All Forum Posts by: DJ S.

Hi @Andrew Malina

Yes I've been here since 2014 and Charlotte has had a huge influx of young professionals - banking is big here (Bank Of America HQ and Wells Fargo, Ally etc). Home prices have shot up in that time. Still compared to NY, its relatively speaking a better deal for some folks from NY.


We also have a lot of local investors here so the competition is real. You may be hard pressed to find some 1% homes (rent is 1% of mortgage) in turnkey/MLS move-in ready but if you attend the local reia (charlotte has many reias - an event almost everyday) and network, you can find some rehab deals etc. Just go to meetup.com and search for "real estate".


If looking for class A properties, then be ready to pay premium for the areas with good schools but that's also where the rent is higher. So in Matthews for example you can find homes for 350-450K that rent for around $2500-$3500.

Just have to keep looking and get there first :-)
Best of wishes.

Welcome @Saami Siddiqui to Charlotte Investing.  Looks like you started well with your first property.  I'm an investor and also a licensed in NC so feel free to reach out if you need another opinion.

Thanks everyone. @Chris Reid and I have spoken.

Looking to assist a family buying a home in Fairfield CT - good schools. 

Already pre-approved for and will be buying using a VA loan within 1-2 months.

Realtors, please contact me to discuss more.

Thanks.

DJ

Looking for recommendations ASAP. Thanks In Advance.

I'm looking for recommendations ASAP. Thanks In Advance.

Yes walk away if you can or find cash to buy it outright. I spent 1 month negotiating an option to purchase, visiting the property with contractors, dealing with property management. All the paperwork favored the very experienced seller if i failed in any way eg proper rehab, monthly payments, refi. It was his price also...but deal still worked for me. The moment I presented a legal document that guarantees the seller performs when I am ready to execute my option, he vehemently refused. So I walked. Don't trust. You'll dream about "the one that got away" a few times though 😜

Thanks Bill Exeter . That was my question.

@Bill Exeter Hi Bill, I was about to email and decided to check BP first and I think you've answered my question by answering @Tommy F..  But let me ask it again :  If today I pay a non-refundable option fee in a Master Performance Lease to purchase a multifamily 3 years later from a Seller, can I use a sale of another property of mine to cash this Seller out on or before year 3 using a 1031?    

Another non-question is I as the lessor will claim the (my) rehab expenses on my taxes...I think I read somewhere that claims $ are made proportional to spent $ in the Master Lease. Waiting on my tax agent to clarify.

Thanks in advance.    

Thanks @Justin Windhamand @Mark Nolan