Charlotte Investors: What projects are you currently working on?

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Charlotte Investors: What projects are you currently working on?

Derrick Adams
Charlotte, NC · Member since 2015 · 28 posts · 9 votes

Hello Investors in the Charlotte NC market and surrounding areas. I am an up and coming investor working to build connections. I work a difficult schedule to attend REIA meetings during the week, so trying to build connections however I can. But enough about me. Let's talk about you.

What projects are you currently working on? . . .whether its a buy & hold your trying to acquire or you currently have a rehab project you're working on, development project, apartment, house hacking, pending wholesale deals, homes under contract you have on the market, etc.? I especially welcome people with multiple deals. Seasoned Investors and Newbies are all welcome to add input.  

Appreciate All that take part. Thank you. 

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Taylor Pelzel
Real Estate Investor · Gastonia, Belmont, Charlotte, NC · Member since 2011 · 7 posts · 6 votes
9y

Gaston county is starting to become a hot spot.. Im starting to see more investors coming in from charlotte and buying properties in gastonia. Gaston county is the last charlotte suburb left yet to really develop. Its an easy sell to anyone because of cheaper housing prices and still having close access to Charlotte. I think right now the biggest opportunity in Gastonia is the western part near Loray Mill apartments (if you havent heard of Loray Mill look it up). They are also in the process of building a urban sports complex right down the road from Loray Mill. If you have any questions about Gaston County message me.

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  • Account Closed
    Investor · Charlotte, NC · Member since 2016 · 374 posts · 189 votes
    9y

    Currently have 7 rentals rented + my primary home.

    I have an 8th that needs a complete rehab.  Roof is leaking inside.  Home has been vacant for at least 12 years.  1100(ish) sq ft 3/1.  I have 2 homes already in that neighborhood. 

    I have what I think is a 9th.  Vacant 5 years.  Haven't been over there to really evaluate it yet.  Need to get my taxes done.

    I have another home I am trying to get.  It is about to be foreclosed.  Same neighborhood as my other 2 mentioned above.  Note holder offered the guy $1200 for deed in liu.  I want to get them to short sell it.  Real POS, but will rent well.

    Found another on the MLS that is a short sell, but there is a complete lack of homes and it will go for way too much.

    1Reply
  • Account Closed
    Investor · New York, NY · Member since 2016 · 105 posts · 118 votes
    9y
    I am based out of NYC but have several deals in the works in the Charlotte area. Yesterday I got a 76 unit under contract in Gastonia, barring any issues we should be closing on that in 2 months and then the real fun will begin. The plan is to completely reposition the property and raise the rents over time. I am also closing on a land deal in the NODA neighborhood of Charlotte and flipping a couple of Single family homes in the area as well. None of that would have been possible without building my local network. I have never attended a meetup in the area but I make it a point to schedule meetings with brokers, property managers, lenders and so on whenever I am in town. If you can plan on going on one or two meetings per week pretty soon you'll build a solid network and a strong supporting team. Best of Luck and Success!
    1Reply
  • Jason Londeree
    Indian Trail, NC · Member since 2016 · 6 posts · 1 vote
    9y

    I am new to real estate investing.  I became interested about a year ago and have been trying to read as many books as I can.  It turns out my wife and I have been house hacking since 2010, we just didn't know there was a term for it.  Our primary residence has an apartment over the detached garage that we have rented out.  

    I have just begun looking for another rental property around Indian Trail/Stallings area.  But, as was mentioned by @Account Closed, everything I'm seeing on the MLS is going for more than I am willing to pay for those properties. And I am not a cash buyer so I have not been able to find any properties from wholesalers.

    Can you perform a direct mail campaign if you are not a cash buyer? I would think that anyone calling on a direct mailer would expect a cash buyer.  

    My wife and I have also discussed moving to Harrisburg, NC if we could find a live-in flip and then keep our current house as a rental.  

    I welcome any feedback or recommendations as I am very new and excited about learning the process

    1Reply
  • Account Closed
    Investor · New York, NY · Member since 2016 · 105 posts · 118 votes
    9y

    @Jason Londeree you can be a cash buyer by leveraging hard money or private lenders or by bringing in other investors/partners on the deal. 

