Charlotte Investment Properties (real estate, rentals, condo)
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From what I've heard, Charlotte is not a good area right now for investing in rental properties. I've heard it's impossible to find properties to rent where the rent covers the mortgage payment. Is this true, or is this only true in certain parts of Charlotte? Any advice would be appreciated. Thanks.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,547,554 times
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Quote:
Originally Posted by NCborn
From what I've heard, Charlotte is not a good area right now for investing in rental properties. I've heard it's impossible to find properties to rent where the rent covers the mortgage payment. Is this true, or is this only true in certain parts of Charlotte? Any advice would be appreciated. Thanks.
Just the surface scanning I've seen, it seems to be true. I've seen "investors take notice" ads only to do the #s and find that the mortgage, condo fee, is either at or higher than the comparable market rental for similar units. When contacting the sellers they pitch the "the property appeciation while you have negative cash flow" angle. After I stop laughing I thank them for there time.
But I think there out there, just have to dig a good amount of digging.
Just the surface scanning I've seen, it seems to be true. I've seen "investors take notice" ads only to do the #s and find that the mortgage, condo fee, is either at or higher than the comparable market rental for similar units. When contacting the sellers they pitch the "the property appeciation while you have negative cash flow" angle. After I stop laughing I thank them for there time.
But I think there out there, just have to dig a good amount of digging.
Thanks, Mike. I'll continue to do some digging and try to find the crystal ball that's going to show me what neighborhoods are truly going to appreciate in the next few years while I try to manage my negative cash flow.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,547,554 times
Reputation: 2118
Quote:
Originally Posted by NCborn
Thanks, Mike. I'll continue to do some digging and try to find the crystal ball that's going to show me what neighborhoods are truly going to appreciate in the next few years while I try to manage my negative cash flow.
I'm by no means an expert, and haven't been here that long (less than a year). I still have some rental properties back in MA that I'm holding on to and was looking to pick up another investment property here. I was hoping for something like a duplex. I'm not interested in a flipping. My spidey sense leads me to the University Area as a relatively nice area where rentals should be in demand, and where professionals would want to live. Again, I'm waiting at least 6 more months to so further absorb Charlotte and get a feel for the different areas.
My spidey sense leads me to the University Area as a relatively nice area where rentals should be in demand, and where professionals would want to live.
Your "spidey sense" is a little off. Check out the crime data for the university area.
And it didn't take long for the normal "sky is falling" re: crime.
I think that you underestimate the amount of violent crime in the university area. You especially underestimate the number of people whose lives have been personally touched by violent crime in the area. Property crimes I can deal with but violent crime is an entirely different matter. This is not a place that "professionals would want to live."
Last edited by HookEmHorns; 04-09-2007 at 08:14 PM..
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,547,554 times
Reputation: 2118
Quote:
Originally Posted by HookEmHorns
I think that you underestimate the amount of violent crime in the university area. You especially underestimate the number of people whose lives have been personally touched by violent crime in the area. This is not a place that "professionals would want to live."
If your post wasn't off topic, I'd offer a general response to address the broader need of those who seek to enlighten us on the sobering reality of "crime in Charlotte". Dealing with the need to spread this into as many threads as possible.
You're welcome to start a thread on the impact of Crime in University and whether professionals actually would want to live there.
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Check out the crime data for the university area.
