Bloomfield Hills, MI · Member since 2016 · 48 posts · 12 votes
Hi everyone, I am not from North Carolina but many have recommended NC to me for investments, plus one of my ideal holidays has to be to go to the Outer Banks to surf, kiteboard and stand up paddle.
I have tried searching within Bigger Pockets but haven't seen many comments on whether NC is landlord friendly. I have been doing research and haven't found much difference between NC and other states commonly referred to as landlord friendly states like FL and GA.
Anyone got some comments or opinions to share? Happy to be referred to other discussion threads if this isn't the right place to post it or it has been posted before.
Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Nick Yates It's pretty landlord friendly compared to most states. There are not many weird rules to follow. It takes about 35 days to evict someone if they are not paying rent. NC does not allow for the garnishment of wages, so if you get a judgement against someone, you will never collect. That's pretty much the worst of it, though. All in all, pretty landlord friendly.
Investor · Winston Salem, NC · Member since 2016 · 16 posts · 4 votes
9y
Hi, I'm not sure about "landlord friendly" as the only rental properties I own are in NC. The typical time frame for booting a tenant is around 45 days in my limited experience. If they damage the property, you pretty much have to eat the cost. Worse case, if you win in court for damages, back pay, etc, the courts will put a judgement against them for the money. However, rarely will you ever collect. We had a judgement on our first tenant for over $2000, but never saw a dime. I even found out she got herself a new car a few months later! We've since learned it's not even worth the hassle in most cases. Hope this helps!
Bloomfield Hills, MI · Member since 2016 · 48 posts · 12 votes
9y
Thanks @Account Closed. Sorry to hear about your first tennant. Besides the landlord friendly aspect, would you recommend NC over other states? Why? Just interested in getting real people's opinion than just reading websites. Thanks!
Charlotte, NC · Member since 2015 · 82 posts · 24 votes
9y
I would recommend Charlotte not just because I am a Property Manager and Realtor here but because we still have fantastic cap rates and our city has doubled in size over the last 7 years so there is a huge demand for rental property. Not to mention you can get in on affordable purchase prices. If you need to evict, your probably looking at 45 days. In some cases we will collect a higher security deposit (1.5 months )to cover that. Let me know how I can help?
Investor · Winston Salem, NC · Member since 2016 · 16 posts · 4 votes
9y
NC & SC both have beautiful beaches! I'm not sure about an investment standpoint as we aren't near the coast. We vacation in SC each year & love it, but haven't researched anything regarding investments in the areas. Good luck!
Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
9y
@Nick Yates It's pretty landlord friendly compared to most states. There are not many weird rules to follow. It takes about 35 days to evict someone if they are not paying rent. NC does not allow for the garnishment of wages, so if you get a judgement against someone, you will never collect. That's pretty much the worst of it, though. All in all, pretty landlord friendly.
If you are simply shopping around do the research to find the most landlord friendly states where you are also able to garnish wages. That would be the best of both worlds. Choose a state where you can have your tenants on M2M and be able to terminate them with 30 days notice. That way you do not need to evict in most cases.
If you can invest anywhere there is no point in choosing a location that is not ideal.
Bloomfield Hills, MI · Member since 2016 · 48 posts · 12 votes
9y
Thanks @Dawn Brenengen. Being new to investing, these numbers and recommendations are all valuable.
@Thomas S. Well I think we are thinking of these sorts of scenarios where anywhere is possible and we are thinking about locations seriously. FL and GA seem to be good. Where would you buy to invest?
Subcontractor, Investor, Property Manager · Kill Devil Hills, NC · Member since 2015 · 19 posts · 9 votes
9y
@Nick Yates
I'm a full time resident and property owner here in the outer banks. I also work in the construction and remodeling business. Let me know if there is any way I may be able to help you with specifics on the local market or possibly if you need someone to drive past a house or estimate a repair. Let me know if there is anything I can do. (I'm eager to learn as much as possible about investing, maybe we can help each other out.)
Bedminster, NJ · Member since 2018 · 1 post · 3 votes
8y
Most of you are missing the point, I believe. Tenant v Landlord friendly states is not referring to suing, garnishing, collecting on tenants. Simply put, it is how easily or not, in a given state, it will be to evict a tenant.
Ie, New Jersey is VERY tenant friendly. Even if tenant does not pay rent, they still have rights. Squatter rights we refer to this as. Tenant is hard to shed, period. If you are selling unit, that will not get tenant out, esp if prop is being sold as a profitable investment.
V.
Say, NC. NC is opposite of NJ. It is Landlord friendly. Can evict at 45 days, period. NJ, ties all involved up in court, sometimes up to 2 yrs....
Be smart, do your homework. It’s the diff between a profitable investment v a non-profitable investment. Period.
Investor · Mt. Arlington NJ · Member since 2018 · 251 posts · 143 votes
8y
David Kerner I have been looking around and charlotte was on my list as well as Greenville Charleston and MYrtle beach as far as the Carolinas go. If you would be interested in keeping me on a multi family list feel free to inbox me and I will send you my email
Unless you are planning to be an absentee landlord, the state to invest in is the closest to you unless you are living in someplace really hostile landlords. So, if you like NC, rent in NC. It is most important to be present. BTW, it is true that if you evict, you don't get a dime but it only takes about 30 days. Although eviction is a necessary evil focusing on exceeding the customers' expectations can be more profitably and reduce the incidence of eviction.
Flipper/Rehabber · Greensboro, NC · Member since 2010 · 623 posts · 615 votes
8y
@Nick Yates - OMG. North Carolina is so landlord friendly. We can have a bad tenant out in 3 weeks.
If you're still interested in the Outer Banks, contact Austin Kelly. He is an investor and new home builder in Kitty Hawk. I know he has rentals and they're probably short term. You can find him here on BiggerPockets.
North Carolina may offer favorable/comprehensive insurance for rental properties? Example: Entire Roof Replacements are covered for wind/hail & storm damage. I inspect residential roofs daily, working with insurance adjusters, identifying roof damage . Many of my clients are landlords & property management. The property owner & the property manager all win when a new roof is installed and paid for by the insurance.