    2Reply
  • Derrick Adams
    OP
    Charlotte, NC · Member since 2015 · 28 posts · 9 votes
    9y

    Thank you @Account Closed. That's great. Congratulations on your success to this point and good luck working on acquiring those other properties. If you don't mind me asking, how long have you been doing buy and holds and are you actively doing any other types of investing?  

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  • Derrick Adams
    OP
    Charlotte, NC · Member since 2015 · 28 posts · 9 votes
    9y

    Thank you @Account Closed with his question. 

    0Reply
  • Derrick Adams
    OP
    Charlotte, NC · Member since 2015 · 28 posts · 9 votes
    9y

    Hello @Jason Londeree, I am still rather new myself. It is true most wholesalers are looking for cash buyers. There are some wholesalers that do look for people that are interested in buy and holds. It does turn out to be a little more rare and definitely harder to find. 

    I also believe @Account Closed made a good point as well if you want to be a cash buyer and get into fix and flips as well, and like he said earlier a network can help make everything easier for you as far as getting lenders or partners for the deal. 

    0Reply
  • Maximilian Marck
    Gastonia, NC · Member since 2016 · 36 posts · 14 votes
    9y

    I am not currently in the Charlotte area, but I will be starting in June. My understanding is that competition is significant in Charlotte proper, and because of that (and also because I will be in Belmont, not Charlotte), I plan on wholesaling and subsequently rehabbing in Gaston County. Part of my reasoning for this is because it seems like more investors are looking to expand out of Charlotte because of the competition, and so Gaston county may become (in fact I think it is already starting to become) a hot spot for investors, both buy-and-hold and rehabbers, which should provide sufficient demand to actively wholesale Gaston county properties.

    @Derrick Adams I look forward to working with you. When I make my way down there I'll let you know.

    0Reply
  • Derrick Adams
    OP
    Charlotte, NC · Member since 2015 · 28 posts · 9 votes
    9y

    Okay @Kai Kopsch, I'll shoot you a  pm. Thank you for posting.  

    0Reply
  • Emery Johnston
    Real Estate Agent · Charlotte, NC · Member since 2013 · 16 posts · 7 votes
    9y

    have one rehab/addition going currently, working on the plans for a 2nd rehab/addition,  this is the time of year all my leases end so i will have a few vacancies to work on,   

    currently looking for more rehabs, lots and rentals to buy  in Charlotte

    0Reply
  • Jason Londeree
    Indian Trail, NC · Member since 2016 · 6 posts · 1 vote
    9y

    Thanks for the response @Account Closed also. My interest in being a cash buyer is use the BRRR strategy. Maybe if I can rehab the property quick, I could look at using a hard money lender and doing a cash out refi. Hard money just worries me because it can get so expensive, and this would be my first rehab.

    0Reply
  • Taylor Pelzel
    Real Estate Investor · Gastonia, Belmont, Charlotte, NC · Member since 2011 · 7 posts · 6 votes
    9y

    Gaston county is starting to become a hot spot.. Im starting to see more investors coming in from charlotte and buying properties in gastonia. Gaston county is the last charlotte suburb left yet to really develop. Its an easy sell to anyone because of cheaper housing prices and still having close access to Charlotte. I think right now the biggest opportunity in Gastonia is the western part near Loray Mill apartments (if you havent heard of Loray Mill look it up). They are also in the process of building a urban sports complex right down the road from Loray Mill. If you have any questions about Gaston County message me.

    2Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    Moderator Note: Dealmaking is not allowed in the forums, and any posts looking for or offering deals will be removed.

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    0Reply
  • Don Harris
    Realtor · Charlotte, NC · Member since 2014 · 935 posts · 467 votes
    9y

    Interesting Question and some good feedback. It's a great time in the market to analyze a portfolio for 80/20 and take advantage of market conditions to offload under performers. 

    1Reply
  • Kai Kopsch
    Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes
    9y

    Hi! Derrick I'm from Charlotte current working for some buying wholesale houses and flip or rehabbing it..

