Looking for a way to make some extra money? Have you ever thought about becoming a landlord? It turns out buying a long-term rental property in Charlotte is a good investment. Landlords can build equity while paying down a mortgage by investing in long-term rental properties. They can also earn passive income and qualify for certain tax breaks. Additionally, owning real estate has traditionally been viewed as an effective way to combat inflation. The threat of rising inflation may lead investors to search for new markets where they can invest their money.
In a new study, SmartAsset analyzed the numbers to find the places with the best return on investment for the purchase of a long-term rental property. SmartAsset looked at data from the 120 U.S. cities with populations of 200,000 or more to gauge home investment favorability, home affordability, and the health of the rental market in each. And Charlotte cracked the top 20!
SmartAsset also provided tips that can be helpful if you are looking to purchase a long term rental property in Charlotte:
- It pays off to seek out professional financial advice. A financial advisor can help guide you through the process of investing in real estate or even invest your capital in a real estate investment trust (REIT). SmartAsset’s free matching tool will connect you with up to three advisors in just five minutes. If you’re ready to find an advisor for your financial needs, get started now.
- How much can you afford? If you’re looking to take out a mortgage to buy a rental property, our mortgage calculator can help you figure out how much you can afford and how much your monthly payments will be. Just remember, if the property isn’t going to be owner-occupied, you’ll typically need to put at least 20% down. Also, don’t forget to factor in closing costs by using our closing costs calculator.
The full report, including methodology and key findings, can be found here.