Updated over 2 years ago on . Most recent reply
Figuring out investing strategy
Trying to figure out what my 1st property will be in charlotte and looking for pointers.
Im open to STR/MTR/LTR in charlotte. I know that the market for LTR & STR is super competitive here, so not sure if its wise to dip my feet into either of those strategies, but i wont cross them off my list.
What are your thoughts on tackling investing in charlotte? Whats working for you?
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In my opinion- you have to look at the pockets of Charlotte individually to decide if LTR, MTR, or STR rentals would be best. Gastonia is a super up and coming area just outside Charlotte- I have had multiple clients look at MTR's for traveling nurses sense it pretty close to a lot of hospitals and close to the Airport. Gastonia also some of the most reasonable pricing in the area. I think another huge opportunity for MTR's are for the large amount of people moving to the state but need to rent for 4-6 months while they are looking for a new home.
The Lake Norman area is booming with STR's but of course- it is going to be competitive to get in to that area (Huntersville, Cornelius, Mooresville). Some of more reasonably prices homes but still gives you access to the Lake would be Troutman, Sherill's Ford, and Denver, NC. Short Term Rentals are going to be the most work because of the quick turnaround- just to keep in mind.
For Long-Term Rentals- I would keep my eye on Kannapolis, NC, as they have invested a lot of money into renovating their downtown area and minor league baseball field. Additionally, Concord would be a great area to look at due to large amount of inventory and better pricing compared to the surrounding areas.
Hope some of this helps!