June 24, 2025 • 15 mins
Luxury waterfront properties are defying market trends, with multi-million dollar homes on Lake Norman and Lake Wylie moving quickly despite economic headwinds. What's driving this surprising resilience? Cash buyers—many relocating to Charlotte from other regions—are snapping up premium lakefront homes without batting an eye at the price tag.
Mike Sposato, owner of Carolina Realty Advisors, takes us deep into the specialized world of lakefront real estate, sharing insights that go far beyond typical property transactions. The conversation reveals the complex web of regulations governing waterfront properties—from Duke Energy's "760 rule" to dock permits and septic system considerations that can make or break your lakefront dream. For those considering teardowns, Mike explains the critical importance of understanding grandfathered structures, setbacks, and permit requirements before making costly mistakes.
Not everyone has millions to spend, though, and Mike offers practical advice for both high-end buyers and those seeking more affordable options. Areas like Denver, Sherrill's Ford, and northern parts of Lake Norman still offer relative value compared to premium locations like Cornelius. First-time lakefront buyers might consider condos or townhomes starting around $300,000. Most fascinating is Mike's breakdown of creative financing strategies in today's high-interest environment, including the "3-2-1 buydown" that can temporarily transform a 7% loan into a 4% rate for the first year—a tactic that requires skilled negotiation but can make homeownership possible now rather than later. Whether you're dreaming of lakefront luxury or seeking investment opportunities in Charlotte's diverse real estate landscape, this episode delivers actionable insights from someone who knows the market inside and out. Ready to dive in? Visit carolinalakefronthomes.com or contact Mike directly to explore your options.
Carolina Realty Advisors
Mike Sposato
(704) 619-7070
mike@carolinarealtyadvisors.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the Good Neighbor Podcast, the place
where local businesses andneighbors come together.
Here's your host, Regina League.
Speaker 2 (00:10):
Hi everyone and welcome back to our real estate
series with Mike Sposato.
He's owner of Carolina RealtyAdvisors here in Charlotte.
Welcome back, mike.
Speaker 3 (00:20):
Thanks for having me.
Speaker 2 (00:22):
Absolutely so.
It's been a couple months sincewe last chatted.
It was in May and you talked alot about the Charlotte housing
market, residential, and howmaybe it's shifting a little bit
from being such a seller'smarket.
And tell, tell us what you'reseeing lately.
Speaker 3 (00:39):
Well, it's still kind of moving in a direction.
I always use this pendulumanalogy where, essentially, if
it takes you, say, 30 days orless on one side of the pendulum
to sell your property, thatmeans it's a seller's market.
And as we go down that pendulumand it swings up, a buyer's
market is going to be wherethere's any more than, say, six
(01:01):
months of inventory, where ittakes you from the time you list
until the time you close.
If it takes more than sixmonths on average, then it
becomes more beneficial for thebuyer.
We're not quite there yet and Idon't think we're going to get
there.
It just depends on what happenswith interest rates.
But there's not a ton of changereally.
(01:22):
That's happened in the marketsince the last time we talked.
One thing I am seeing that it'sbeen really interesting and it's
been great is the luxury market, the high-end luxury market.
Either on, like Lake Norman orLake Wiley, there's some of the
higher-end prices, excuse me,some of the higher end houses
(01:44):
that are waterfront are movingfairly quickly and one of the
reasons is my clients that I canspeak for.
They're cash buyers, so they'renot subject to higher interest
rates and they're either.
Most of them are moving herefrom outside of our area and
they've sold or they just havethe cash to do it and they're
buying houses in the you know alittle bit, maybe a million and
(02:06):
a half, up to four or fivemillion dollars.
Those buyers are abundant,believe it or not, as crazy as
it sounds, they're out there andit's been a really good early
summer for us because we've hadseveral clients that are just
like that and so and one of thethings that's been really
beneficial is one of my newwebsites that we developed,
(02:29):
called Carolina Lakefront Homes.
So what we did is, because I'vebeen doing so many lakefront
property sales, we put togethera website for our clients and
any potential prospects.
It's really informative.
