Southwest Charlotte Buy and Hold Rentals

9 Replies

Greetings BP Buy and Hold community.

I have began analyzing each property that comes on the market in the 28273 zip code, looking at its listing price, taxes, HOA fees, insurance, and mortgage cost to evaluate its plausibility for use as a rental property. This buy and hold analysis is based on conventional financing. Definitely not the newest or sexiest strategy in the game, but certainly effective.

I will be updating the spreadsheet daily and sharing on a private Facebook group, google drive, or via email. If this is something people in the community would like to get their hands on as well, please PM me with how you would like it delivered.

I chose to start with 28273 because that is where I have been investing. In a separate analysis where I examined zip codes and found properties that were sold and shortly later rented (both through MLS), I found 28273 to be the most profitable of the ones I looked at. As the sheet and audience grows, my intention is to expand it to other zip codes in Southwest Charlotte.

@Justin Tahilramani There are deals to be found in SC, but they are tougher to come by due to the property taxes on non-primary residences that SC has. For cash on cash perspective, Charlotte provides better returns. I am from SC but I can see NC from my front door.

I also started investigating Charlotte and would love to see your details.

I agree with staying out of SC until the inventory is so low that it raises the rental prices because of the higher taxes on non occupied homes. 

Originally posted by @Tom ONeil :

@Justin Tahilramani There are deals to be found in SC, but they are tougher to come by due to the property taxes on non-primary residences that SC has. For cash on cash perspective, Charlotte provides better returns. I am from SC but I can see NC from my front door.

 Tom - I'm investor in Fort Mill/Tega Cay area (primary residence) and interested in Charlotte area. I completely agree with you on taxes between and SC/NC and for that reason I have short listed some Charlotte zips but would love to bounce ideas. I own rental property in 28270, and looking for next one.

I have my spreadsheet that I like to go neighborhood by neighborhood and build comparative analysis, rank by bunch of metrics and then once I have narrowed down areas and don't hesitate to make an early offer in appropriate price range. Would love to share ideas, lets get in touchbase.

Many people call themselves wholesalers in Charlotte.
2827x is a desirable zip code, with good schools.  You're going to have to network well, or have a relationship with someone...to get decent deals.
I doubt anyone with a 'good' wholesaler is going to give it to you:  you're immediately competition

@Tom ONeil , I am just getting started and am still in the process of learning the different strategies and options for REI. I know this post is a bit old, but I would love to see the spreadsheet you have put together so I can see how you are analyzing these properties. Buy and hold is the most appealing strategy to me right now but there are so many things to consider. It would be great to see how you have set this up! Thanks!

@Tom ONeil - Just saw your post above and I'd like to be included on the distribution if you are still doing this.  What method did you decide to use for distribution?  I can provide email, google drive access or join the facebook group if you let me know the name.  I'm an investor as well (located in Fort Mill) and I have a number of places, but they're all out of state.  I'd love to find a few places closer to home and more information always helps with that search.  

Thanks!

Matt Kerley