Charlotte Real Estate, as many across the nation, is still transforming from the more rigid large Real Estate firms to more innovative firms. As you consider your Charlotte Realtor, it is wise to realize that the industry has changed dramatically over the past decade.
History of Real Estate Firms: Once upon a time (it was truly a fairy tale), a home buyer had to either drive down the street looking for a sign of call a large Real Estate Firm. How else were you going to find your Realtor? Perhaps the Yellow Pages?
All of the current Homes for Sale were published in the secret Real Estate Company books and you were at the mercy of your Realtor to see the homes that the Real Estate Agent shared with you. Large firms such as Prudential, Coldwell Banker, Re/Max and in Charlotte there were a couple of local large firms such as Tate and Bissel Hayes. These companies dominated the market and we, the public were at their mercy. The large companies controlled the majority of the marketing including print ads and TV commercials. They also had the huge office buildings that we the consumers paid for as we utilized their services.
I currently work with an innovative company called Wilkinson and Associates. Our company now has over 800 agents and was developed on a new model in Real Estate Agencies. Each Realtor is responsible for their own marketing. As you continue your search, you will find many of the top websites on Google to be Wilkinson and Associates Realtors. We are innovative and on the cutting edge. You are not purchasing a home in the 1970's. The public is informed and actually want professional service and not a corporate robot.
The Internet has changed the dynamics of the market place. Now many Realtors have the freedom to go above and beyond the typical corporate rigidity (that the firms call consistency). We can create blogs to actually share our individual perspective. We have personal websites that display all listings and not simply the ones for certain selective firms! Yes, there are certain large Charlotte Real Estate agencies that still treat you this way!
The economy has grown well beyond the old model and we, the public, no longer desire to be coddled like children. We are intelligent and educated. As you search for your Charlotte Realtor, ask then about schools, property taxes, financing, Home Inspections, short sales and foreclosures. Research their individual websites to see what they really know. Do not allow your Realtor to hide under a superficial corporate umbrella sharing "we have resources". You deserve a person that is the resource. Visit my Charlotte Real Estate website and learn more about the greater Charlotte area. There are many amazing deals in our market. We will explore the ideal options for you. Charlotte Homes for Sale await your family!
Tuesday, November 29, 2011
Saturday, October 15, 2011
Waxhaw Real Estate Market
The Waxhaw Real Estate Market continues to move forward at a steady pace in comparison form 9/15-10/15. In comparison of homes sod in 2010 to 2011 has the exact same number of 59. Of these sales, the foreclosures and short sales also remain relatively constant from 11 to 12 in 2011. The new homes did decrease sales from 24 in 2010 to 21 in 2011. This also indicates that buyers are finding more deals on resales. The peak in Waxhaw home sales was back in 2006 when 106 homes sold for the same time period. 2008 was the weakest year (for the same time period) with 43 sales.
We have come a long way in recovering from 2008 and the Waxhaw Real Estate market still is moving froward albeit at a much slower pace than the mid 2000's. The fundamentals of Waxhaw are not just holding steady they are actually strengthening! Kohls recently opened in Marvin (Waxhaw mailing address), the Wesley Chapel shopping area did not exist in the mid 2000's which includes a Super Target and much more. In addition the schools and have expanded dramatically! Weddington High School was the only school in northwest Union county and now there is Marvin Ridge, Weddington, Cuthbertson and Sun Valley. Providence road has been expanded from 2 lanes to 6 and four lanes which alleviated much of the congestion for the Waxhaw commute.
This is a short list of the infrastructural improvements that have occurred in the area. Now add the fact of low property taxes and you will realize that this is still a great place to buy a home and a safe investment for your future. Search Waxhaw Homes for Sale and discover your next home purchase!
We have come a long way in recovering from 2008 and the Waxhaw Real Estate market still is moving froward albeit at a much slower pace than the mid 2000's. The fundamentals of Waxhaw are not just holding steady they are actually strengthening! Kohls recently opened in Marvin (Waxhaw mailing address), the Wesley Chapel shopping area did not exist in the mid 2000's which includes a Super Target and much more. In addition the schools and have expanded dramatically! Weddington High School was the only school in northwest Union county and now there is Marvin Ridge, Weddington, Cuthbertson and Sun Valley. Providence road has been expanded from 2 lanes to 6 and four lanes which alleviated much of the congestion for the Waxhaw commute.
This is a short list of the infrastructural improvements that have occurred in the area. Now add the fact of low property taxes and you will realize that this is still a great place to buy a home and a safe investment for your future. Search Waxhaw Homes for Sale and discover your next home purchase!
