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Looking at buying my first rental property in the South Charlotte burbs. Rentals have waiting lists( for apartments) and the home buyers market is really hot.
From anyone's experience, what is the best rental to start with and/or has the most potential upside. I am looking to keep these as streams of monthly income in 15 years after they are paid off.
There is no way to tell without knowing your local market extremely well. I don't know your market, so I can't advise which would be the best purchase.
I prefer houses with some sort of really attractive feature: mountain views, excellent location, walkability, near transportation, in the best school district, something above average. Those cost more to buy and those go up the best in price for resale. They tend to be easier to rent.
Apartments have a lot to recommend them if you don't mind dealing with all the compatibility issues that apartment dwellings seem to have.
Looking at buying my first rental property in the South Charlotte burbs. Rentals have waiting lists( for apartments) and the home buyers market is really hot.
From anyone's experience, what is the best rental to start with and/or has the most potential upside. I am looking to keep these as streams of monthly income in 15 years after they are paid off.
Try:
407 John St
China Grove, NC 28023
It has about 40 units and I understand the price was reduced to only 1.5 million. That's an initial acquisition cost of about $40K per unit. Not sure what rents go for or if it's in a good area, but that would be the smallest I would ever consider. I would prefer in the city and much larger but starting out this is a steal.
My first property was a duplex. A nice 2/1, two story in a close to downtown neighborhood. I don't know your area so I can't say it's what you should look to buy. the reason I bought duplexes and 4 plexes was that I did not have a zero income if one unit was vacant. I was able to rent the units for more than the mortgage payment, so the profit was good and if one unit was empty, the income was still there. The single houses I bought were too much trouble because when empty there was no income and cash flowing out to rehab them.
It's all my experience and my opinion. research your area for duplexes and the rents and make a decision from there. Good luck in what for me has been fun, lucrative, a pain in the butt, and interesting.
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