1% Rule in Practice Regionally

[Patrick Menefee]

Hello BP

I’m curious how members in different regions have tailored the 1% rule (especially charlotte, but anywhere really). Looking relative to some of the properties I’ve seen in the area, 1% seems difficult to attain and 2% seems nearly unfathomable.

I know this isn’t a hard and fast rule, and i know it varies by market. But how many of you abide by it or what variation works in your area?

Thanks!

[Michael Clay]

@Patrick Menefee 

Hi Patrick,

I live locally in Charlotte and have 2 SFHs that I've purchased in the last 2 years and both of them hit the 1% rule. I purchased one off-market and one on the MLS. What I've found personally is that it's far easier to achieve the 1% rule in C type areas, which is usually the case in any market. Also, being able to buy a house that needs some work before renting it out helps a great deal. Good luck!