It's got tons of videos,articles, really important
things that you know if you'regoing to be in that market
segment and you want to live onthe water either Lake Wiley,
(02:52):
lake Norma or even Lake Hickory.
There's things you have to knowand, I think, educating people,
even at that price point.
You know they've never had awaterfront home and they don't
realize how important things arewith permitting for things like
docks and septic location onyour property and well, because
more often than not you're notgoing to have city water and
(03:12):
city sewer.
So I know I'm getting off on atangent, but I would encourage
anybody who's thinking aboutmaybe buying property on the
water or on one of the lakes isto check out my website.
It's carolinalakefronthomescom.
One of the lakes is to checkout my website.
Speaker 2 (03:26):
It's carolinalakefronthomescom.
Well, I would guess that buyinga lakefront property is more of
an emotional purchase thanmaybe you know just your normal
neighborhood.
Then what advice would you givea first-time buyer you know who
says, ooh, I want lakefront.
Speaker 3 (03:40):
A first-time buyer is going to be a tough more than
likely.
You know there's alwaysexceptions to the rules, but if
you're a first time buyer youwant to be on the lake.
You probably be looking at acondo or townhome and there's
several really nice condo andtownhome communities on pretty
much all the local lakes Reallythere are.
Then those are going to beprice points that you might be
able to get in at three hundredthree fifty, something like that
(04:03):
.
It's not going to break thebank.
So kind of figuring out what'simportant for you other than the
lake.
Are there any other amenitiesor location too close to work?
A whole slew of other thingsthat you'd want to think about.
And that's part of what we doas real estate agents.
We help ask the right questionsso people really think about
things that are going to beimportant to them.
Speaker 2 (04:23):
Right, right, I know you know it can be you and all
of these emotional things, butsometimes timing is off and you
just don't get all that.
What about the person who hasthe money for the big purchase
on the lake?
Any specific advice for them?
Speaker 3 (04:39):
Yeah, that's kind of what I've been going through
here with several of my clients.
So that's kind of what I'vebeen going through here with
several of my clients.
The view seems to be reallyimportant.
Knowing the lake is importantand that's where I come in.
I spend a lot of time.
You might be able to have alittle bit of a suntan or
sunburn actually, but I'm on thelake quite a bit with my
clients and knowing, like, wherethe deep water is Some people
(05:10):
like that's critically important.
If you're going to have a boatand a dock, you don't want your
boat sitting on the ground inthe wintertime.
You know what I mean.
So you know knowing that kindof information, really
understanding the importance oflocating where, like your septic
field is again because you'remore than likely going to have
septic field is again becauseyou're more than likely going to
have septic.
You know not going to have CityCounty sewer.
Understanding some of the rules, like the 760 rule out on Lake
(05:30):
Norman.
Or you know what you can dowith a doc.
I got a client just recently,bought a house and wanted to
expand on the doc that was there, but you're only allowed so
much square footage per DukeEnergy's rules and regulations.
So you have to know thatinformation.
You just can't come in willynilly and say I just want a big
new dock and start building itbecause you're going to get.
(05:52):
You know we get in trouble forthat.
Speaker 2 (05:54):
Yeah, been there, done that, so you're exactly
right.
There are a lot of regulations.
Are people sellers getting whatthey're asking for?
Their homes on the lake?
Speaker 3 (06:06):
It's it's.
The short answer is yeah, a lotof these cash buyers.
They're a little bit moremature in most cases I'm finding
maybe just a little bit older.
They don't want to get in a bigsquabble and all that kind of
thing.
They like what they like andthey're in a position where they
have the money to get what theywant.
(06:27):
See the right house, or whenthey see the right house,
they've been cash buyers andpretty close to full price and
now there might be someconcessions for things like
repairs and maybe some personalproperty and things of that
nature that they want.
But as far as pricing goes, yes, if you've got a really nice
(06:47):
lakefront waterfront home andit's got a nice dock and a nice
flow to the home and it's ingood shape, they're moving quick
.
Speaker 2 (06:56):
Yeah, what about?
You know some of theseteardowns, because the lake is
old and what started buildingaround it in the 60s and someone
sees a great lot, but you knowthey need to build a home.
Do you work with those kinds ofclients as well?
