All Forum Posts by: Evans Wright

 Alex, if you need an LTR property manager in CLT then please reach out to @Maranda Tucker. She has a lot of experience in the game and is doing amazing things when it comes to bringing PM companies up to higher standards. 

If you need an STR/MTR PM, hit up @Anne Sargeant. She is great at helping investors understand angles that are not easily seen when it comes to the potential of an asset and has superhost status. Having a superhost PM can help increase your bookings by a significant amount. BP podcast episode 712 does a good job explaining the benefits of having a superhost PM so check it out.

If you got any Multifamily then I would definitely love to see what you got. I will send you a PM

Hey Everyone,

Charlotte has been a desirable market to invest but also presents it's challenges. With the rise in real estate sale prices and interest rates, it has made it harder to find cash flowing properties. This is most applicable in cases where an investor wants to come in, buy a turnkey/low value add and turn it into a Long Term Rental. Listed for sale multifamily property, forget about it... In most cases for a property to make money, you either have to get creative on your rental strategy e.g. MTR, STR if allowed or get creative on the acquisition side e.g. seller finance, sub to, etc. These are great options for sure but I wanted to share with you all a few big changes that are being implemented this year. This info could help give you an advantage if you are interested or already investing in the Charlotte market.

Below is a link to the new City of Charlotte Unified Development Ordinance going into effect on 1 Jun 2023.

https://charlotteudo.org/wp-co...

Why should you care about this...

1) You can build up to a triplex in any residential zoning area or quadplex if the property faces an arterial road

2) You can build an Additional Dwelling Unit up to 50% of the square footage of the primary residence if it is separate or 40% if attached

3) You can build additional units to the next highest zoning density provided you designate them as affordable living

This is a massive document, over 640 pages but have no fear I have provided links to the parts that most investors would care about below.

Shoutout to @Christopher Aranguren for making the links to the direct pages. If you ever need a patent attorney, he is your guy.

I love to provide value and help others build wealth. Feel free to provide your comments and share with others who are interested in investing the market. If you need any help investing in the area or would like to have a chat, connect with me and we will set up a time. Cheers to a great 2023!

Hey Cole,

Definitely check out the Charlotte Uniformed Development Ordinance. There are some major changes coming in June of 2023 that will greatly impact how we choose to invest. Some of the proposed changes include building multifamily on land designated for single family and changes to the requirements for building additional dwelling units on your property. Link below!! 

https://charlotteudo.org/wp-content/uploads/2022/08/CLT-UDO-Adopted-08_22_22.pdf

If you need any other help please feel free to reach out!

Sajaan! Thanks for putting this out there. Charlotte has a lot to offer and depending on your investing goals I can definitely recommend some zip codes to check out during your trip here. If you want to have a chat prior to your trip, please shoot me a text or call. I will shoot you a PM with my info. :-)

If you are looking in the uptown area and looking at a townhome/condo, please ensure to review the Covenants, Conditions, and Restrictions to determine leasing restrictions. Many of the properties with an HOA in that area have a 30-180 day lease minimum. If you a buy a SFH, then you probably won't be in an HOA and you're golden. I work with investors to help them build wealth and it has been rare to come across a condo/townhome that did not have a restriction against STRs. If you want anymore help then hit me up! Happy to provide resources and connections if you are looking to get into the game. I will shoot you a PM with my contact info :-)

 Andres,

School districts can be a factor when you are looking at long term rentals in desirable areas. I will however make a suggestion to look at schools/areas in Union County vs Mecklenburg if that is a big driving factor. With your two top areas in mind in Mecklenburg county, you will no doubt have desirability to live there. Matthews has it's own charm and Ballantyne is just a super nice area.  There are really nice properties in both areas but if you go to Matthews you will be looking at slightly older homes which may need some value add.  As a long term rental you will be hard pressed to find properties that will cash flow in both areas without implementing a value add strategy. That being said the potential for appreciation will be higher in those areas. So if cash flow is not your main goal then you won't lose over the long term in either area. In Ballantyne, they are building a new hospital and other new developments so that will bring in more jobs. If you have any interest in using a property as a Mid Term Rental then you will have good opportunities there in the future. If you need help then PM me or hit up my cell - 785-375-8330. I am happy to help you build wealth here.

Hey Colin,

I am a Realtor/investor with focus on the Charlotte market. So I will focus on the advantages/disadvantages there. 

Disadvantages: Low but rising inventory, valuation increase in all asset classes, long term rentals have not caught up to real estate asset class prices so a lot of properties on the MLS will not cash flow unless you aim to add significant value.

Advantages: Competition to buy has been eroded from the market due to economic uncertainty, low but rising inventory, prices have peaked and are now coming down but low inventory keeps the market from more aggressive correction prices, creative ways to increase your cash flow outside traditional long term renting and increasing migration to the area.

I know Asheville is in high demand as well and property prices have skyrocketed there and people love to travel there.  

That being said if you want my help then please feel free to PM me or reach out via call/text. My cell is 785-375-8330.

Hey Jenny,

First off, great idea choosing to look at the Charlotte market to build your portfolio. Low but increasing inventory, population migration, and higher interest rates have created a unique environment for opportunities to invest.

I am a Realtor/investor in the Charlotte area and my niche is helping investors build wealth through REI. I just got a client under contract for a property they will house hack then use as a Mid Term Rental and helping a few others between STR/MTR. If you want help then feel free to PM me or text/call 785-375-8330.

@Ray Danishyar, I just started using Propstream and I am enjoying it. I am an investor and realtor in the Charlotte, NC area and even though I can pull comps on the MLS, I found using Propstream's comparable function was much easier and intuitive than my MLS. As soon as I try to make adjustments on my MLS it gets all sorts of out of wack and gives me varied results. When I use Propstream, it was just so simple to say I want to compare this amount of bedrooms, bathrooms within this distance and timeframe etc. and bam I get everything I need. It is also super helpful in the case that I work with investor clients who are interested in markets outside of my MLS and now I can leverage Propstream's data to provide them with the information they need to make sound decisions. As other's have mentioned, it is data. What you do with said data, is up to you. Hope this info helps