Tuesday, August 23, 2011
Ranch Home in Waxhaw Meadows
Looking for a one story home with over an acre of land in Waxhaw? Looking for a home on a wooded lot? 6605 Deer Creek Dr is a 3 bedroom, 2 bath home that is quietly nestled near downtown Waxhaw. The home has granite counters, hardwoods in the foyer, kitchen, breakfast area, formal dining, greatroom and hallways. The Bedrooms have new high quality carpets.
The high ceilings bathe your home in natural light and warmly welcomes you home!
The home is a bargain at $235,000! Visit the virtual Tour for 6605 Deer Creek Drive!
The back yard is a natural retreat with trees, some grass areas, landscaping and so much more! The back deck is large and privacy is yours! There is a garden shed with electricity that makes the ideal gardening shop, work shop or storage area.
Waxhaw Meadows is a small subdivision with no Home Owners Association dues!
Sit back and watch the deer or listen to the the hymns of mother nature! Call today and this home can be yours! A bargain like this will not last long!
Wednesday, June 29, 2011
Why are there not more rentals?
I continue to receive people looking for rental homes in specific areas. There are many reasons renters must settle for other homes.
Why don't more owners rent their homes since the market is slow? The largest reason is no one wants to be a landlord. Home owners have no interest is handing over the keys to their beloved home (and credit) in hopes a stranger treats their home like it is their own. Too many people have had too many negative experiences and sellers have very little interest.
What is in it for the seller? Once upon a time in a land not so far away. a person could get a loan on a home, rent it for a few years and home to make a profit in 3 to 5 years. This was in exchange for the the risk and additional work required to be a landlord (not to mention all of the Government red tape for tax purposes). Now that picture of appreciation looks bleak. With depreciating home values, "if" you could not break even selling your home this year, you find that next year you will be even further behind. So basically you risk your home, you jump through Government hoops and lose more money next year? Hmmmm??? Not too many people willing to work harder, assume additional risk and ultimately "pay" a larger price for time and stress. The only winner is the renter with less responsibility and no financial risk.
Another large factor is getting a mortgage on a new home. Mortgage companies lost millions because too many "landlords" stopped paying their rental mortgages due to being in a losing situation. When money gets tight, the investment home is the first bill that does not get paid. The incentive of renting has been removed.
Now lenders are very strict on providing a new home loan when you still own your other home. When the housing collapse began, many owners borrowed to get a new home at a discount. They then stopped paying on their "investment" home. Lenders caught onto this (called strategic foreclosure). Now you must put down a large down payment, have up to six months payments in savings and still qualify for the home for both full mortgage payments.
Buyers are challenged to have 3.5% down payments. Not many people have 20% down plus six months in savings. If they do, they typically have no interest in the proposition of being a landlord.
Ultimately, if you are looking to rent, take what you find. No, it is likely not to be in the best neighborhood, in the best school or for the price you were hoping to find. Naturally, you can not expect home owners to take the risk that you yourself are unwilling to take. This is not to disparage renters; you are renting because you are not interested in the risk and hurdles of home ownership. In toady's market, less people are willing to absorb that risk for you.
There are amazing deals out there. A home is an amazing place to relax and raise a family. At the right price, you can become a home owner and have this home as long as you would like. Prices have never been better. No, you are not buying a home at 2007 prices nor are you paying for 2015 prices. You pay current local market value which is actually less money than you could possibly build that home. The Real Estate market has never been in favor of buyers. The key is to work with a lender, do what you can for your credit and find that ideal home!
Charlotte Real Estate is destined to grow and the Charlotte housing market will remain in demand. Will you be looking back in five years saying "I could have bought that home when it was $______?" Or are you going to be one of those people that took advantage of the opportunity and smiling every month when your mortgage payment is a fraction of the majority of your neighbors. Your future begins today; do you stay of the fence or begin searching Charlotte home for Sale?
Why don't more owners rent their homes since the market is slow? The largest reason is no one wants to be a landlord. Home owners have no interest is handing over the keys to their beloved home (and credit) in hopes a stranger treats their home like it is their own. Too many people have had too many negative experiences and sellers have very little interest.