Speaker 3 (07:12):
I know this sounds weird, but once again, yes, just
early this week I had a newclient come in with that exact
kind of scenario and that againis so important that you have
the knowledge of.
Okay, I'm going to tear thishouse down now Is this house
grandfathered in?
Where are my setbacks, if youknow, if I leave part of the
(07:34):
foundation, and can I still usethis foundation?
That's this close to the wateror do I have to go to today's
setbacks?
That's important to know.
Or, once again, where's my welllocated?
You know, because if I have tomove that along in my property,
you know you need to.
You need to know that.
So, getting a good survey,having a good architect, and
(07:56):
also I've got a good friend.
Her name's Erica McIntosh.
She owns premier permits to theCarolinas.
She's really helpful withhelping people kind of
understand the permittingprocess, for you know, once you
tear the property down, what hasto happen and where you have to
be with your doc and this andthere's a lot.
I'm just it's overwhelming.
(08:16):
It's not like buying a standardhome in a regular subdivision.
It's much more involved and youhave to have people that are
experts and know what they'redoing.
Speaker 2 (08:25):
Absolutely and have that experience in all those
aspects.
Are there any underestimatedareas?
Undervalued, I should say, onLake Norman?
Speaker 3 (08:34):
still, you know, if another way of putting it is
where could I get the best deal?
I think is maybe what you'resaying.
Denver still has some goodlocations Sherrill's Ford and
then north of Sherrill's Ford asyou head up the lake Sherrill's
Ford and then north ofSherrill's Ford as you head up
(08:54):
the lake.
There's places like Long Islandor Troutman places up in there
where it's a little further away, but you can still get to the
main channel by boat.
There's maybe not as developedin terms of grocery stores and
other things that people aregoing to want, but if you are
looking for where do I get thebiggest bang for my buck, it
(09:15):
would be those areas, becauseCornelius is like super
expensive and you're not goingto find really a good deal kind
of thing over in Cornelius.
And Mooresville is good butit's got a lot of traffic in
certain parts of Mooresville.
They're not in a position wherethey're going to be dropping
(09:36):
prices a ton.
Speaker 2 (09:38):
Gotcha, so also just the late conversation.
What is one trend in realestate that people are
underestimating, and how are youcapitalizing on that?
Speaker 3 (09:49):
So that's.
It's an interesting questionand how I would want to rephrase
it or say it is.
It comes down to the loan.
A lot of people right now, ifthey're needing financing, say
they're a traditional buyer,putting five or 10 or 20 percent
down.
If the interest rate thatthey're getting is seven percent
(10:11):
, the payment structure on it isa little scary.
The payment structure on it isa little scary, it's pretty high
, but because sellers are alittle bit more motivated and
properties are sitting on themarket a little bit longer, if
you have a good realtor whounderstands the financing aspect
of it, you can negotiatecredits with the seller in a lot
(10:31):
of cases to get them to giveadditional money towards the
buyer's closing costs.
And what you could do as anexample is you might have a 7%
rate but maybe you can negotiateenough of a credit to get that
all the way down to a 6% rate orfive and a half or five and
three quarters on a 30 yearfixed.
(10:52):
Or another thing which I've doneis there's certain loan
products out there.
One's called a 3-2-1 buy down,another one's a 2-1 buy down and
simply put, if we use that same7% interest rate, if you can
get a 3-2-1 buy down.
That first year it would bethree points less or it'd be 4%
(11:12):
interest rate.
Then the next year or the next12 months, it would be set at 5%
and then goes to 6% and then,if you don't refinance in that
time period, it eventually willgo up to 7% again.
But that's one thing thatpeople don't really know a lot
about.
I'll tell you one thing iscritical in order to do that
(11:34):
kind of loan, you got to have agood agent who knows how to
negotiate it.
You got to have a good agentwho knows how to negotiate it.
You got to have a great lenderwho can do it.
And also you have to have aseller who's willing to pay for
it, because the buyer can't payfor it at all.
It's got to be a gift from theseller and the agent's not
allowed to give the gift.
So it's got to come from theseller, but I've been successful
(11:55):
doing it.
It's got to come from theseller, but I've been successful
doing it.
