Investing in Charlotte, NC and its Surrounding Areas

Buying & Selling Real Estate
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Investing in Charlotte, NC and its Surrounding Areas

Jordan L.
Investor · USA · Member since 2013 · 86 posts · 17 votes

Hello again BP!

My name is Jordan Little, and I'm a buy/hold investor with one current SFR rental in Kershaw County, South Carolina that's getting about a 7.5% ROI. I have been hunting for my next rental property for the past few months in the same area. However, based on the NOO property taxes unexpectedly eating up my return in SC (yep, lesson learned on due diligence there), I have recently decided to shift my search to Charlotte, NC and the surrounding areas. I'm educating myself on the local market and neighborhoods before I make any offers, and would like to connect with those of you who know the area. I grew up in Lugoff, SC but have lived in California since 2005 and haven't visited Charlotte since my youth. I'm putting myself on somewhat of a fast-track as I'd like to have two more SFR's acquired with tenants in place by the end of this year. As we all are, I'm hungry for as much information as possible and certainly would like to avoid any "gotchyas" with my next investments.

I suppose this is a two-part question.

First, I'm looking at SFRs in good areas so as to attain good tenants who appreciate a quality, livable rental. I love to use city-data.com to analyze the demographics of an area before considering property there, and also am a firm believer in Google Earth's street view as an out-of-state investor. So I can expedite my search, what are some desirable zip codes to take a look at?

Next, does anyone have any general tips about investing in NC or the Charlotte area? I realize this is rather broad, but I have a lot to learn!

Thank everyone in advance. As I add to my portfolio and gain experience myself, I can't wait for the chance to spend more time on Biggerpockets. I work about 55 hours a week serving in a busy restaurant in CA (not glamorous or making use of anything I did in college, but it gives me extra money to invest with) and my goal is to build an REI business and never work for someone else again within the next 3-5 years. I guess you could say I eat/sleep/breathe real estate and am frustrated that, at 29 years old, I only own two houses! lol

Looking forward to meeting some new colleagues!

Jordan

1Reply
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  • Tomas Chao
    Gastonia, NC · Member since 2016 · 124 posts · 45 votes
    10y

    Hello @Jordan L. and welcome to BP

    You need to connect with @Curtis Waters about investing here in NC. He already has a few turnkey properties for sale. 

    0Reply
  • Curtis WatersBusiness Member
    Rental Property Investor · Charlotte, NC · Member since 2013 · 292 posts · 176 votes
    10y

    Thanks @Tomas Chao for the recommendation. You can get a 9-12 CAP (Annual NOI divided by purchase price) in Charlotte. Ensure that you buy units with little deferred & defined maintenance, or get and maintain an appropriate reserve. Note that these returns are hard to get in Class A or B areas, but Charlotte is undergoing massive changes that are changing neighborhood dynamics.

    @Jordan L. - contact me if you want to discuss Charlotte rental properties.  My contact info is in my signature line.

    0Reply
  • Jeff Rightmyer
    Manassas, VA · Member since 2015 · 65 posts · 34 votes
    10y

    @Jordan L. Charlotte is a great ideal spot to invest in. We have a selection of homes that are turnkey that operate well. We also encourage most of our out of state/country buyers that it is a stable cash flow market and booming economically. Send me a message if you'd like to discuss what you are looking for ideally in charlotte. For starters, East Charlotte along 74/Independence up into the Albermarle area and down to Matthews I have seen be a huge success, and then university always has a lot to offer as well. I've seen south carolina work recently as well, but literally across the border in Fort Mill where the rent commands so much that it makes up for the nearly double SC taxes as a rental. 

    0Reply
  • Jordan L.
    OP
    Investor · USA · Member since 2013 · 86 posts · 17 votes
    10y

    Thanks all for the warm welcome back.  

    @Curtis Waters, do you find that in the C and D neighborhoods it is more difficult to secure a good tenant?  I've considered being somewhat more open to different neighborhoods due to the fact that I've seen over and over that one is capable of seeing better returns in these areas.  Are these cap rates on single family units?  