What is in it for the seller? Once upon a time in a land not so far away. a person could get a loan on a home, rent it for a few years and home to make a profit in 3 to 5 years. This was in exchange for the the risk and additional work required to be a landlord (not to mention all of the Government red tape for tax purposes). Now that picture of appreciation looks bleak. With depreciating home values, "if" you could not break even selling your home this year, you find that next year you will be even further behind. So basically you risk your home, you jump through Government hoops and lose more money next year? Hmmmm??? Not too many people willing to work harder, assume additional risk and ultimately "pay" a larger price for time and stress. The only winner is the renter with less responsibility and no financial risk.
Another large factor is getting a mortgage on a new home. Mortgage companies lost millions because too many "landlords" stopped paying their rental mortgages due to being in a losing situation. When money gets tight, the investment home is the first bill that does not get paid. The incentive of renting has been removed.
Now lenders are very strict on providing a new home loan when you still own your other home. When the housing collapse began, many owners borrowed to get a new home at a discount. They then stopped paying on their "investment" home. Lenders caught onto this (called strategic foreclosure). Now you must put down a large down payment, have up to six months payments in savings and still qualify for the home for both full mortgage payments.
Buyers are challenged to have 3.5% down payments. Not many people have 20% down plus six months in savings. If they do, they typically have no interest in the proposition of being a landlord.
Ultimately, if you are looking to rent, take what you find. No, it is likely not to be in the best neighborhood, in the best school or for the price you were hoping to find. Naturally, you can not expect home owners to take the risk that you yourself are unwilling to take. This is not to disparage renters; you are renting because you are not interested in the risk and hurdles of home ownership. In toady's market, less people are willing to absorb that risk for you.
There are amazing deals out there. A home is an amazing place to relax and raise a family. At the right price, you can become a home owner and have this home as long as you would like. Prices have never been better. No, you are not buying a home at 2007 prices nor are you paying for 2015 prices. You pay current local market value which is actually less money than you could possibly build that home. The Real Estate market has never been in favor of buyers. The key is to work with a lender, do what you can for your credit and find that ideal home!
Charlotte Real Estate is destined to grow and the Charlotte housing market will remain in demand. Will you be looking back in five years saying "I could have bought that home when it was $______?" Or are you going to be one of those people that took advantage of the opportunity and smiling every month when your mortgage payment is a fraction of the majority of your neighbors. Your future begins today; do you stay of the fence or begin searching Charlotte home for Sale?
Sunday, June 19, 2011
South Park Real Estate gets better every day!
The greater South Park area around Charlotte (technically it is Southpark as one word) continues to attract more businesses. Whole Foods is our newest entrant building its first Charlotte location in the Southpark area. It is scheduled to open in 2012!
The Southpark area of Charlotte area has an abundance of shopping and employment venues; opportunity abounds. In addition to being a few short miles from uptown Charlotte, Southpark residents enjoy the popular Myers Park Schools.
Trader Joes now has three stores in the greater Charlotte region, Earth Fare and now we will have Whole Foods. This further compliments all of our other great food venues!
When Considering the Charlotte Real Estate market, visit and consider Southpark. It is all about your quality of life!
The Southpark area of Charlotte area has an abundance of shopping and employment venues; opportunity abounds. In addition to being a few short miles from uptown Charlotte, Southpark residents enjoy the popular Myers Park Schools.
Trader Joes now has three stores in the greater Charlotte region, Earth Fare and now we will have Whole Foods. This further compliments all of our other great food venues!
When Considering the Charlotte Real Estate market, visit and consider Southpark. It is all about your quality of life!
Tuesday, May 31, 2011
Charlotte Foreclosures and Short Sales: Which is best?
Most home buyers find various homes for sale as foreclosures and short sales and are unclear as to the differences.
Charlotte Foreclosures: A foreclosure is the term typically applied to a bank owned home. A foreclosure is the legal process in which the mortgage company takes possession of the home via legal means (auction). The mortgage company frequently purchases their asset at the auction, the home back at the auction, evicting, changing the locks, cleaning the home, repairing some of the damage, clearing all previous title issues, etc,). Many of the foreclosures met Government Insurance guidelines and are returned to the appropriate insuring agency after foreclosure (HUD, Fannie Mae, Freddie Mac, Etc.,). The most familiar of these foreclosures are HUD homes.
Bank owned homes are frequently aggressively priced and can close quickly. When making an offer on a bank owned home, you will typically have a response within 2 business days. Once your offer is accepted, you can typically close within weeks. The more aggressive the pricing, the more likely you are to have multiple offers. A wise home buyer realizes when it is a great deal and does not lose the home by trying to squeeze an extra $1,000 out of a home that is already discounted $50,000! If a Government Agency is involved in the foreclosure home then it can typically close within 45 to 60 days.
