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)
@Jacob Allweil are you familiar with the Michigan area previously? I have had success in Charlotte with my rentals but am looking with expanding elsewhere if there is better cash flow. @Mike Rev great information you shared!
@Jacob Allweil. What area of Michigan are you investing in? I have family near DTW and in Ann Arbor, it’s great to hear it’s finally turning around. Has been pretty grim for a while.
@Ashley Massis Class and @Tracey Callison, Sorry I haven't been on here in awhile. I grew up just north of Bay City, on Lake Huron, and now have rentals in Saginaw, Bay City, and Bridgeport. I've now owned them about a year and have had a good experience with my property manager. I just went through my first eviction last month with my Saginaw property. We now have it ready to rent out again.
The city of Saginaw seems to be relatively tough to deal with compared to Bay City and Bridgeport; I've had zero problems with dealing with the employees at the city buildings in Bay City and Bridgeport. However in Saginaw I've had problems. For example they have an annual landlord fee, think it was $50, but I didn't know about it until after it was due when I got a letter saying I had a court date. I called them and did get it taken care of but the employees really seem like they don't care and they try to get you on all sorts of fines/fees.
I got all three of these from a couple going through a divorce. I got them for 60k but they're valued at roughly 120k. When they're fully rented they bring in about 2150/month in rent. The Bridgeport place is three units that I do pay roughly $120/month in water. I did have these properties seller financed and still owe about 46k. My monthly payment is roughly $550 for principal and interest (5.84% over 10 years).
I lived in Ann Arbor for about six years and love it deeply. It's a bit pricey to get into but with the school there I'd imagine it's a pretty safe spot.
I always love chatting and if you'd like to know more I'd love to share.