Investing in the Monroe NC area
Hello everyone,
I am new to the BP community. I have been in the Indian Trail area for about 9 years. I am considering flipping some houses at first, but I also want to have some long-term rentals. However, In the last few years, housing prices have gone crazy! So, I'm considering investing in the Monroe area. What are your thoughts on Monroe, and what are the best strategies in this market?
Any advice is appreciated
Nick
Most Popular Reply
Hey Nick!
Welcome to BP. This is a great place to network and learn.
I like the Monroe / Union County area. A lot of folks prefer Union County schools, so that is a general positive of investing in that area. There is a new hospital in Matthews, and a lot of investors will target hospitals for medium term rentals. With Monroe being off of Hwy 74, this makes it an easy shot to Charlotte, Matthews, and 485 to get elsewhere. All-in-all, I like Monroe as a place to invest.
In the current market, I think all strategies are still on the table, you just have to negotiate better prices. If you are going to buy with leverage, the increased interest rates will limit cash flow on rentals. If you're trying to flip and you buy with hard money, make certain you have a clear exit strategy and the property will perform as a rental if the flip gets overly expensive or the market does not like the price you try to sell at.
Hope this helps!