Rental Property Investor · Boston, MA · Member since 2018 · 99 posts · 33 votes
Hello, just starting out and I am interested in taking my rental investing portfolio to Charlotte or Durham NC. The city is growing. Does anyone currently rent in Durham or Charlotte?
I run numbers all day long. I like what I get on a lot of them. Thanks for any feedback.
@Ernest Partin thanks for the shout out! @Dave Estochen Hey Dave! You are right the prices have gone up, however the rent also goes up and as the city continues to grow you are able to raise rent and get better residents in your units. I know several homeowners and investors from out of state who consider our market a gold mine. I have met people from the west coast, and the Northeast excited with today’s prices. I am would love to hear your opinion in regards to the future developments of Charlotte. Sugar Creek, Cramerton, Belmont, Concord, Gastonia are all all awesome in my opinion. Check out the link below. I believe anything along those stations will be extremely valuable long term. I hope that helps!
Treasure Map: (anything along the stations or near proximity)
@Ernest Partin I’m in Charlotte and the prices are awesome! They have appreciated over the last several years. However there is a lot of growth and appreciation still to come in my opinion. I would highly advise testing it out ASAP. If you need any connections in Charlotte, NC I can point you to a couple of my favorites. Wish you the best.
@Mike Rev Thank you for the reply. Yes, Charlotte is my plan and I will be contacting you 2019 to expand that way. I agree 100% the growth in Charlotte will continue. I see you manage properties as well, which is a great connection. Thank you again and happy holidays.
@Mike Rev Hi Mikhail, I live in Charlotte and have seen home values skyrocket. Correct me if I’m wrong but it seems like rental rates are having trouble keeping up with house values. Maybe you could point me in the direction of where you think the best value is around the city? I’d also be interested in hearing about any lenders or real estate agents you would recommend.
I recently started investing in Charlotte, NC and have been very pleased so far. There is a lot of opportunity for rentals in developing areas of West Charlotte where I am focusing in. You can still get cheap properties that cash flow in surrounding suburbs of Gastonia and Concord North Carolina as well.
Thank you for the reply. Yes, I heard that as well. There is lots of development opportunities in Charlotte. I have a family member out there who also told me about Concord, NC. I am getting excited to take that step in 2019. I will for sure contact you.
Hi @Dave Estochen You should reach out to @Mike Rev he seems like a good connection in the same area. He is highly motivated as well. Good luck and Happy Holidays to all!
@Ernest Partin thanks for the shout out! @Dave Estochen Hey Dave! You are right the prices have gone up, however the rent also goes up and as the city continues to grow you are able to raise rent and get better residents in your units. I know several homeowners and investors from out of state who consider our market a gold mine. I have met people from the west coast, and the Northeast excited with today’s prices. I am would love to hear your opinion in regards to the future developments of Charlotte. Sugar Creek, Cramerton, Belmont, Concord, Gastonia are all all awesome in my opinion. Check out the link below. I believe anything along those stations will be extremely valuable long term. I hope that helps!
Treasure Map: (anything along the stations or near proximity)
@Ernest Partin. I don’t think you could go wrong with either city. Both are experiencing a lot of growth. Durham is going through a giant revitalization
All the replies so far are for Charlotte so let me chip in for Durham. I got a few units in the Triangle (Raleigh-Durham-Chapel Hill) but none in the city of Durham itself, at least until May when my new townhouse completes just a mile outside of the RTP. It should rent quickly due to the large # of compaines located in the RTP and the prices aren't as high as Cary or Apex. I think Durham is an up and coming area due to gentrification but the school system there is not good, so take keep that in mind. Also large areas of Duham are really C- or D areas so if that doesn't turn you off the prices are very low in those parts. Also a new rapid tranist system is being proposed that goes through Durham so that's another plus.
@Ernest Partin. We currently invest in Durham, NC and coming from the Phoenix, AZ market, the pricing is more agreeable for sure. We are seeing quite a few neighborhoods in the Albright/East Durham area all seeing high investment or flipping trends taking C and D class to B class neighborhood and bringing a new flow of rents, tenants and opportunity. This being said, the properties in question are definitely in need of some work being from the 1930-40s and the "paint & carpet" rehab most likely will not apply on the grand scheme. Still this market is seeing great growth and holds much potential.
@Mikhail Loshkarev I’ve been looking at this market for the future as well. Maybe i can reach out to you for some advice on the sub markets! Thanks for the insight!
