All Forum Posts by: Jared Wonders

Hey John congrats on your move to the Charlotte area! Deals can be tough to find but are definitely around. Just have to be willing to hustle a bit and network. We've been fortunate to meet some great people point us in the right direction and as others have mentioned the local REIAs are great spots to network. My wife and I closed on a property in the Matthews area in Feb which did require some value add but if you're willing to put in the work and/or hire it out this market will reward you. Speaking from experience it would be more advantageous to rent out a property in NC vs. SC due to the high tax rates for non-owner occupants in SC. Hope this information is helpful, good luck in your journey through REI and feel free to PM me if you hav any questions!

I agree with all the posts here and think it all depends on the neighborhood of Charlotte you are wanting to invest in. In order to find deals around here you’ve got to get creative to find deals that work (I.e. motivated sellers and/or off market deals). Network, network, network!

Glad to offer out some knowledge @Gary Heuston!

Oops! Editing my response sorry @Dominic Franco didn’t see that you were planning on live-in flip or house hack. The tax situation would only impact if you were to rent it out later but just something to think about 😊. I need to read a little closer before posting sometimes!

Just another food for thought though I only see surrounding areas of Charlotte (I.e. Fort Mill, Tega Cay, and Lake Wylie) growing because of very good school districts and desirable locations still relatively close to Charlotte. There has been incredible growth in these areas in the past 5 years.

Good morning @Dominic Franco,

Congrats on beginning your real estate journey and thank you to you and your wife for looking to serve in the Air National Guard! You will definitely find a LOT of help on this website and I encourage you to network in and around the area.

Any area near or around Charlotte is hot real estate wise and you’ll likely be competing with home buyers as well as investors but it’s a great area to invest as it is an extremely desirable location. My wife and I are focusing on areas around our primary residence at the moment but do have an investment property in Lake Wylie, SC.

You mentioned wanting to invest in SC due to beneficial taxes compared to NC, however, I would encourage you to do more research on the York County tax assessor website as unfortunately that is NOT the case for investors. Tax rates for rental property investors vs. homeowners utilize their home as occupancy are MUCH higher (6% vs. 4%) which doesn’t seem like a lot but the millage rates per county are double sometimes triple for investors meaning tax rates for investors can be 2-3 times higher for investors vs. homeowners.

Good luck in your journey and feel free to PM if you want to talk shop sometime or have any questions about the area!

Jared Wonders

Welcome Brett!

My wife and I have been living in Charlotte for almost 7 years and I assure you definitely not normal, however, any snow will shut the state down similar to Atlanta. Definitely have to look closely to find deals and you can always meet some PMs at local REIAs. Feel free to PM me if you’d like!

Books are great resources and the one mentioned above is probably one of my favorites. REIA meetings are great. Absolutely cannot understate networking and picking the brain of an investor slightly ahead of you with where you eventually feel like you want to be! This experience was one of the most helpful experiences when first starting out bar none besides getting in the dirt and actually doing! I feel like learning by doing has been most helpful for me. Mistakes will be made for sure, but as long as you learn from your mistakes and move forward these experiences are invaluable. Good luck getting started!

Hey David,

Congrats on getting started! I agree with with @Evan Wein and @Brian H. if the numbers work in this market and you have that niche of being a handyman go for it if you know you will likely be in the property for at least two years. My brother in law and sister are currently doing a live in flip in Charlotte where the numbers are crazy and I will say from their experience to be ready for anything and have adequate reserves on hand for issues that you need to prioritize for (I.e. in case an appliance goes out, heat/air go out, etc.).

Not doing it personally like I said but from what I’ve seen it could for sure be overwhelming living around it so having that discussion with your girl beforehand as if the property needs considerable rehab you could both be relatively comfortable in part of the home if extensive rehab is required. Good luck beginning your journey!

Jared Wonders

Congrats on getting started Jacob!

I worked as a retail pharmacist/intern for 7-8 years so certainly understand the grind and toll it can take. I agree that pharmacy is not necessarily on the upswing and especially working for pchain stores is not how it used to be. But like the rest of the market demand for the occupation will fluctuate. Definitely a great discussion!

Outside of that I think it is still vital for anyone wishing to pursue FI (financial independence) to have a side hustle and expand knowledge outside your normal realm of thinking. My wife and I invested in our first investment property in April of last year and we have not looked back. Currently building up capital for our second and will admit we are learning every day. I can’t speak for all but the side hustle of real estate kickstarted myself when I felt my career was getting stagnant and directly led me to research and now pursue FI! Wish you the best of luck in your pursuit @Jacob Walls and good luck finding your first deal!

Jared Wonders

Hey Krista,

Sorry for jumping in late to this conversation but the example above is spot on. I have a property in York county and you can obtain the millage rates (which can easily break a deal in Fort Mill and Tega Cay as they run quite high) on the York county website. I’ll usually search the tax assessor website for the taxable value as this is public info. Hope this helps and good luck in your search!