It's not easy, but it reallyhelps a lot.
It helps people get into homesnow versus waiting Cause.
There's a waiting game becauseof the interest rates.
A lot of buyers are like let'swait and see what happens here.
You know.
Speaker 2 (12:06):
Wow, you have a lot of skill.
You brought up some things thatI don't think most of us ever
think about.
One final question If you had500 500 000 cash to invest in,
charlotte.
Speaker 3 (12:23):
Where would you put it and why?
Well, um, I'm in a somewhat ofa similar dot 500, but I'm in a
position where I'm doing what'scalled a 1031 exchange and,
without getting into the weedson that, it's a situation where
I'm selling one income producingrental property and I have to
take the.
There's a certain amount ofmoney I have to take and I have
to apply that to additionalproperty in order to postpone
(12:49):
the big tax bill that comes.
That's not exactly the way itgoes, but, generally speaking
speaking, hopefully peopleunderstand what I'm saying.
So, um, there's a lot of peoplelike getting into airbnbs.
They're hard to find, um, butif you can find one, that's got
it.
You know some sort of recenthistory on how much incomes are
producing and you could buy aturnkey.
(13:10):
That would be a good place topark your money.
There are certain neighborhoodsin Charlotte that seem to be
insulated or good for rentalproperties.
Uptown, south End, dilworth,myers Park are examples where if
you could get something in oneof those neighborhoods and
you're able to hold on to thatand get a renter to come in and
(13:33):
pay some of the mortgage, or ifyou pay cash with your 500, they
could just give you an incomestream.
There's so many different waysyou can make money if you had a
half million dollars in realestate from buying commercial
property to buying lots andtrying to build on them and then
flip them and continuing to dothat.
There's a lot of ways to skinthe cat for sure.
Speaker 2 (13:55):
Well, charlotte's a hot market and definitely you
know this area as good as anyone.
Thank you so much, mike.
This has been incrediblevaluable information.
Appreciate you joining us today.
Speaker 3 (14:07):
Yeah, you got it.
Thanks for having me.
Speaker 2 (14:09):
Say one more time your number and how to reach you
.
Speaker 3 (14:12):
Okay, so it's Mike Sposato.
Reach you.
Okay, so it's Mike Sposato,Carolina Realty Advisors.
My number 704-619-7070.
Email is just mike atcarolinarealtyadvisorscom.
I mentioned that one websitethat's kind of a it's a great
website.
It's carolinalakefronthomes.
com.
Speaker 2 (14:35):
Thank you so much, Mike.
I look forward to our nextsession together.
Speaker 3 (14:39):
Yeah, me too.
Have a great day.
Speaker 2 (14:41):
You too.
Speaker 1 (14:41):
Thank you for listening to the Good Neighbor
Podcast.
To nominate your favorite localbusinesses to be featured on
the show, go toGNPSouthCharlotte.
com.
That's GNPSouthCharlotte.
com, or call 980-351-5719.
This is the Good Neighbor Podcast, the place
where local businesses andneighbors come together.
Here's your host, Regina League.
Speaker 2 (00:10):
Hi everyone and welcome back to our real estate
series with Mike Sposato.
He's owner of Carolina RealtyAdvisors here in Charlotte.
Welcome back, mike.
Speaker 3 (00:20):
Thanks for having me.
Speaker 2 (00:22):
Absolutely so.
It's been a couple months sincewe last chatted.
It was in May and you talked alot about the Charlotte housing
market, residential, and howmaybe it's shifting a little bit
from being such a seller'smarket.
And tell, tell us what you'reseeing lately.
Speaker 3 (00:39):
Well, it's still kind of moving in a direction.
I always use this pendulumanalogy where, essentially, if
it takes you, say, 30 days orless on one side of the pendulum
to sell your property, thatmeans it's a seller's market.
And as we go down that pendulumand it swings up, a buyer's
market is going to be wherethere's any more than, say, six
(01:01):
months of inventory, where ittakes you from the time you list
until the time you close.
If it takes more than sixmonths on average, then it
becomes more beneficial for thebuyer.
We're not quite there yet and Idon't think we're going to get
there.
It just depends on what happenswith interest rates.
