Real Estate Attorney and Investor · Brooklyn, NY · Member since 2016 · 9 posts · 3 votes
Hello,
I am an attorney in New York. I have been involved in corporate finance, litigation and real estate for over 15 years. I am a new real estate investor in the New York area. I am focused on purchasing multifamily (2 or 3 family homes) in Brooklyn and the Bronx.
I am also considering investing in single family homes in North Carolina.
Charlotte, NC · Member since 2014 · 101 posts · 40 votes
9y
Donnell,
I'm from NY and almost bought a multifamily building in Queens years ago. I thank my lucky stars I never did because I wound up in investing in Charlotte and doing much better than I would have anywhere in NY metro. The deals down here are just significantly better than those in NY. I will speak to prospects in NC by giving you information based on my experience in Charlotte, the largest city in NC by population. In my opinion these are some of the major benefits to buying in Charlotte, NC over NYC metro:
1) NC is an landlord friendly state. Evictions typically take SIGNIFICANTLY less time than in NY. Tenants know this and it positively affects the ability to collect and enforcement of lease provisions.
2) Charlotte rent to buy ratios are typically much better than those I've seen in NYC metro. Properties are generally much cheaper relative to the rent they pull in, than in NY.
3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.
4) Lower variable costs - labor is A LOT cheaper here.
5) Less stringent code enforcement.
6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.
7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.
In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home. There is a renter culture due to so many people moving her from somewhere else that its possible to get tenants that enjoy renting rather than renting just because they can't afford to buy. I also think the price have a lot of room to appreciate due to the relative affordability of housing relative to household income in Charlotte. Charlotte is one of the fastest growing cities in the country and I don't see anywhere else where you can great cash flow and the opportunity for growth like here.
If you'd like to talk about it further feel free to message me. I'd be happy to help.
Winston Salem, NC · Member since 2016 · 49 posts · 9 votes
9y
Donnell welcome to BP! What types of homes are you looking for in the North Carolina area and are you looking for flips or "buy and hold".
Donnell Suares
Specialist · Queens, NY · Member since 2016 · 43 posts · 9 votes
9y
Donnell welcome to BP. I'm in the Brooklyn and greater NY area as well. You have any specific requirements for the multifamily homes you're looking for?
I wish you much success
-Derek
I am looking for 3 family properties that will immediately cash flow with a 25% down payment. I look for properties in safe neighborhoods with subway transportation close by. Thanks for the welcome.
Charlotte, NC · Member since 2014 · 101 posts · 40 votes
9y
Donnell,
I'm from NY and almost bought a multifamily building in Queens years ago. I thank my lucky stars I never did because I wound up in investing in Charlotte and doing much better than I would have anywhere in NY metro. The deals down here are just significantly better than those in NY. I will speak to prospects in NC by giving you information based on my experience in Charlotte, the largest city in NC by population. In my opinion these are some of the major benefits to buying in Charlotte, NC over NYC metro:
1) NC is an landlord friendly state. Evictions typically take SIGNIFICANTLY less time than in NY. Tenants know this and it positively affects the ability to collect and enforcement of lease provisions.
2) Charlotte rent to buy ratios are typically much better than those I've seen in NYC metro. Properties are generally much cheaper relative to the rent they pull in, than in NY.
3) Lower fixed costs - lower real estate taxes for starters relative to your rent roll, etc.
4) Lower variable costs - labor is A LOT cheaper here.
5) Less stringent code enforcement.
6) Less maintenance - milder weather, and younger average age of homes make for less maintenance.
7) Diversification - low entry price to buy property allows and investor to manage risk by buying properties in different neighborhoods instead of putting more eggs in one basket.
In additional to the benefits I listed above the city is growing so fast that homes rent very quickly, often times before the sale of the home. There is a renter culture due to so many people moving her from somewhere else that its possible to get tenants that enjoy renting rather than renting just because they can't afford to buy. I also think the price have a lot of room to appreciate due to the relative affordability of housing relative to household income in Charlotte. Charlotte is one of the fastest growing cities in the country and I don't see anywhere else where you can great cash flow and the opportunity for growth like here.
If you'd like to talk about it further feel free to message me. I'd be happy to help.
Specialist · Charlotte, NC · Member since 2016 · 111 posts · 95 votes
9y
Excellent Summary! I agree with every point you made through personal experience as an investor here in Charlotre and after helping hundreds of investors from high priced real estate areas like NY.LA.SF. and they've had a much better experience buying SFH. In. Charlotte..most could never even participate as investors in their home markets..
Wholesaler · Cary, NC · Member since 2016 · 1 post · 1 vote
9y
Hi Donnell,
I would be happy to send some listings in the Raleigh area - since I have lived there for several years before moving to Cary. Let me know how I can help.
I like the demographics of Raleigh. It has major universities near by and a growing mobile population. The average purchase price in Brooklyn is close to 700k. It is a short direct flight from New York. I believe I can achieve a higher percentage cash flow in Raleigh.