I get this question a lot, so I thought I’d write an article giving you the reasons I invest in properties in Charlotte, North Carolina.
There are several, so buckle in and get ready to learn why it’s not just me who invests there, but people from all over the globe!
Now let me spell it out for you…
While I’m sure there are plenty of others, here are the top 12 reasons that I invest in Charlotte, North Carolina:
1. Charlotte is family-friendly and I like to buy rental properties that serve families.
There are lots of apartment buildings and other multifamily properties that have the 2-bedroom/1-bath configuration that these families prefer and that I prefer. The units I tend to consider for my investment portfolio first are those that have that configuration and that are 900 – 1100 square feet in size. Since I also like the B-class property space, these properties fit my needs on that side, too.
2. I did a lot of research when studying the Charlotte market.
In fact, I spent about 3 months analyzing the market. It wasn’t the only market I studied either. I wanted to be very thorough, so I researched 11 different potential markets prior to having my boots on the ground (a.k.a., my team there) look at properties for me in Charlotte. Of all the markets I studied, Charlotte stands tall, and I’m not the only one who thinks so. In a 2015 study, FORBES magazine said that the state of North Carolina is the 2nd best state to do business in. (And I won’t argue, because the stats hold up.)
Charlotte among the fastest growing large CitiesTweet
3. Speaking of statistics, I learned that 57,400 new people moved to North Carolina in 2015… 16,000 of those moved to Charlotte.
I haven’t looked at the stats for 2016 yet, but they won’t be available till 2017. With numbers like these, something is happening in North Carolina; something very cool is happening in Charlotte and I want to be there with properties to serve all these new residents.
4. Charlotte is not a big coastal city, so the residents have a different mindset, one that I understand.
These residents aren’t transient like you will find with renters in a coastal region. The residents of Charlotte, according to my research, are interested in family values and creating a home and life for their families. I stand behind this mindset 100%.
5. There are lots of jobs in Charlotte.
In fact, a few Fortune 500 companies have a big presence there. This is something I know because I used to work with these types of companies. If you want to learn more about that part of my life, please CLICK HERE.
6. Again, I looked deeply into the demographics that make up Charlotte, North Carolina.
I can’t find anything I don’t like about the area based on what I’m seeing. Living in Barcelona, if there’s one thing I’ve learned it is the value of family and spending time with family. Because the cost of living in Charlotte is very reasonable, families migrate there in droves.
7. Charlotte is really a pretty city.
North Carolina is really a great feast for the eyes. Yes, there are weather patterns there and seasons, but much of the year it is just right. It is a place I could see myself living, so I figure if it is that appealing to me there is a reason why so many people are moving there. They must share my opinion.
8. The area is very landlord-friendly.
Where I live it can take a very long time to go through the eviction process. We have some very interesting rules, including no evictions if the weather is really nasty. Our unemployment rate is very high, too, and our birth rate is in decline. All of these factors affect evictions, believe it or not! In Charlotte – and why I do the long-distance investing there – it takes 6 weeks tops to evict non-paying or otherwise unruly tenants. That means less income lost for me, especially since I require a healthy deposit with new tenants. If they pay steadily and are good tenants who don’t wreck the unit, they get that deposit back. If the relationship ends in an eviction, the tenant will not get that deposit back.
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9. Managing properties in Charlotte comes with a lot less inherent risk than managing properties in, let’s say, Barcelona.
Once again, the tenant-landlord rules in Europe are far different from those in the U.S., and specifically those in North Carolina and Charlotte. If you want to speak with me in depth about the differences, please CONTACT ME.
10. It is a super-fast market!
If you watch the migration patterns and properties being bought and sold, you’ll see what I mean. The turnaround is among the fastest I’ve seen. That makes it a good rental market, too. And the workforce helps keep things moving fast. This is something I’ve learned by using locals to do construction, consulting and every other task I need to get done for my properties. These are good people who treat me fairly and work hard for their wages. Because I grew up in a family where my parents worked hard like that, this mindset is something I understand and can appreciate.
11. Taxes are reasonable in Charlotte.
Since I am not a tax professional I won’t go much into depth on this point, but I can tell you that the city and county taxes are combined in Charlotte, which is a big plus!
12. I have people in Charlotte with whom I’ve worked for a few years and with whom I have developed a great deal of trust.
I mentioned this before about the construction people and other workers, but I also have a legal team in North Carolina as well as one in Barcelona where I live and work. That way, I have my investments covered from both sides… and my investors!
If these 12 reasons aren’t enough indication that Charlotte, North Carolina, is a great place in which to invest, I haven’t given you a full enough picture.