Charlotte NC Newbie. Flip or Househack?

Question

Me and my mom have 95k in savings and inheritance, and have been preapproved for a loan of 192,000. I’ve been making offers on duplexes that are around 200k, but keep losing out to cash buyers. The market here in Charlotte is very hot. I haven’t given up my search for a multi family unit, but have been thinking about flips. Would it be lucrative to by a property in a city like concord or Gastonia for around 20-40k cash with the intent to flip or hold? I have a close relative here in Charlotte that owns many properties and has a lot of real estate investing experience. Also, any good meet ups in Charlotte for someone in my position? Thanks

David Seroy · Answer

Any neighborhood is a great investment if you buy right. Obviously Charlotte is the major metro but to your point it’s hyper competitive. I work with a lot of investors in Concord, Gastonia, Kannapolis, etc that all do very well for themselves.

At the end of the day run the numbers, days on market and if it makes sense go for it it! Don’t get caught up on being in a ‘big city’ if the deals aren’t available.

Good luck!

David Seroy · Answer

I'd be speculating since no one really knows for sure how the market is going to react, but yes I would expect them to appreciate quite well.

Lamar Lamont · Answer

Do you think the surrounding areas of Charlotte will appreciate? I was thinking of finding something around 20k to flip and hold, renting it out until I’m ready to sell.