But there's not a ton of changereally.
(01:22):
That's happened in the marketsince the last time we talked.
One thing I am seeing that it'sbeen really interesting and it's
been great is the luxury market, the high-end luxury market.
Either on, like Lake Norman orLake Wiley, there's some of the
higher-end prices, excuse me,some of the higher end houses
(01:44):
that are waterfront are movingfairly quickly and one of the
reasons is my clients that I canspeak for.
They're cash buyers, so they'renot subject to higher interest
rates and they're either.
Most of them are moving herefrom outside of our area and
they've sold or they just havethe cash to do it and they're
buying houses in the you know alittle bit, maybe a million and
(02:06):
a half, up to four or fivemillion dollars.
Those buyers are abundant,believe it or not, as crazy as
it sounds, they're out there andit's been a really good early
summer for us because we've hadseveral clients that are just
like that and so and one of thethings that's been really
beneficial is one of my newwebsites that we developed,
(02:29):
called Carolina Lakefront Homes.
So what we did is, because I'vebeen doing so many lakefront
property sales, we put togethera website for our clients and
any potential prospects.
It's really informative.
It's got tons of videos,articles, really important
things that you know if you'regoing to be in that market
segment and you want to live onthe water either Lake Wiley,
(02:52):
lake Norma or even Lake Hickory.
There's things you have to knowand, I think, educating people,
even at that price point.
You know they've never had awaterfront home and they don't
realize how important things arewith permitting for things like
docks and septic location onyour property and well, because
more often than not you're notgoing to have city water and
(03:12):
city sewer.
So I know I'm getting off on atangent, but I would encourage
anybody who's thinking aboutmaybe buying property on the
water or on one of the lakes isto check out my website.
It's carolinalakefronthomescom.
One of the lakes is to checkout my website.
Speaker 2 (03:26):
It's carolinalakefronthomescom.
Well, I would guess that buyinga lakefront property is more of
an emotional purchase thanmaybe you know just your normal
neighborhood.
Then what advice would you givea first-time buyer you know who
says, ooh, I want lakefront.
Speaker 3 (03:40):
A first-time buyer is going to be a tough more than
likely.
You know there's alwaysexceptions to the rules, but if
you're a first time buyer youwant to be on the lake.
You probably be looking at acondo or townhome and there's
several really nice condo andtownhome communities on pretty
much all the local lakes Reallythere are.
Then those are going to beprice points that you might be
able to get in at three hundredthree fifty, something like that
(04:03):
.
It's not going to break thebank.
So kind of figuring out what'simportant for you other than the
lake.
Are there any other amenitiesor location too close to work?
A whole slew of other thingsthat you'd want to think about.
And that's part of what we doas real estate agents.
We help ask the right questionsso people really think about
things that are going to beimportant to them.
Speaker 2 (04:23):
Right, right, I know you know it can be you and all
of these emotional things, butsometimes timing is off and you
just don't get all that.
What about the person who hasthe money for the big purchase
on the lake?
Any specific advice for them?
Speaker 3 (04:39):
Yeah, that's kind of what I've been going through
here with several of my clients.
So that's kind of what I'vebeen going through here with
several of my clients.
The view seems to be reallyimportant.
Knowing the lake is importantand that's where I come in.
I spend a lot of time.
You might be able to have alittle bit of a suntan or
sunburn actually, but I'm on thelake quite a bit with my
clients and knowing, like, wherethe deep water is Some people
(05:10):
like that's critically important.
If you're going to have a boatand a dock, you don't want your
boat sitting on the ground inthe wintertime.
You know what I mean.
So you know knowing that kindof information, really
understanding the importance oflocating where, like your septic
field is again because you'remore than likely going to have
septic field is again becauseyou're more than likely going to
have septic.
You know not going to have CityCounty sewer.
Understanding some of the rules, like the 760 rule out on Lake
(05:30):
Norman.
Or you know what you can dowith a doc.
I got a client just recently,bought a house and wanted to
expand on the doc that was there, but you're only allowed so
much square footage per DukeEnergy's rules and regulations.
So you have to know thatinformation.
You just can't come in willynilly and say I just want a big
new dock and start building itbecause you're going to get.
