 40206
Quote:
Originally Posted by jp47 View Post
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?

So, let me get this straight...you want to come to Charlotte and basically become a slum lord?

Because the properties you are looking at are not in very desirable areas, meaning you WILL get less than desirable tenants.

And on top of that, these are not areas ever considered great areas for building equity, so you'd have to hold on to them for years and years before you'd ever see a profit by trying to sell them.

Do you have much experience in property management? It can be brutal when you are dealing with your own property and upkeep and repairs from the kind of tenants you'll most likely be dealing with. In addition, NC real estate laws protect tenants rights pretty vigorously. It can be a nightmare to get rid of a bad one.

All just food for thought... though I do applaud your entreprenuer attitude and ability to even buy property at your young age

Last edited by Yac; 02-07-2012 at 06:42 AM..
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Old 04-24-2011, 10:31 PM
 
3,071 posts, read 9,154,021 times
Reputation: 1660
Another factor to consider is the high cost of fire insurance. I found out that often homes worth less than 50k can cost just as much to insure as homes worth maybe 200k. Reason is that the insurance companies rate rental homes and low end housing at a much higher risk so they charge more, Its not really fair but they get away with it.
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Old 04-25-2011, 07:29 AM
 
38 posts, read 68,570 times
Reputation: 44
If I were you, I would rent first. Look, the housing market is not going up anytime soon. You will not be losing out on any deals, because those are available anytime, in any market.

Take your time, scout out some neighborhoods first, then buy smart.

We rented first (via the internet) and ended up on Sharon Road West and South Blvd. I didn't do any reasearch. Well a few months after we left, there was a shooting in our apartment complex, the Domino's Pizza delivery guy "returned fire". If the pizza guy needs to be packing, there is a problem.

Anyway, I'm glad that we rented via internet rather than purchased.

Seriously, even when the housing market was on fire, it's still not like Chicago, LA or NY.

I think you will find Charlotte small and slow, but getting better. We moved here from Los Angeles in 2004 and we still find it small and a little overly religious, but it's getting better.

Good luck in your search.
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Old 04-25-2011, 08:57 AM
 
Location: Charlotte, NC
4,761 posts, read 7,849,835 times
Reputation: 5328
JP, your enthusiasm is great, but you're not looking at the right area. There are much better deals to be had in other areas of town where the tenants will be more desirable and the area much less prone to crime. I'd really consider coming down here and walking the areas you are interested in. You can ride by a house with the windows up and the AC running and not hear the neighborhood. Hearing what goes on in the area is important to me. You can tell a lot about the area just by listening. And if you don't feel comfortable walking in a neighborhood, how do you think you'll feel when you have go knock on the door of a house to collect rent?
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