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I have read too many articles and have met too many amazing people from North Carolina over the past 6 months. Everyone I encountered gave me one more reason why I should invest in the area. I am currently buying two rental properties in Raleigh, NC. However, the rents do not necessarily support the mortgage payments right now, but I believe that will change within the next year.
In comparison with Raleigh, I think that Charlotte has more upside potential for investors wanting to acquire rental properties. If some of you have advice on where in Center City to invest and why, I would love to hear your thoughts and ideas. I have come to realize that the only way to find out more about a city is not necessarily reading all the articles that are published, but actually speaking to those that live there. Your thoughts, ideas, suggestions would be greatly appreciated.
I dont think you could go wrong in any part of center city or uptown charlotte every ward is going under a transformation with new hotel, condo, office growth.
In addition: This is a serious piece of advice for all investors:
PLEASE be prudent about WHO you rent to.
I have to admit, I am sick and tired of investors buying properties in my neighborhood and not being prudent about who they rent to. I know you don't have to live there, but there are plenty of us homeowners who do...and many investors just lease to whomever comes along in their zeal to get a tenant.
I have seen Birkdale Village, Oakhurst, and other great communities suffer because of a few renters who are loud, don't keep up the properties, etc.
Please have some respect for the people who live around your "investment" by being a prudent landlord.
Absolutely, everything would be subject to a criminal background check and credit report. Certain places are expensive in charlotte, but the one bedrooms are the best bang for their buck because of the rent you can receive compared to the mortgage you pay.
From places like craigslist, rent.com, etc. I have seen the average rent for a 1br/1ba go for $1200/month. That's really good if you can buy a 1br/1ba at 700 sq ft for 175k.
What kind of investments are you looking for? Are you looking for something with potential appreciation? Or are you looking for the next "hot spot"?
There are many investment opportunities out there in Charlotte. It all depends on what you look for?
Kmway: I appreciate what your saying but it can be difficult to judge tenants on first meetings and background checks. If it becomes a problem find out who owns the property and call them right as the party or whatever is going on. Eventually they will get the hint
Yeah, I hear you on the difficulty of evaluating tenants. But anything an investor can do is really important and appreciated by the other homeowners, including checking references, etc.
And goodness knows that once a bad apple has moved in, it makes things worse when having to report them as they can get irate, etc. All I am asking is that investors try to mitigate this as much as possible for the sake of the homeowners in the neighborhood.
great opportunity for investment. Several new towers going up. I live off of 7th and have for several years now. I've seen changes.
Upsides to investing Uptown:
influx of professionals looking to be close to work
value
location is everything... that never changes... read about the traffic complaints on this posting site.
Downsides:
I think Charlotte needs to build more infrastructure Uptown such as more grocery/drug store and things to support the high density she is building presently.
Crime.
Before you invest in the uptown area you need to understand that Charlotte isn't Miami and it isn't Las Vegas. People don't move to Charlotte to live in a high rise and to enjoy nightlife. People move to Charlotte to live in a suburban house with a yard and to raise their kids in a sane environment.
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