Charlotte,NC or Atlanta, GA for a 1st time investor of Rentals?
Hi to all BPians out there,
please guide me with your expertise in Rentals niche.
I'm a newbie to REI space, but sincerely working towards becoming a good one in coming days. Also, joined my local Habitat volunteer program to contribute a bit to the needy as well as myself can become a good handyman to DIY majority of home repairs in my future rentals/house-flips.
I live in Charlotte, North Carolina. My current job(IT consultant) allows me to work remotely, so I've this flexibility to live in any of the major Metro areas.
Planning to buy a multi-family home (can be a duplex/triplex/Quad depending on how good the deal is). Have already browsed internet (BP, RealtyTrac to name a few) for pointers on places to invest in Rentals.
Got to see that Atlanta, GA seems ranks better than Charlotte, NC in overall prospects with some bargains/deals (provided one does proper due diligence).
Here's where I need guidance/help: I've been living here in Charlotte for 1.5 years & have a few friends & a cousin, so a bit attached to this city,while my aspirations hint me to leave for Atlanta/other better places to hunt for better deals.
However, if it's ATL or anywhere else, I may have a zero/bad social life given my introvert nature :(
If it's in Charlotte, I can manage my RE investments/ as well as social life for my psychological well being.
So, here's my Q: Is Charlotte a good place for a 1st time buyer eyeing on sub-50k (fine with working out on foreclosures/Ugly/bad looking homes (with no structural issues though))& then some DIY, hiring contractors for necessary but not HiFi makeovers).
Essentially, I'm looking to start small, have seen some successful folks here in BP with sub/~30k properties, I feel I should expand to bigger amounts once I get some real-time/1st hand experience,
Just to give u an idea:my current job:IT consultant with 6figure annual salary, Frugal(not cheap though) lifestyle, net savings(4-5k/month), Credit score(775) & mortgage eligibility (can borrow anywhere upto 400-500k )
Can you please guide/advise me?
should I move to Atlanta/ any other city for deal-hunting OR stay back in Charlotte (my heart currently lies here, feeling a bit attached, although I might be wrong thinking so). You may also please suggest any better places (if not Charlotte/Atlanta) to start with.
PS: sorry for such a long post, would like to give as many details as I can so that u can understand my profile better & provide your invaluable inputs.
Thank u all in advance!!