Charlotte Newbie - Where to start??????

Charlotte NC · Member since 2019 · 45 posts · 16 votes

Hello all, I live in South Charlotte area and I am looking to start investing. Does anyone have any suggestions on where to start? I have seen REI Meet ups and was going to start attending but wanted any other suggestions that I may be missing. I currently own a condo with my fiancé and we are looking to buy another house and rent my condo out. Any help is appreciated!

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Patrick Menefee

Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes

@Stephen Foltin welcome to the area! What kind of investing are you looking into? Continuing to buy condos?

There’s a fantastic meetup that I believe is next Tuesday, hosted by @chris t (I’m on my phone, will have to tag him later). It’s out at Resident Culture. I also host one out at Angry Ales in montford, the next one is on the 15th so feel free to come out! We also have a group of local investors who stay in touch through the GroupMe app, so just let me know if you want to hop in.

Welcome!!

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Su Lee
Investor · Orange County, CA · Member since 2019 · 34 posts · 11 votes
6y
@Stephen Foltin I started by listen to bigger pockets podcast to understand different types of investing strategies, tax/legal issues (setting up s Corp vs LLC), how to look at markets, how to making connections. Also read books, classic is rich dad, poor dad, understanding terminologies/concepts. Then I went to a conference and meetups. It's nice to have some understanding of markets and field before going to the conference or meetups. If you don't know anything, the amount what you can get out can be limited. Hope this is helpful.
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Patrick Menefee
Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
6y
@Stephen Foltin welcome to the area! What kind of investing are you looking into? Continuing to buy condos?
There’s a fantastic meetup that I believe is next Tuesday, hosted by @chris t (I’m on my phone, will have to tag him later). It’s out at Resident Culture. I also host one out at Angry Ales in montford, the next one is on the 15th so feel free to come out! We also have a group of local investors who stay in touch through the GroupMe app, so just let me know if you want to hop in.
Welcome!!
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Chris T.Pro Member
Rental Property Investor · Charlotte, NC · Member since 2013 · 491 posts · 253 votes
6y
@Stephen Foltin - Welcome!
Finding BiggerPockets is a great first step. Take advantage of all it has to offer (podcast, forums, etc.)
Next if you are thinking of renting out your condo, start to learn how to run the numbers. Get an estimate of what it might rent for (zillow, rentometer, etc.) and then learn to fully estimate your expenses (the BP calculators and webinars are a good introduction). Make sure that renting it out will make sense. It might also be good to do the same while looking at where you might purchase your next house if you think you might do the same in the future.
There are lots of local meetups in the Charlotte area to attend. They are a great place to meet others that are just getting started as well as those that have been investing for a while. I host a monthly networking meetup of Charlotte area BP members the 1st Tues of the month. Very informal, but very informative.
Charlotte, NC REI Networking Meetup - Tues. Nov. 5th
If you can't make it to that next week, check the "Events" section here on BiggerPockets or search meetup.com for other events. There is probably something happening most everyday.
Best of Luck!
2 Reply
Dave Kansagor
Rental Property Investor · Charlotte, NC · Member since 2018 · 32 posts · 13 votes
6y
@Patrick Menefee What time is the meetup at Angry Ales. I may want to check that out. Thanks.
1 Reply
Patrick Menefee
Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
6y
@Dave Kansagor hey Dave, it’s 6:30p. We do it the third Friday of every month, would love to have you! Also happy to add you to the GroupMe if you’re interested in chatting with the group
2 Reply
Dave Kansagor
Rental Property Investor · Charlotte, NC · Member since 2018 · 32 posts · 13 votes
6y
@Patrick Menefee Consider me there. Thanks for the info. Feel free to add me to the group.
0 Reply
Stephen Foltin
OP
Charlotte NC · Member since 2019 · 45 posts · 16 votes
6y
@Patrick Menefee awesome, I will definitely try to make the next one. I am looking for duplex but I know they are hard to find. If not duplex single family home.
0 Reply
Stephen Foltin
OP
Charlotte NC · Member since 2019 · 45 posts · 16 votes
6y
@Chris T. Thanks for the tips! I will follow look for the meet ups!
0 Reply
Janelle Straitiff
Member since 2019 · 2 posts · 1 vote
6y
@Patrick Menefee Hi Patrick! I’m also a newer investor in Charlotte and would love to be added to your GroupMe group!
0 Reply
Andy Abrams
Member since 2019 · 1 post · 0 votes
6y
@Patrick Menefee I am also interested in the GroupMe chat group and am also trying to make it out to the meet up this Friday.
0 Reply
Patrick Menefee
Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
6y
@Andy Abrams @Janelle Straitiff sending you messages!
1 Reply
Maurice BlackledgePro Member
Rental Property Investor · NC · Member since 2018 · 107 posts · 117 votes
6y
@Patrick Menefee would you mind adding me as well!
0 Reply
Nhan Nguyen
Fort Mill, SC · Member since 2019 · 4 posts · 0 votes
6y
@Patrick Menefee
Add me too please...
0 Reply
Wei W.
New to Real Estate · Member since 2019 · 19 posts · 6 votes
6y
@Patrick Menefee
I would also like to be added please.
Wei Wang
0 Reply
Matt Mulvihill
Real Estate Agent · Charlotte, NC · Member since 2019 · 73 posts · 37 votes
6y
@Patrick Menefee if I am not too late id like to be added as well!
1 Reply
Colin M.
Member since 2018 · 70 posts · 15 votes
6y
@Patrick Menefee Reading through this feed, i'm a NYC guy looking to get started investing in Charlotte and would love to join the GroupMe chat, can you add me to this please?
I'd love to discuss with local investors on areas, rates, MF's, etc.

