It doesn’t take much real estate savvy to know that Charlotte, NC is a prime area for real estate investment. Look around and you will quickly notice homes are being purchased and renovated at lightening speed.
Right now we have an abundance of lucrative opportunities for those looking to wisely invest in the Charlotte real estate game. So how do you know when you are truly ready to invest?
So what do successful Charlotte investors do right?
Nearly two decades of working with real estate investors has allowed me to become keenly astute to what successful investors do right, as well as what some have done wrong in the past. When it comes down to it, investing in real estate is a numbers game, but those that really excel in the Charlotte real estate area are the ones that know the right players, can move quickly, and have a guiding hand on the pulse of the real estate landscape.
I’ve put together an infographic to help those that may be new to the Charlotte real estate investment learn a few tips from the pros.
KNOW THEIR PITI: Successful investors have a concise knowledge of an investment property’s principal, interest, taxes, and insurance. Your realtor can help you with these numbers and make sure it makes sense to invest.
THEY KNOW THE RENTAL RATES: Even if you plan to resell, smart investors know the area rental rates and plan accordingly should the decide to rent the property. Market conditions can change and being knowledgeable about the rental market in the neighborhood can be a safe hedge for any investor.
KNOW THE NEIGHBORHOOD STATS: What’s the average days on the market for a listing? Is this neighborhood for young professionals or established families? Knowing the neighborhood can help an investor make smart decisions when it comes to improving the property.
THEY ASSEMBLE THEIR TEAM: When you find that perfect investment you need to be able to move quickly. Time is always of the essence when purchasing your property, therefore have an expert realtor, competent loan officer, and dependable appraiser and any others on your team already assembled.
KNOW THEIR LONG TERM STRATEGY: Are you looking to rent or sell your investment property? Make sure you have your vision set with a long term strategy that will allow you to make smart decisions with your capital. Often times business decisions can be made in haste or possibly not acted upon quick enough when your long term goals are not defined. Having your strategy in place allows you to make educated decisions for your investment properties.