@Mikhail Loshkarev I’ve been looking at this market for the future as well. Maybe i can reach out to you for some advice on the sub markets! Thanks for the insight!
Of course! I would be happy to assist with what I have learned and my experience. Feel free to reach out.
@Ernest Partin thanks for the shout out! @Dave Estochen Hey Dave! You are right the prices have gone up, however the rent also goes up and as the city continues to grow you are able to raise rent and get better residents in your units. I know several homeowners and investors from out of state who consider our market a gold mine. I have met people from the west coast, and the Northeast excited with today’s prices. I am would love to hear your opinion in regards to the future developments of Charlotte. Sugar Creek, Cramerton, Belmont, Concord, Gastonia are all all awesome in my opinion. Check out the link below. I believe anything along those stations will be extremely valuable long term. I hope that helps!
Treasure Map: (anything along the stations or near proximity)
Thank you for the info and details. We for sure will get in touch in 2019 and offer each other our services and connections. Hope you have a happy new year.
@Ernest Partin. I don’t think you could go wrong with either city. Both are experiencing a lot of growth. Durham is going through a giant revitalization
Thanks for the response. Yes, I am hearing great things. All are saying the same about growth is n both cities. I will entertain my energy there lol. Have a happy new year.
All the replies so far are for Charlotte so let me chip in for Durham. I got a few units in the Triangle (Raleigh-Durham-Chapel Hill) but none in the city of Durham itself, at least until May when my new townhouse completes just a mile outside of the RTP. It should rent quickly due to the large # of compaines located in the RTP and the prices aren't as high as Cary or Apex. I think Durham is an up and coming area due to gentrification but the school system there is not good, so take keep that in mind. Also large areas of Duham are really C- or D areas so if that doesn't turn you off the prices are very low in those parts. Also a new rapid tranist system is being proposed that goes through Durham so that's another plus.
All the replies so far are for Charlotte so let me chip in for Durham. I got a few units in the Triangle (Raleigh-Durham-Chapel Hill) but none in the city of Durham itself, at least until May when my new townhouse completes just a mile outside of the RTP. It should rent quickly due to the large # of compaines located in the RTP and the prices aren't as high as Cary or Apex. I think Durham is an up and coming area due to gentrification but the school system there is not good, so take keep that in mind. Also large areas of Duham are really C- or D areas so if that doesn't turn you off the prices are very low in those parts. Also a new rapid tranist system is being proposed that goes through Durham so that's another plus.
Thank you for reply. I am not turned of at C or D class properties at all. If Durham is on the rise, then C and D Class has potential to upgrade to B Class in near future. I like the sound of that. Durham is for sure in my vision. Have a happy new year.
@Ernest Partin. We currently invest in Durham, NC and coming from the Phoenix, AZ market, the pricing is more agreeable for sure. We are seeing quite a few neighborhoods in the Albright/East Durham area all seeing high investment or flipping trends taking C and D class to B class neighborhood and bringing a new flow of rents, tenants and opportunity. This being said, the properties in question are definitely in need of some work being from the 1930-40s and the "paint & carpet" rehab most likely will not apply on the grand scheme. Still this market is seeing great growth and holds much potential.
Thank you for the reply. Yes, that sounds exactly like where I need to plant my feet ASAP. I am sure BRRRR will be perfect for that market. Happy new year!
@Mikhail Loshkarev I’ve been looking at this market for the future as well. Maybe i can reach out to you for some advice on the sub markets! Thanks for the insight!
@Mikhail Loshkarev As a newbie investor looking for an OOS market, I appreciate this thread. Are the fourplexes in this area? If so, what does the listing price and rent tend to be?
I'm kind of with @Dave Estochen on his sentiment that rental rates haven't really been keeping up with the house value appreciation. That being said if you hustle hard enough you may get a great deal. What I've found to cashflow in Charlotte was buying a house, living in it, and renting out the three other rooms; I do this in south Charlotte near the Fletcher School.
I recently wanted to get into properties in Michigan where the rent ratios are better and the population growth finally stopped going negative. My three properties in Michigan cashflow better than my property in Charlotte. They may not have as much upside as Charlotte, on appreciation, but then it gets back to what's your current goal?
I do think Charlotte is very a good candidate for live in flips and house hacks (especially with 203k's). I do get the sense a higher percentage of people here don't want to do any remodeling when they're buying a house.
I think the cashflow on a rental would be better outside the city of Charlotte. Just my thoughts.