Short Sales: A short sale is still owned by the person currently on record as the owner. This is often a pre-foreclosure. The home owner is in financial trouble. The seller owes more on the home than the current market value supports and is asking the mortgage company to absorb the losses. Why would a mortgage company possibly just "accept the losses from the home owner"?
The mortgage company's other option is foreclosure. This incurs legal costs, title search, clearing other liens, greater risk of damage and more time.
For a Short Sale, the current mortgage company first needs verification that the home owner is unable to pay the debt. The lender then does extensive analysis to assure they are getting "fair market value" for the home. Mortgage companies typically "sells the loan on the secondary market" (investors) and now must go back to the investors and convince them that a short sale minimizes their losses. There are many hurdles for a short sale.
For a short sale, you often will not get an acceptance of your offer (yes, no or perhaps a counter offer) for four to six months. A smaller local bank may have a shorter time period but this varies. Many buyers lose patience during this extended waiting period and find another home.
A foreclosure is best if you need a home now and would like to close quickly. A short sale is a great option if you absolutely love the home, have time to wait and are able to close within 45 days whenever the bank decides to accept your offer.
I hope this helps clarify the process and the differences between a Charlotte foreclosure and a Charlotte Short sale. Naturally this applies to anywhere across the nation.
Let me know how I can be of further assistance. Visit my Charlotte Real Estate website and learn more about the greater Charlotte Real Estate market.
Thanks and have a great day!
Charlotte Foreclosures: A foreclosure is the term typically applied to a bank owned home. A foreclosure is the legal process in which the mortgage company takes possession of the home via legal means (auction). The mortgage company frequently purchases their asset at the auction, the home back at the auction, evicting, changing the locks, cleaning the home, repairing some of the damage, clearing all previous title issues, etc,). Many of the foreclosures met Government Insurance guidelines and are returned to the appropriate insuring agency after foreclosure (HUD, Fannie Mae, Freddie Mac, Etc.,). The most familiar of these foreclosures are HUD homes.
Bank owned homes are frequently aggressively priced and can close quickly. When making an offer on a bank owned home, you will typically have a response within 2 business days. Once your offer is accepted, you can typically close within weeks. The more aggressive the pricing, the more likely you are to have multiple offers. A wise home buyer realizes when it is a great deal and does not lose the home by trying to squeeze an extra $1,000 out of a home that is already discounted $50,000! If a Government Agency is involved in the foreclosure home then it can typically close within 45 to 60 days.
Short Sales: A short sale is still owned by the person currently on record as the owner. This is often a pre-foreclosure. The home owner is in financial trouble. The seller owes more on the home than the current market value supports and is asking the mortgage company to absorb the losses. Why would a mortgage company possibly just "accept the losses from the home owner"?
The mortgage company's other option is foreclosure. This incurs legal costs, title search, clearing other liens, greater risk of damage and more time.
For a Short Sale, the current mortgage company first needs verification that the home owner is unable to pay the debt. The lender then does extensive analysis to assure they are getting "fair market value" for the home. Mortgage companies typically "sells the loan on the secondary market" (investors) and now must go back to the investors and convince them that a short sale minimizes their losses. There are many hurdles for a short sale.
For a short sale, you often will not get an acceptance of your offer (yes, no or perhaps a counter offer) for four to six months. A smaller local bank may have a shorter time period but this varies. Many buyers lose patience during this extended waiting period and find another home.
A foreclosure is best if you need a home now and would like to close quickly. A short sale is a great option if you absolutely love the home, have time to wait and are able to close within 45 days whenever the bank decides to accept your offer.
I hope this helps clarify the process and the differences between a Charlotte foreclosure and a Charlotte Short sale. Naturally this applies to anywhere across the nation.
Let me know how I can be of further assistance. Visit my Charlotte Real Estate website and learn more about the greater Charlotte Real Estate market.
Thanks and have a great day!
Friday, May 06, 2011
To Purchase, Lease or Lease/Purchase your first Charlotte Home
To purchase, lease or lease-purchase your first Charlotte area home? That is a question that many struggle with when relocating to a new area. What are the pros and cons of each?
The first consideration is who is moving. Are you single, married and/or moving with children? Are your children in school? With pets or without pets? These are some of the considerations to base your decision.
If you are single without pets, I suggest renting. This provides the most flexibility and less commitment. Your life is likely to experience a lot of changes so flexibility is nice.
Married? The happiness of your supporting spouse is essential. She/he is relocating to a completely new environment while you return to a similar job/work environment. The supporting spouse needs to have a local connection and a home is a great place to begin.