    @Jeff Rightmyer thank you for the neighborhood recommendations!  I started my zip code analysis last night and still have quite a bit more left to do.  I'll certainly take a harder look at these areas. 

    1Reply
  • Kevin Latten
    Wholesaler · Columbia, SC · Member since 2014 · 48 posts · 9 votes
    10y
    I'm in Columbia, SC and I have some deals you may be interested in.
    0Reply
  • Jordan L.
    OP
    Investor · USA · Member since 2013 · 86 posts · 17 votes
    10y

    @Kevin Latten, PM me the info and I will take a look.  Thanks!

    0Reply
  • Alex Franks
    Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Jordan L.:

    Hello again BP!

    My name is Jordan Little, and I'm a buy/hold investor with one current SFR rental in Kershaw County, South Carolina that's getting about a 7.5% ROI. I have been hunting for my next rental property for the past few months in the same area. However, based on the NOO property taxes unexpectedly eating up my return in SC (yep, lesson learned on due diligence there), I have recently decided to shift my search to Charlotte, NC and the surrounding areas. I'm educating myself on the local market and neighborhoods before I make any offers, and would like to connect with those of you who know the area. I grew up in Lugoff, SC but have lived in California since 2005 and haven't visited Charlotte since my youth. I'm putting myself on somewhat of a fast-track as I'd like to have two more SFR's acquired with tenants in place by the end of this year. As we all are, I'm hungry for as much information as possible and certainly would like to avoid any "gotchyas" with my next investments.

    I suppose this is a two-part question.

    First, I'm looking at SFRs in good areas so as to attain good tenants who appreciate a quality, livable rental. I love to use city-data.com to analyze the demographics of an area before considering property there, and also am a firm believer in Google Earth's street view as an out-of-state investor. So I can expedite my search, what are some desirable zip codes to take a look at?

    Next, does anyone have any general tips about investing in NC or the Charlotte area? I realize this is rather broad, but I have a lot to learn!

    Thank everyone in advance. As I add to my portfolio and gain experience myself, I can't wait for the chance to spend more time on Biggerpockets. I work about 55 hours a week serving in a busy restaurant in CA (not glamorous or making use of anything I did in college, but it gives me extra money to invest with) and my goal is to build an REI business and never work for someone else again within the next 3-5 years. I guess you could say I eat/sleep/breathe real estate and am frustrated that, at 29 years old, I only own two houses! lol

    Looking forward to meeting some new colleagues!

    Jordan

    Jordon

    How are you ? Wow Kershaw I did not think I would ever here any one else invest their. I own a triplex over their( 6 years now ). There is a lot of talk about the gold mine there. It was recently sold to a Australian company. Seems just a lot of talk though.

    SC taxes not as good as NC, yet still a lot of opportunity in both markets here.

    Feel free to Pm me and ask away any questions. 

    We are only focusing on New Construction for rental and , retail projects in multiple markets in the Carolina's

    Alex

    0Reply
  • Alex Franks
    Rock Hill, SC · Member since 2015 · 1k+ posts · 597 votes
    10y
    Originally posted by @Jordan L.:

    Thanks all for the warm welcome back.  

    @Curtis Waters, do you find that in the C and D neighborhoods it is more difficult to secure a good tenant?  I've considered being somewhat more open to different neighborhoods due to the fact that I've seen over and over that one is capable of seeing better returns in these areas.  Are these cap rates on single family units?  

    @Jeff Rightmyer thank you for the neighborhood recommendations!  I started my zip code analysis last night and still have quite a bit more left to do.  I'll certainly take a harder look at these areas. 

     Now your going to get a lot of different answers on this one. So instead of pissing folks off PM and more then happy to share with you my thoughts on the lower end market. I have done a lot of posting on this subject and feel very strong about it. Again just my opionion not that it matters.


    Alex

    0Reply
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