Considering relocating to Charlotte to Live & Invest (appointed, real estate)

[jp47]

Greetings!

First and foremost, this forum is a true blessing. I'm looking to gain some insight from some individuals already in the Charlotte area, particularly those who are heavily invested in real estate or have second homes as investment properties. I’ve discussed my situation with my peers, family members, and even my girlfriend who have all encouraged me to seriously consider my proposal below. I post today welcoming any comments, concerns, critiques and suggestions. With that being said, I genuinely appreciate you taking the time to read about my situation. Sincere apologies if I come across as young, naïve, or overly confident.

As stated by the title of my post, I’m currently considering relocating from Chicago, IL to Charlotte, NC. I’m 24 years old.

My younger sister moved to Charlotte from Connecticut in October and I purchased a foreclosed townhome for her and her boyfriend to live in. The property is located in East Forest and is a two bed, two and a half bath, finished basement end-unit and is approximately 1300 square feet. I purchased the property for $38,000, putting down $10,000 with the remaining on a 30-year mortgage at an interest rate of 4.5%. After my mortgage payment, taxes, insurance, and HOA dues, I’m paying roughly $425 a month. I’ve signed them on a two-year lease at $625 per month. So far the expenses have been minimal (paint, carpet cleaning, plumber) but I’m now shopping for a new HVAC/Furnace unit that’s looking to be in the neighborhood of $4700.

My living expenses are roughly $1000 a month in Chicago and I’m fairly confident that I can earn close to the same wages in Charlotte. I’m thinking of making the move down, purchasing a two or three bedroom townhome, find a roommate or two and let them cover most of my expenses. I’d purchase a townhome in the neighborhood of $50,000 and put 20% down. In the event that I’m unable to find a roommate(s) right away, my expenses would still be significantly less than what I’m paying in Chicago. I would be saving aggressively with the hope to purchase more property, establish more connections in the area, and begin my mini real estate side career. While I’d eventually like to move back to Chicago in 2-4 years, I think an opportunity like this would be very rewarding and serve as a unique and hands on learning experience.

Leaving my friends and girlfriend would be tough, but I feel like this is one of those opportunities you just have to take given the many deals that are available. Obviously this is assuming I’m able to find a job. I wouldn't move down without one in place. I love Chicago, but feel as if it simply doesn’t make much financial sense. I look at this as an opportunity to eventually have several additional income streams. It’s pretty cool to think that I could be 27 years old and own between 2-4 properties.

Again, your feedback is certainly appreciated. I’m very eager to hear your thoughts (both positive and negative) and I appreciate your time.

All the best,
JP

[yantosh22]

I don't think you will want to be living in a three bedroom townhome in Charlotte that only costs $50K. I don't think you will want to be living with roommates willing to rent in a neighborhood with $50K homes. Aside from that, property is losing ~1%/month. My advice is to stay in Chicago given what you stated.

[jp47]

5879 Prescott Court #2201, Charlotte NC - Trulia

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?

[jp47]

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?

[Barkingowl]

Try this instead.
http://www.charlotteobserver.com/201...rime-map.html#

[chicagocubs]

Well, there may well be investment opportunities here, but, the job market is pretty bad. (which is why there are investment opportunities!) SO, before you pick up and move everything, you probably need to have a job lined up FIRST. (and, that won't be easy; there are many people here who have been out of work for several years)

secondly, this IS NOT Chicago. So, if you are used to a lot of the things that Chicago has to offer, you may well be disappointed.

So, I would think about the whole process first. After all, friends and a girlfriend can be hard to replace!

[Ex-LI]

Originally Posted by jp47

5879 Prescott Court #2201, Charlotte NC - Trulia

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?

Wow, a HUD foreclosure in that neighborhood? What a surprise.

[Nativechief]

It might need to be mentioned that the true value of most homes here and the highly inflated values used by gov-co are far from the same. There may be some 50k condos but they may very well be taxed at 100k but of course the selling price is 50k. There is nothing cheap here unless there is a BIG reason for it..

[yantosh22]

Originally Posted by jp47

...

Thanks for the feedback! Could you please take a look at the link above? From my research, this area doesn't look too bad. I've heard stay out of the West and the East. Thoughts on the following?

For your answer, this happened near there just last week.

3 charged with murdering man during drug transaction, police say - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC-

[jp47]

Originally Posted by chicagocubs

Well, there may well be investment opportunities here, but, the job market is pretty bad. (which is why there are investment opportunities!) SO, before you pick up and move everything, you probably need to have a job lined up FIRST. (and, that won't be easy; there are many people here who have been out of work for several years)

secondly, this IS NOT Chicago. So, if you are used to a lot of the things that Chicago has to offer, you may well be disappointed.

So, I would think about the whole process first. After all, friends and a girlfriend can be hard to replace!

Thanks for the reply! I wouldn't move down without a job lined up. Absolutely not. Well aware it's not Chicago, but find Chicago to be grossly overrated at this point. With that said, I'm very extroverted and won't have a hard time making friends. Already have a few friends in the area.