Children are the most important contribution that we make to society. Their stability is not negotiable. If you are not in a financial position to buy, then a lease purchase is your best alternative. A lease purchase allows your family to establish roots within a community and a school district immediately.
How do I know it is the "right" neighborhood/schools for my kids? There are many valuable resources that I share to help assure your kids are in schools you desire. No one knows your children better than you and you will know what you expect for your schools. There are a multitude of resources and I will help you navigate through the data.
Pets? That typically limits your options so a purchase is best if possible. There are always nightmare stories from land lords about pet damage. This is not to be taken personally against your pets since they are often an extension of your family.
We want everyone to feel welcome in the greater Charlotte real estate region. We want your home to be a place of happiness. Let's get together and visit Charlotte Homes for Sale and find the ideal Carolina Home for you and your family!
The first consideration is who is moving. Are you single, married and/or moving with children? Are your children in school? With pets or without pets? These are some of the considerations to base your decision.
If you are single without pets, I suggest renting. This provides the most flexibility and less commitment. Your life is likely to experience a lot of changes so flexibility is nice.
Married? The happiness of your supporting spouse is essential. She/he is relocating to a completely new environment while you return to a similar job/work environment. The supporting spouse needs to have a local connection and a home is a great place to begin.
Children are the most important contribution that we make to society. Their stability is not negotiable. If you are not in a financial position to buy, then a lease purchase is your best alternative. A lease purchase allows your family to establish roots within a community and a school district immediately.
How do I know it is the "right" neighborhood/schools for my kids? There are many valuable resources that I share to help assure your kids are in schools you desire. No one knows your children better than you and you will know what you expect for your schools. There are a multitude of resources and I will help you navigate through the data.
Pets? That typically limits your options so a purchase is best if possible. There are always nightmare stories from land lords about pet damage. This is not to be taken personally against your pets since they are often an extension of your family.
We want everyone to feel welcome in the greater Charlotte real estate region. We want your home to be a place of happiness. Let's get together and visit Charlotte Homes for Sale and find the ideal Carolina Home for you and your family!
Thursday, April 14, 2011
Discover Charlotte Foreclosures
Charlotte Foreclosures continue to sell quickly and are a great deal! Many of the foreclosure sales are multiple offers and the closing prices range from 90% of list price to 105% of list price (reaffirmed this for the week of 4/14 through 4/21). The average is between 97 to 98% of list price.
All home buyers are looking for a good deal and Charlotte Foreclosures top the list! I share this data so you realistically know what response you are going to hear from the lender on bank owned homes. Everyone hears that cash is king and this is very true. Lenders realize that a cash deal closes more predictably than a home requiring a loan. I have seen banks accept an offer that is several thousand less (about $5,000) than otter offers for cash.
Understand it is strictly a financial decision from the banks perspective. Why should a bank accept $50,000 less? Let's say the monthly payment (monthly loss the bank is losing by holding up their money) is $1500. With Charlotte Foreclosures, the bank is not willing to accept almost 3 years of lost revenue by a quicker close. It is strictly numbers. The lenders know, based on foreclosure history in our real estate market, the time expected before the foreclosure will see. It is no where near 3 years. The vast majority (90%) were on the market less than 2 months.
When considering Charlotte Foreclosures, realize a good deal when you see one! What is the market value of a home, in today's market, in that neighborhood? Are you getting as good deal? It is really that simple. Too many people focus on the list price and not the actual market value. A wise buyer recognizes a great deal and knows when to react.
Call me, Rick Waite @ 704.770.6559 or email @ rjwaite1@gmail.com today for information on foreclosures and help with the process. Search Charlotte foreclosures and foreclosures in our suburbs today! It is time to get a great deal!
All home buyers are looking for a good deal and Charlotte Foreclosures top the list! I share this data so you realistically know what response you are going to hear from the lender on bank owned homes. Everyone hears that cash is king and this is very true. Lenders realize that a cash deal closes more predictably than a home requiring a loan. I have seen banks accept an offer that is several thousand less (about $5,000) than otter offers for cash.
Understand it is strictly a financial decision from the banks perspective. Why should a bank accept $50,000 less? Let's say the monthly payment (monthly loss the bank is losing by holding up their money) is $1500. With Charlotte Foreclosures, the bank is not willing to accept almost 3 years of lost revenue by a quicker close. It is strictly numbers. The lenders know, based on foreclosure history in our real estate market, the time expected before the foreclosure will see. It is no where near 3 years. The vast majority (90%) were on the market less than 2 months.