    0Reply
  • Wendy SweetPro Member
    Lender · Charlotte, NC Area · Member since 2016 · 12 posts · 4 votes
    9y

    Derrick, join us for a REIA subgroup meeting at the Light Rail Restaurant at 8045 South Blvd, Charlotte, NC 28273. We meet every Friday morning from 7:30 to 8:30am but try to arrive early to order breakfast!

    0Reply
  • Michael Yim
    Charlotte, NC · Member since 2016 · 30 posts · 4 votes
    9y

    Hi @Wendy Sweet, are there any other meeting?

    0Reply
  • Account Closed
    Charlotte, NC · Member since 2017 · 10 posts · 2 votes
    9y

    @Taylor Pelzel- I've also heard that Gastonia is up and coming.  I haven't had a chance to drive out there and get the lay of the land, but I'd love to hear your perspective.  I looked up the Loray Mill apt's and wow!  They look super cool, but it looks like something that would appeal to a young, trendy crowd.  I mean absolutely no disrespect, so please forgive my ignorance!  But I guess my question is, what is drawing people to Gastonia?  Is it mostly people that are tired of living in Charlotte so they move out that way?  I love that the prices are very reasonable and there are quite a few older homes out there to be fixed up, but I'm just hesitant to get involved without really getting a good idea of the area.  I plan to head out there over the next few weekends just to drive around and get comfortable in the area, but I would appreciate any guidance you have- looks can be deceiving sometimes!  

    Thanks for your insight! 

    0Reply
  • Sarah W.
    Real Estate Investor · Charlotte, NC · Member since 2014 · 28 posts · 21 votes
    9y

    @Account Closed - ditto! When I was in college and someone said they were from Gastonia, they would get the side eye. I would also love to know the draw and what has changed.

    1Reply
  • Account Closed
    Investor · Leander, TX · Member since 2016 · 299 posts · 402 votes
    9y

    Yes, interesting as I know of a lead on a 25 unit in Gastonia class C property listed for $1.45 mil cap rate 6.5 to 6.8% 100% occupied. 30 to 34k annual cash flow 10 year average. I've never heard of Gastonia either.

    0Reply
  • Nick E.
    Investor · Brooklyn, NY · Member since 2015 · 14 posts · 2 votes
    9y

    I've got 32 doors across Charlotte, Gastonia and Concord. My latest (and biggest) acquisition was a 24-unit in Concord, which I'm working on renovating and bringing rents up to market rates. I'm based in NYC, but would like to attend some local meetups in Charlotte soon!

    0Reply
  • Account Closed
    Charlotte, NC · Member since 2017 · 10 posts · 2 votes
    9y
    Taylor Pelzel , I'd love to chat with you about the Gastonia/ Belmont area. I wish I could do more in charlotte, just b/c it's closer to me, but things are moving too fast and prices are too high for me!
    0Reply
  • Jack Knochel
    Investor · Huntersville, NC · Member since 2011 · 63 posts · 36 votes
    9y

    We are fixing up a rental that the tenant we evicted trashed some.  Its about ready to rent and we have some interest.  Also working on a rehab in Mooresville, its a communial living house and its about done and we already have 3 out of the 4 rooms rented.  Looking for the next deals. 

    Hey Nick, where is your 24 unit in Concord? Also, we run a subgroup for Metrolina REIA on the 4th Thursday of each month in Huntersville, would love to see you and Sara out at the next meeting!

    0Reply
  • Nick E.
    Investor · Brooklyn, NY · Member since 2015 · 14 posts · 2 votes
    9y

    @Jack Knochel, just off Union St near downtown. PM me if you want to know more.

    Thanks for the info about the REIA meetup! I won't be able to make this month's, but June is definitely a possibility.

    0Reply
  • Ian Tudor
    Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes
    9y

    @Derrick Adams - Live in Charlotte and am a part owner in two mobile home communities in North Carolina. Looking to close on my third at the end of the month. Surprisingly, I don't own any property in Charlotte but would like to at some point. 

    Plan to continue to build my mobile home park portfolio. 

    Keep networking with others on here and listen to podcasts. But don't let that stop you from taking action. Picking up the phone and pounding the pavement will yield the most results. 

    1Reply
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