Waxhaw, NC · Member since 2014 · 11 posts · 2 votes
I am a new wholesaler wanting to know what flippers and renters are looking for in the Charlotte area and Union County NC. What areas are hot? What price range should I target? What potential rent range is desirable? What rehab costs are acceptable? I really want to know what to look for in my area to service the investors in my area. If you are in the area, please give me your opinion.
Real Estate Coach · New Zealand / USA · Member since 2014 · 296 posts · 82 votes
11y
@Kenneth Hester . . . from the lack of responses so far, I'd suggest you try asking the same questions at your local REIA.
Also do a search on these forums for "Charlotte, NC" - I just did one, and the search returned over 300 results. Might be good to try to "connect" with some of the investors in your area, on BP first ?
I'm a newbie, like you (only a handful of posts so far), but hope this helps.
Investor · Waxhaw, NC · Member since 2013 · 31 posts · 5 votes
11y
Kenneth Hester - I'm also from Waxhaw and actively flipping properties in the area. I'd be happy to meet with you and give you my opinion on the local market.
Investor · Portland, OR · Member since 2012 · 266 posts · 128 votes
11y
Hey there,
As some context, I'm an out-of-state investor with 4 properties in Charlotte. I hope to buy 4 more within the next 12 months - all for cash. I have made all purchases off the RMLS, but am open to (and have) worked with a wholesaler before.
My ideal property would be a 3/2 or 3/2.5 built in the 2005 range. Larger lot (I'm in the minority on that). Ideally with a two car garage in neighborhood, within about 10-15 minutes to uptown. I'll consider 4 bedroom places, or places without a garage, or placed as old as 1990, but those become less ideal. I will not buy if it backs to a freeway, major street, etc.
I tend to gravitate towards places that need cosmetic fixes - needing around 5K in work, but I'm not interested in major remodels or repairs. I don't want to replace the kitchen or redo the bathroom.
I'm looking at places with an ARV of 80K to 135K, with the sweet spot right around 105k ARV.
Because I don't want to do major work, I am willing to pay around 80%-85% (less rehab) of ARV. So, a place that needs 5K of work to be worth 100K, I'll typically pay around 80K for that (a rehabber will typically pay 70%, or ~ 65K).
Beyond that, the projected rent is the single most important factor to a property - and plays as much into my decision to buy as the purchase price.
Waxhaw, NC · Member since 2014 · 11 posts · 2 votes
11y
Thanks for the specifics. As far as rent goes, do you have a cash flow target you look for or a formula that you could share? Also there are a lot of differences in the types of neighborhoods in the area. Do school zones or demographics come into play in your decisions?
Involved In Real Estate · Charlotte, NC · Member since 2014 · 17 posts · 1 vote
11y
Hi Kenneth,
Looking for properties between 70-110k with 3+ bed and 2+ baths, newer than 1995- cash flow positive as a rental and maximum 10k in rehab- just cosmetic - no kitchen or bathroom complete redos.
Please let me know if you come across something like this.