When considering Charlotte Foreclosures, realize a good deal when you see one! What is the market value of a home, in today's market, in that neighborhood? Are you getting as good deal? It is really that simple. Too many people focus on the list price and not the actual market value. A wise buyer recognizes a great deal and knows when to react.
Call me, Rick Waite @ 704.770.6559 or email @ rjwaite1@gmail.com today for information on foreclosures and help with the process. Search Charlotte foreclosures and foreclosures in our suburbs today! It is time to get a great deal!
Friday, April 01, 2011
Increase in Charlotte Lease Purchase Agreements
I have experienced a rise in Lease Purchase agreements here in Charlotte. I have found a wide variety of reasons for a lease purchase. So who is a candidate for a lease purchase seller? A local lease purchase seller must meet tight qualifications for the next mortgage. You must be able to comfortably afford both mortgages before you will qualify for the next home. If you are relocating, check with a local lender. A lease purchase may be an ideal option. Who does this help? A Lease Purchase buyer is a person that can not get financing at this time but will be able to in a year. many self employed business people are in this situation since the lending rules have changed and their past credit history now must also be supported by reported income. Most private business people reinvest their profits into their business and not take it as income. They must now change their business plan and take out proceeds of their business as income. This takes time to establish income. Another case is if you had late mortgage payments as a result of the economy over the past two years. You now have a new job and your income has returned. Your late payments must be seasoned before a new mortgage can be issues. Ultimately, there are many people that have fallen on financial hardship over the past couple of years. The reason for relocating is to bring your financial health back where it belongs. A lease purchase is a great option; you and your family are back in your own home and provides time to correct credit blemishes. Visit Charlotte Real Estate to learn more about your next home!
Saturday, January 15, 2011
Real Estate Investor 101
I have been finding several people recently that are considering investing in real estate. They have great credit, money for the required down payments and foreclosures are very attractive. The decision making is taxing and stressful. Consider the following information to "educate" yourself and enable for you to make a sound investment decision.
First you must consider what you are seeking. Is this a short term investment or a long term investment? If you are looking for a short term investment please keep in mind when reselling your home, there are lending restrictions on the resale. In addition, your purchase "establishes" market value at your purchase price. I suggest keeping and renting for a couple of years to allow the market/neighborhood recover from your purchase.
If you are considering rental properties (residual income) then you are looking at the purchase for positive cash flow. The first step is to speak to a good lender. You must know know the amount of upfront cash required for your loan. Times have changed dramatically over the past several years and continue to evolve daily. BE HONEST! This means with yourself, the lender, the seller and the Realtor. This way you are assured to making an intelligent decision and not building up false hopes of your investment.
If you are looking for a long term investment, consider the payment and your rental income. Does it meet your rental cash flow expectations. Also assume that one month of every year it will be vacant and you deduct this from your profit. If you renter moves in a year then you need to clean and find another tenant. This takes time and also must be considered. Yes, your tenant "may" be a great tenant, clean, responsible and stay for many years. Be prepared for a "less than perfect" scenario and adjust your expectations from there.
Charlotte Real Estate provides great potential but you need to do your homework. Understand why and where your rental clientele would like to live. Understand the demand and their potential needs. An informed buyer is a wise real estate investor.
First you must consider what you are seeking. Is this a short term investment or a long term investment? If you are looking for a short term investment please keep in mind when reselling your home, there are lending restrictions on the resale. In addition, your purchase "establishes" market value at your purchase price. I suggest keeping and renting for a couple of years to allow the market/neighborhood recover from your purchase.
If you are considering rental properties (residual income) then you are looking at the purchase for positive cash flow. The first step is to speak to a good lender. You must know know the amount of upfront cash required for your loan. Times have changed dramatically over the past several years and continue to evolve daily. BE HONEST! This means with yourself, the lender, the seller and the Realtor. This way you are assured to making an intelligent decision and not building up false hopes of your investment.
If you are looking for a long term investment, consider the payment and your rental income. Does it meet your rental cash flow expectations. Also assume that one month of every year it will be vacant and you deduct this from your profit. If you renter moves in a year then you need to clean and find another tenant. This takes time and also must be considered. Yes, your tenant "may" be a great tenant, clean, responsible and stay for many years. Be prepared for a "less than perfect" scenario and adjust your expectations from there.
Charlotte Real Estate provides great potential but you need to do your homework. Understand why and where your rental clientele would like to live. Understand the demand and their potential needs. An informed buyer is a wise real estate investor.
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