What's everyone's thoughts on surrounding areas such as Rock Hill, Kannapolis, Greensboro/High Point?
Semi new to the area (from SC) so I am learning about the surrounding towns. My plan is to house hack first then invest in multi family long term.
Good question. CLT and the surrounding areas are great markets to invest in. Outside of Meck County is where i've been spending most of my time, mainly based on housing proces. SC has some stiffer rules on investment properties, so may want to consider that. From everyone I've networked with, area is really personal preference as long as you do some homework also
thanks for the reply. My wife and I have been researching REI for months now and are close to being ready to buy. our next step is to get pre approved then once we figure out our budget it will be easier to find properties knowing what we can and can't afford.
How is the kannapolis area? we are going there soon to check out the area but i've found some pretty decent cashflowing properties. i just dont know much about the town.
Lots of properties show up in Kannapolis, but we haven't found any that suit us thus far. I've heard High Point is a great place to invest (Bigger Pockets rated it in the top 5 of cities in the US for rentals a while back), but we haven't ventured that far yet.
We are up in the Lake Norman area, which also has some opportunities. If you keep looking, you are going to find some deals out there. Things go fast around here, just know that. Good luck and let me know if we can help in any way!
Here's one that just popped up in my feed a minute ago:
3 Beds · 2 Baths · 1,344 Sq. Ft.
@Eugene Rabinovich - Kannapolis is a cool area. Tons of redevelopment, but also still many pockets that will take time. How are you sourcing REI properties? I have alerts as well as a few wholesalers up that way and am looking all the time.
@Mike Shearer i have a few realtors who put me on an automatic email list but i dont know many wholesalers yet. I'll be going to a CLT real estate investor meet tonight. I think there are a few wholesalers in the group so i will get their contact.
If you havent already, join the Charlotte REI Masterminds group on facebook. we are meeting at Optimist Hall today around 5.
@Courtney Rock , opinions?
Rock Hill is popular due to how close it is to the Charlotte Metro but the taxes in SC are as good for investment properties as it is in NC.
@Brandon Despras im definitely interested in RH. I think the town is going to be very popular in the years to come as long as the city is putting money into it. I do need to understand how taxes between NC and SC work in addition to benefits and disadvantages
Unless the numbers really work I would highly recommend really understanding how the property taxes and millage rates work in the particular county before you invest and also factoring in the increase in property taxes for non-owner occupants (6% vs. 4%). This doesn’t seem like much but in the grand scheme of things makes a big difference. My wife and I just exited a property in Lake Wylie because the millage rates for York County were SIGNIFICANTLY higher for non-owner occupants along with the added tax above. Definitely run your numbers very carefully before investing in a property in SC in and around Charlotte. Hope this helps and the York County Tax Assessors website actually have some pretty good examples on how to calculate millage rates as it pertains to non-owner occupants. Good luck!
I would second what @Jared Wonders says above @Eugene Rabinovich . My wife and I have a short term rental in North Myrtle Beach, and the taxes are silly (both local, school and fire) for out of state, non owner occupied properties. What's interesting is NMB is about as close to the NC state line as is Rock Hill (RH), but obviously a way different market.
Just do your due diligence before being surprised.
@Eugene Rabinovich - they are pretty strict on trying to get resident tax-status in SC. We just moved to NMB, SC area and they make you transfer everything (plates, drivers license, proof of primary residence etc.) to get the resident tax status. If you are looking into the NMB area for rentals, I would suggest taking a look at Little River. You don't have to pay the city taxes that NMB has and is only a few minutes out of NMB and from the beach, 20 mins south of Calabash, NC and about 45 mins south of Wilmington, NC. Good luck!
Awesome thanks for the feedback. I’ll def join