(05:52):
You know we get in trouble forthat.
Speaker 2 (05:54):
Yeah, been there, done that, so you're exactly
right.
There are a lot of regulations.
Are people sellers getting whatthey're asking for?
Their homes on the lake?
Speaker 3 (06:06):
It's it's.
The short answer is yeah, a lotof these cash buyers.
They're a little bit moremature in most cases I'm finding
maybe just a little bit older.
They don't want to get in a bigsquabble and all that kind of
thing.
They like what they like andthey're in a position where they
have the money to get what theywant.
(06:27):
See the right house, or whenthey see the right house,
they've been cash buyers andpretty close to full price and
now there might be someconcessions for things like
repairs and maybe some personalproperty and things of that
nature that they want.
But as far as pricing goes, yes, if you've got a really nice
(06:47):
lakefront waterfront home andit's got a nice dock and a nice
flow to the home and it's ingood shape, they're moving quick
.
Speaker 2 (06:56):
Yeah, what about?
You know some of theseteardowns, because the lake is
old and what started buildingaround it in the 60s and someone
sees a great lot, but you knowthey need to build a home.
Do you work with those kinds ofclients as well?
Speaker 3 (07:12):
I know this sounds weird, but once again, yes, just
early this week I had a newclient come in with that exact
kind of scenario and that againis so important that you have
the knowledge of.
Okay, I'm going to tear thishouse down now Is this house
grandfathered in?
Where are my setbacks, if youknow, if I leave part of the
(07:34):
foundation, and can I still usethis foundation?
That's this close to the wateror do I have to go to today's
setbacks?
That's important to know.
Or, once again, where's my welllocated?
You know, because if I have tomove that along in my property,
you know you need to.
You need to know that.
So, getting a good survey,having a good architect, and
(07:56):
also I've got a good friend.
Her name's Erica McIntosh.
She owns premier permits to theCarolinas.
She's really helpful withhelping people kind of
understand the permittingprocess, for you know, once you
tear the property down, what hasto happen and where you have to
be with your doc and this andthere's a lot.
I'm just it's overwhelming.
(08:16):
It's not like buying a standardhome in a regular subdivision.
It's much more involved and youhave to have people that are
experts and know what they'redoing.
Speaker 2 (08:25):
Absolutely and have that experience in all those
aspects.
Are there any underestimatedareas?
Undervalued, I should say, onLake Norman?
Speaker 3 (08:34):
still, you know, if another way of putting it is
where could I get the best deal?
I think is maybe what you'resaying.
Denver still has some goodlocations Sherrill's Ford and
then north of Sherrill's Ford asyou head up the lake Sherrill's
Ford and then north ofSherrill's Ford as you head up
(08:54):
the lake.
There's places like Long Islandor Troutman places up in there
where it's a little further away, but you can still get to the
main channel by boat.
There's maybe not as developedin terms of grocery stores and
other things that people aregoing to want, but if you are
looking for where do I get thebiggest bang for my buck, it
(09:15):
would be those areas, becauseCornelius is like super
expensive and you're not goingto find really a good deal kind
of thing over in Cornelius.
And Mooresville is good butit's got a lot of traffic in
certain parts of Mooresville.
They're not in a position wherethey're going to be dropping
(09:36):
prices a ton.
Speaker 2 (09:38):
Gotcha, so also just the late conversation.
What is one trend in realestate that people are
underestimating, and how are youcapitalizing on that?
Speaker 3 (09:49):
So that's.
It's an interesting questionand how I would want to rephrase
it or say it is.
It comes down to the loan.
A lot of people right now, ifthey're needing financing, say
they're a traditional buyer,putting five or 10 or 20 percent
down.
If the interest rate thatthey're getting is seven percent
(10:11):
, the payment structure on it isa little scary.
The payment structure on it isa little scary, it's pretty high
, but because sellers are alittle bit more motivated and
properties are sitting on themarket a little bit longer, if
you have a good realtor whounderstands the financing aspect
of it, you can negotiatecredits with the seller in a lot
(10:31):
of cases to get them to giveadditional money towards the
buyer's closing costs.
