Contractor · Mooresville, NC · Member since 2017 · 67 posts · 5 votes
Hello BiggerPockets community, I am a young investor with the goal of owning a rental property before February so I can begin to use rental real estate to pay for my college education. What are some common mistakes young investors makes that I should look out for?
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Investor · Terrell, NC · Member since 2015 · 9 posts · 3 votes
8y
@John LaVecchia, my preferred area is 28115 in Mooresville, but I'm marketing from Concord all the way around to Gastonia, outside of Mecklenburg County. I work in Gastonia, so I travel down 150 and 321 5 days/week.
Being relatively new myself I am still making mistakes, and I always will. But there are ways to minimize it. You've found the right place to begin learning what mistakes others have made, and how to avoid it! Read the blogs and participate in the forums. Makes some goals, and take sure steps towards accomplishing those goals.
Charlotte, NC · Member since 2017 · 29 posts · 11 votes
8y
@John LaVecchia - Mooresville 28115 is very tough right now to find quality rentals for a good price. I've had my realtor sending me updates daily and anything that even resembles a deal is scooped up with cash offers within days or less. Unfortunately it seems though the housing prices have gone up, the rents really haven't. It is a highly desirable area due to the school system and I think people are willing to pay a premium for that in the cost of a home.
Contractor · Mooresville, NC · Member since 2017 · 67 posts · 5 votes
8y
@Chris Ayers Unfortunately I have not been able to find any deals in the Mooresville area. I'm currently doing some market analysis on the High Point area. It seems that the city is taking some strong steps toward cleaning up the south-side through their partnerships with Habitat for Humanity, Operation In As Much, BNC community development, and CHDO construction.
Rental Property Investor · Norfolk, VA · Member since 2016 · 101 posts · 29 votes
8y
Welcome. I am also investing in Mooresville and yes it is a hard market to invest in. I have 2 properties in town and currently looking for others. Good luck and welcome.
Rental Property Investor · Merrick, NY · Member since 2017 · 33 posts · 31 votes
8y
John LaVecchia Hi John, your very bright to think about investing in a rental property at such a young age. I got my first one at 25 and my second at 30... it was the smartest thing I ever did. I now own 6 in your area and have some good insight into the Huntersville/Cornelious and Lake Norman market. If you buy right it will accomplish your goal of helping to pay your school loans... but here is another idea if you have an open mind. The area needs trustworthy property managers, if you can tap into this you’ll gain the experience of being a landlord without having to invest just yet. I mention this bc we are towards the top of the market in my opinion and I think there will be a better opportunity to buy in the coming years. Anyway, if your open to starting a property management company maybe we could chat further.