All Forum Posts by: Ryan McGlasson

Hello everyone, I have a few questions about the Charlotte area I really would love input on because I do not live in Charlotte currently it is just the market I will be moving to invest in. With me not being in Charlotte currently, only having family friends live there, some questions may seem silly so I apologize for that.  

I have been researching Charlotte the last few months for single family homes and I have not really been able to determine myself these few things for single family home investments, If you are looking to purchase a house as an owner occupant and rent out rooms in the house to start out, is it a wiser choice to have this house be closer to downtown charlotte? As opposed to the suburbs surrounding charlotte? (mint hill, concord, harrisburg). 

Are separate rooms much harder to rent out the further away from downtown you are?  The reason I ask this is when I have looked into the Charlotte area many of the homes that are in the price range for me in a nice area, are much farther from downtown charlotte, or generally outside of the 485 highway ring around the city. They are usually right near harrisburg or outside of it by concord. Is it even wise to invest in these suburbs? Are they too far away from charlotte to be a hot rental? The cashflow on them seems exactly where I would need it to be , but am i ignoring the fact its quite a distance from a largely populated area? Or is that not what I should ALWAYS be focused on? Or am I not thinking about this correctly? 

Tons of questions sorry I am quite new and always wanting to learn more.

Any advice or help is really appreciated, thanks in advance!

@Stephen Riggs  Hello fellow Sacramento user haha!  

I agree calling local realtors would be a good start of course, and I would definitely want to make a note of seeing if the realtor has had previous experience with someone purchasing a property from out of state. 

@Liz Daigle Ah okay I see, so out of state is pretty common for a lot of investors. Maybe doing it as an owner occupant is not so common but at least I know others have done it before. I also figure I would not have a property manager cost if I am living in the property renting out multiple rooms. 

I have been doing a lot of research on the market I have in mind to get an idea of rent and the market value for houses in various areas, along with finding the good neighborhoods and avoiding the bad areas. But of course must keep researching. Also I would really appreciate if you could recommend me a possible agent!  

@Jerryll Noorden  That's genuinely awesome to see! Definely agree with Paul, I admire your courage for taking that on! I also think the idea you have for the design is really clever, you would save cash while creating a unique look.  Definitely post photo updates of the work it will be interesting to see the progress.

@Alex Rodriguez

Hey! Thanks for the reply, I am planning to do buy hold rent single family, put some work into it to increase the value and rent it for awhile to search for another house to do the same.  I have been finding houses that are decent deals in the cities I'm researching, they don't need much work if any, the ones that do are basic work such as painting and carpets etc. 

I have considered that with running a direct mail campaign but I truly feel California is not the best location for investing in houses in the price range I need, because realistically here they are not priced that way if they are again the same issue of it being low rent and high crime or its an area way away from any commute or jobs.  Also from reading many sections of the California /Sacramento/ Stockton/ Modesto etc forums on here many people have said the same thing, those kind of houses wont be easy to come across. 

But in other markets of course there are a ton of possible deals but also a ton of investors throwing offers as well like you stated.  Just kinda asking generally on here if anyone has done an owner occupancy out of state, I know many people have invested out of state and have had success in it. I have seen many users have someone manage their property out of state but I wanted to see is being an occupant any help in the process because you're there managing the tenants so you wouldn't need a property manager? Also how they had known the house was in good condition if they never saw it in person, did they arrange an appraisal? Trust the real estate agent? Just a ton of general questions related to it! Ha!

Hello, I am very new to real estate and I had a general question to see if anyone has done this previously or if it is a good idea at all. Where I am located and the nearby areas single family houses are very high priced. Well at least out of my range for a beginning investment house for 80k-150k, In California near the Sacramento area this really isn't possible unless the houses are in rough shape in a bad location/neighborhood which would be a terrible investment. I have researched a few cities out of state that I believe have a great market and are exactly in the price range of houses I need to be able to purchase one and be able to gain equity with the house. The thing is it would be out of state which makes me unsure if this would be a great idea to do starting off, although I feel it would be one of the only choices I have if I want to be serious about investing and fully go for it.   Is this a feasible idea to consider if planned well? Such as beginning to network with trustworthy agents and contractors in the city I choose and studying the local market etc? 

Any advice is appreciated! Thanks in advance.

Hello everyone! I am new to these forums and I just thought I should ask on here a question I had been thinking to myself. The context of this question is in the case of buying a 1st home initially under market value then using a home equity loan on that property to buy another house under market value, can you then start another home equity loan on the 2nd house to get a loan for the 3rd house? 

Also Is it possible to combine the equity of the first property and the second to use to buy a 3rd property? Say if you had 40k in equity from the first but only took out equity for half the amount, can you use the other half again? Or is that not how it works? Sorry if silly questions! Very new