Much appreciated.
Colin

2 Reply
Patrick Menefee
Real Estate Coach · Charlotte, NC · Member since 2016 · 399 posts · 341 votes
6y
@Colin M. @Matt Mulvihill @Shiwei Wang I’ll send you a message! Sorry for the delayed response
2 Reply
James Williams
New to Real Estate · Charlotte, NC · Member since 2019 · 73 posts · 46 votes
6y
I love my Charlotte peeps!
0 Reply
Jennsey Fidelis
Charlotte, NC · Member since 2019 · 8 posts · 1 vote
6y
Hey @Patrick Menefee could you possibly add me as well?

Thank you !
0 Reply
Krista Harvey
Huntersville, NC · Member since 2017 · 30 posts · 21 votes
6y
Me too :)
0 Reply
Paul Marker
Waxhaw, NC · Member since 2016 · 1 post · 0 votes
6y
Add me as well please. Thanks!
0 Reply
Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
6y
@Stephen Foltin start by finding an investor friendly RE agent. They should be able to provide you with a list of properties that fit your needs. I don't know your specific market but, there are certain markets that are not cash flow positive, if that is the case you may be making an asset purchase or looking outside of your area.
A realtor that knows what he is doing should be able to introduce you to GC's, property managers, insurance brokers, lenders, and provide some insight on what kinds of returns you are looking at in each specific market.
Good luck to you!
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Martin LindsayPro Member
Investor · Charlotte, NC · Member since 2018 · 77 posts · 41 votes
6y
Welcome to the REI world Stephen! As mentioned before, definitely start listening to the BP podcast episodes every chance you get in the car, and pick up a couple books written by some of the fine people here at BiggerPockets. This will help familiarize you with some of the concepts used in today's market, along with the terminology and strategies.
3 recommendations from 3 great authors:
The Book on Investing in Real Estate with No (and low) Money Down - Brandon Turner
Buy, Rehab, Rent, Refinance, Repeat - David Greene
Build a Rental Property Empire - Mark Ferguson
Two additional tips:
- Drive around and get to know the city. Talk to friends about new things happening to learn what pockets of Charlotte are growing and what aren't. You can do all the market research you want, but theres nothing quite like seeing the market with your own eyes.
- Interact with other BP members and ask them about their deals. Everyone here is happy to share and the more you understand how successful deals were successful, the better you'll do on yours. I recently posted a BRRR deal that I completed with no money out of pocket if you want to look it up in the forums ;)
Good luck!
0 Reply
Dina Boyce
Member since 2019 · 2 posts · 0 votes
6y
HI @Patrick Menefee, would you mind please adding me to the GroupMe group as well. I have been out looking for my 1st deal, but haven't found one that I'm interested in yet. Hoping to make it to Angry Ale's in April.
0 Reply
Kris Bennett
Investor · Charlotte, NC · Member since 2017 · 112 posts · 83 votes
6y
@Stephen Foltin check out a few real estate investing meetups on meetup.com. Dan Handford’s Multifamily Investor Nation meetup meets once a month. He doesn’t always host but there are some solid guys that attend and run the meeting.
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