All Forum Posts by: Mike DeLong

In Charlotte, much like these other metro cities, is experiencing a good amount of growth. It is definitely a seller's market, much of which is due to very low inventory (2-2.5 months worth). Many sellers are not selling because they are seeing the same squeeze when looking at options to move to in the area. That said there are some cool projects going on such as a light rail extension to connect UNC Charlotte campus to uptown. We are seeing a TON of apartment buildings going up and vacancy rates are still low because we have about 80 people moving to CLT every day. The city has a strong banking and healthcare economic backing. Best of luck!

Hey Matt, welcome to Charlotte. I'm always up for talking shop.

Brian Nordman I can't give you numbers on why it's not a great deal but when I sold insurance ~15 years ago we got paid big money for selling whole life because our company made big money off of that product.

No, keep your investments and insurance separate.

Charlotte Metro REIA (monthly meeting is tonight) Charlotte REIA Metrolina REIA Hobby Millionaire Those are the 4 with good activity in Charlotte.

I'm currently researching if I want to turn my SFH currently rented out to long term tenants into a vacation rental when they move out later this year. It's in the Wilmore neighborhood and I'm having a tough time figuring out the occupancy rate throughout the year. I've looked into Asheville but not Boone or the coast. For Charlotte I think if you are near the light rail when it's complete the. You should be in good shape. Charlotte is lacking in hotel space so properties along the light rail could help offset that. Good luck to you.

If you do get a realtor make sure to get one that works with investors. You'll find better deals if you scout them yourself, off the MLS. I like driving neighborhoods I focus on and just look for the houses that don't look to be a good situation - overgrown lawn, broken windows or boarded up, vacant, etc. Try looking them up in Polaris GIS below and find their name and mailing address and you can do mailers. Realtors however can still find deals that would work for what you want to do with a 3-5 year hold.

If it's your first home and you don't have a handyman, fixer upper background then I would get a good GC to walk the property with you and give you round figures on the spot for repair costs.

Define what the success benchmark is 10 years from now and then work back.  Best of luck.

 http://polaris3g.mecklenburgcountync.gov/

Hey Kevin, that is totally feasible.  Imho I would look along the BLE where another area could 'pop' with new retail/office/multifamily.  People like walkability and they'll have it if they can walk to the nearest light rail station.  If you're renting it out and holding it you'll want to max your appreciation on your property so being in the path of progress is always a good bet.

Not sure on the no credit thing.  I was there when I was your age and started with an installment loan at Metro Credit Union of $250 and a gas credit card and went from there but hard money lenders could make sense possibly if you can refi out of it quickly into a conventional loan.  If you're looking at a house that needs a good amount of work, hard money could be the way to go.

I always love nerding out on some real estate,  let me know if you want to get up for a coffee and talk shop.

Thank Patrick!  What kind of lines of credit is everyone seeing on 2nd homes/investment properties?  I've only found 1 so far, Wells Fargo will do 60% of the appraised value.  Is that super low or the standard?  Thanks.

Later this year I will pay off my first investment property - a duplex that brings in ~$1,100 p/mo and has a market value of ~$120K. The property is located in a solid area of Charlotte, NC. Knowing I want to pull the trigger on my next investment after it is paid off I'm looking for feedback on what that investment could be and how I can leverage a paid off property towards it (without selling it). Any thoughts? My background is in residential but have been learning about the commercial side as well. Thanks all.