Charlotte Hard Money Lender
Charlotte, NC is one of the largest banking centers on the East coast of the US. The banking industry contributes to the area’s strong economy and job market, while also creating significant turnover as workers move though their careers. 17% of all Charlotte’s real estate sales are relocations, making it an area high in shifting housing needs, lifestyle upgrades, and overall property sales rate -- a real estate investor’s dream!
High turnover also makes it easier for transplants to settle socially, as there are plenty of other newcomers looking for things to do and people to meet. Festivals, breweries, and other cultural aspects of a thriving town make it easier to sell properties and elevatemproperty values over time.
Additionally there is a constant influx of retirees from the North who have discovered the area’s warm, but still temperate climate. In contrast tothe classic Florida retiree, a Charlotte snowbird enjoys a cold but mild Winter, *and* spectacular Fall and Spring seasons.
Charlotte, NC General Market Conditions:
- Wide range of procepoints ($30K - $2M)
- Fastest growing segments are up to $250K and $1M-1.5M
- Rental prices are exploding, not only is fix and flip profitable, but buy-and-hold is a great strategy in the current market.
Let's take a look at some of the hottest area's for real estate investment:
Area 1: Plaza Midwood
Potential for Profit: 7/10
Plaza Midwood is a desirable area located to the northeast of Uptown Charlotte and is home to a diverse range of stores, trendy restaurants, and art galleries. As one of the closer neighborhoods to the city center, it’s highly sought after by commuters who work in the city. This is an ideal place for investment.
Starting in the 1990’s, the area has been getting a facelift and is in the later stages of improvement. This means that final sales prices will be very high but inventory of distressed or flippable properties is low. If you can find a property to flip, it’s a great opportunity.
Plaza Midwood is popular for both rental investments and fix and flip strategies. In either case, the original property is often torn down to rebuild units with larger square footage to meet modern standards. Original homes are often three bedrooms with only one bath in 9000-1200 sq feet, while rebuilds are 2500-3000 sq feet. “Ground-up,” new construction, single family homes can go for $800K-$1.3M!
Photo from @thepeculiarrabbit
Area 2: “NODA” (North Davidson Area)
Potential for Profit: 8.5/10
North Davidson Area is a neighborhood in Charlotte that’s hip enough to get it’s own acronym, “NODA.” Originally a mill village with large mill houses and housing for the workers, many of the closed mills have been reimagined as studios and restaurant/condo buildings.
Located slightly further from the uptown area than Plaza Midwood, it’s still on it’s way up in a revitalization and there is a high inventory of properties available to flip. They generally go for less at resale than the Plaza Midwood homes, but can still be very profitable with the right improvements. Many professionals and families that are being priced out of more expensive areas turn to “NODA” for affordable housing in close proximity to the city.
Investors will find that along with more inventory of homes to improve, they can be acquired for a lower price and therefore make great investments. There are many opportunities to tear down and remove one original home on a larger lot and split it into multiple addresses with the right permits. The area is well known and properties move quickly, but is not maxed out yet. Competition is low, making this area a strong opportunity for investors.
Photo from: @cheyenneautry_
Area 3: Starmount
Potential for Profitability: 7/10
Starmount is an area significantly farther outside of Charlotte, but importantly connected by the efficient light rail system. Mostly single family homes that were built in the ‘60’s, first time home buyers are flocking here for the lower property prices and extra square footage. Millenials and young families are drawn by the balance of suburban space and lower prices but quick, easy access to the city center via rail. Mainly rehabs and rentals, investors can expect a $1400-$1800 rental rate, or resale in the high $200K to mid $300K for a rehabbed property.
Photo from: @kaitlynbunyak
Use our House Flipping Calculator to calculate a cost breakdown for your next project in Charlotte, NC or any location!
Erika Marsh Pitman, Charlotte, NC
Erika Marsh Pitman is a Charlotte, NC Area Real Estate Agent with Keller Williams, Southpark. Originally from California, Erika has earned her status as a Charlotte local after 16 years living and working in the area. Starting with open houses and growing her network from there, Erika now has a thriving community. Whether it’s a property upgrade to accommodate a growing family or finding a profitable investment property, she’s the go-to realtor in Charlotte. Her strong work ethic, extensive customer service background, BS in Business Management, and love for Real Estate has helped her to excel as a Realtor through the years. Licensed in NC and SC, Erika is the Owner and Lead Listing Agent for the Pitman Group Realty team.