I live in Saratoga, NY and I will be in Fort Mill from noon on 8/19 until Thursday evening. My intent is to look at real estate investments. If there is a seasoned investor/wholesaler/flipper that would be interested in helping me with out with some knowledge sharing, I would be happy to meet and buy the food/drinks! I need some help with strategy. I have 100k cash to work with, or I could leverage that to about 500k as a loan. I am hoping to wind up with a MF property that I can hold for a while and use one unit as a parttime 'second home' residence for frequent trips to Charlotte, and eventually use the equity in the property to leverage the next property. But I know that may not be the best strategy. I am fairly new to buy and hold as investment, and wholesaling as I understand the term from reading posts. I have bought a couple of houses in the past to flip with some but little success, but that was during the time the market dropped in 2008. Looking for some direction, if you can help me let me know! Thanks!
Hi Bob, welcome to the area, two things that come into my mind regarding investing in Fort Mill & Charlotte.
1. SC has higher property taxes against investment property, a 150K house will result in 3K plus in taxes, just to keep that in mind when you do your number. But for a primary residence, expect it will be 2/3 lower than that.
2. For Charlotte it will be almost impossible to find good MF. I have been looking for MF for a long time, they are either way too expensive or it's just in a ghetto area with bad shape.
Considering the local market is so hot right now especially the east side of uptown Charlotte, I saw people gradually start to invest the west side, they either rehabs property, build new ones, the tenant profiles start to get better and better in my opinion.
Johnny, Thanks for the info. Good to know about that tax issue! I was not aware of that. I had been looking at possibly building a couple of duplexes in the Fort Mill area, and when I finally found a couple of lots where the zoning allows MF, I found out they just passed a new ruling that requires a pament of $18,500 per unit to be paid to Fort Mill as a premeptive tax. That makes that area so much less attractive to do anyting with new constrtuction, and in light of the high tax you mentioned, makes it pretty much impossible. Also, I fully see what you are talking about as far as MF's around Charlotte. I have been watching the MLS daily for 4-5months, and I have see almost nothing come up for sale, or like you said, the ones that do are not even close to having numbers that work. Hopefully I can find some wholesalers who might have someting that would work for me.
Hi @Johnny Situ ,
Is there an agent in your area you could recommend who is RE investor friendly? Thanks in advance!
@Alan Sweeten send me a PM I do have a guy that I would recommend.