And what you could do as anexample is you might have a 7%
rate but maybe you can negotiateenough of a credit to get that
all the way down to a 6% rate orfive and a half or five and
three quarters on a 30 yearfixed.
(10:52):
Or another thing which I've doneis there's certain loan
products out there.
One's called a 3-2-1 buy down,another one's a 2-1 buy down and
simply put, if we use that same7% interest rate, if you can
get a 3-2-1 buy down.
That first year it would bethree points less or it'd be 4%
(11:12):
interest rate.
Then the next year or the next12 months, it would be set at 5%
and then goes to 6% and then,if you don't refinance in that
time period, it eventually willgo up to 7% again.
But that's one thing thatpeople don't really know a lot
about.
I'll tell you one thing iscritical in order to do that
(11:34):
kind of loan, you got to have agood agent who knows how to
negotiate it.
You got to have a good agentwho knows how to negotiate it.
You got to have a great lenderwho can do it.
And also you have to have aseller who's willing to pay for
it, because the buyer can't payfor it at all.
It's got to be a gift from theseller and the agent's not
allowed to give the gift.
So it's got to come from theseller, but I've been successful
(11:55):
doing it.
It's got to come from theseller, but I've been successful
doing it.
It's not easy, but it reallyhelps a lot.
It helps people get into homesnow versus waiting Cause.
There's a waiting game becauseof the interest rates.
A lot of buyers are like let'swait and see what happens here.
You know.
Speaker 2 (12:06):
Wow, you have a lot of skill.
You brought up some things thatI don't think most of us ever
think about.
One final question If you had500 500 000 cash to invest in,
charlotte.
Speaker 3 (12:23):
Where would you put it and why?
Well, um, I'm in a somewhat ofa similar dot 500, but I'm in a
position where I'm doing what'scalled a 1031 exchange and,
without getting into the weedson that, it's a situation where
I'm selling one income producingrental property and I have to
take the.
There's a certain amount ofmoney I have to take and I have
to apply that to additionalproperty in order to postpone
(12:49):
the big tax bill that comes.
That's not exactly the way itgoes, but, generally speaking
speaking, hopefully peopleunderstand what I'm saying.
So, um, there's a lot of peoplelike getting into airbnbs.
They're hard to find, um, butif you can find one, that's got
it.
You know some sort of recenthistory on how much incomes are
producing and you could buy aturnkey.
(13:10):
That would be a good place topark your money.
There are certain neighborhoodsin Charlotte that seem to be
insulated or good for rentalproperties.
Uptown, south End, dilworth,myers Park are examples where if
you could get something in oneof those neighborhoods and
you're able to hold on to thatand get a renter to come in and
(13:33):
pay some of the mortgage, or ifyou pay cash with your 500, they
could just give you an incomestream.
There's so many different waysyou can make money if you had a
half million dollars in realestate from buying commercial
property to buying lots andtrying to build on them and then
flip them and continuing to dothat.
There's a lot of ways to skinthe cat for sure.
Speaker 2 (13:55):
Well, charlotte's a hot market and definitely you
know this area as good as anyone.
Thank you so much, mike.
This has been incrediblevaluable information.
Appreciate you joining us today.
Speaker 3 (14:07):
Yeah, you got it.
Thanks for having me.
Speaker 2 (14:09):
Say one more time your number and how to reach you
.
Speaker 3 (14:12):
Okay, so it's Mike Sposato.
Reach you.
Okay, so it's Mike Sposato,Carolina Realty Advisors.
My number 704-619-7070.
Email is just mike atcarolinarealtyadvisorscom.
I mentioned that one websitethat's kind of a it's a great
website.
It's carolinalakefronthomes.
com.
Speaker 2 (14:35):
Thank you so much, Mike.
I look forward to our nextsession together.
Speaker 3 (14:39):
Yeah, me too.
Have a great day.
Speaker 2 (14:41):
You too.
Speaker 1 (14:41):
Thank you for listening to the Good Neighbor
Podcast.
To nominate your favorite localbusinesses to be featured on
the show, go toGNPSouthCharlotte.
com.
That's GNPSouthCharlotte.
com, or call 980-351-5719.
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