Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
Hi all,
This post is to introduce myself and get involved with the BP community. My wife and I are NC residents near Durham and are finally ready to invest in real estate. We have owned 3 primary residences and sold 2 of them as we have relocated twice over the past 6 years.
We're really interested in building a diverse portfolio of properties in different locations and of different types. We want to start with a STR in a coastal area in NC, preferably in Wilmington, Carolina Beach, or Kure Beach. Eventually we'd like to have one around the Smoky Mountains, in addition to LTRs and multi-family around the state or beyond.
In short, we are just beginning our real estate investment journey and have lots to learn. We'll be reading lots of BP posts to get educated, and of course would welcome any advice, especially from those experienced in NC real estate.
Property Manager · Raleigh-Durham, NC · Member since 2015 · 43 posts · 18 votes
4y
Welcome to BP. I'm also in Durham and would love to stay connected with like minded investors in the area! I have been investing in the triangel for a few years and looking to expand out for larger properties. If there's anyting I can help with, please reach out.
Rental Property Investor · Port St Lucie, FL · Member since 2019 · 150 posts · 79 votes
4y
Hi
I'm an investor in Wilmington NC live in FL Just converted my LTR to an STR. BP has a monthly meetup at Waterline Brewery the first Tuesday of each month. Let's connect
Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
4y
Thanks for the replies!
@Garrett White - would be great to connect, and thanks for the offer!
@Bob Anthes - that's awesome, we'll try to make it to the meetup sometime. We're looking for an agent to work with, so any connections in Wilmington will be super helpful.
This post is to introduce myself and get involved with the BP community. My wife and I are NC residents near Durham and are finally ready to invest in real estate. We have owned 3 primary residences and sold 2 of them as we have relocated twice over the past 6 years.
We're really interested in building a diverse portfolio of properties in different locations and of different types. We want to start with a STR in a coastal area in NC, preferably in Wilmington, Carolina Beach, or Kure Beach. Eventually we'd like to have one around the Smoky Mountains, in addition to LTRs and multi-family around the state or beyond.
In short, we are just beginning our real estate investment journey and have lots to learn. We'll be reading lots of BP posts to get educated, and of course would welcome any advice, especially from those experienced in NC real estate.
Thanks!
Hi Ross. Nice to meet you. I like the vision and growth you are laying out. My wife and I own 2 STR in Wilmington NC with 2 more coming online in next few months. My wife manages 15 units, soon to be 18 under her Super Host status. I am a established real estate Broker. Let us know if we can help or share experiences here on the coast. Cheers!
Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
4y
Hey @Ben Szafran! Nice to meet you, as well. Congrats on what you've accomplished in Wilmington. Would be great to connect and learn from your experiences.
Investor · Wilmington, NC · Member since 2022 · 21 posts · 6 votes
4y
Hey @Ross M., welcome! I'm a new investor in the Wilmington, NC area (originally from Durham & Sanford). My wife and I are currently focused around Topsail, Surf City and North Topsail. We use to live in Kure Beach too. Kure is a beautiful place if you can find something... lately inventory's been pretty slim there. Best wishes as you get started!
I'm an investor in Wilmington NC live in FL Just converted my LTR to an STR. BP has a monthly meetup at Waterline Brewery the first Tuesday of each month. Let's connect
Thanks
Bob
hey there, I'm also in the wilmington area. what time does this usually happen? I'd like to partake
@Garrett White - would be great to connect, and thanks for the offer!
@Bob Anthes - that's awesome, we'll try to make it to the meetup sometime. We're looking for an agent to work with, so any connections in Wilmington will be super helpful.
Hey @Ross M., I may be able to help you find a reputable agent down in Wilmington. If I move there sooner than later, I'll be able to help;)
Lender · Wilmington, NC · Member since 2020 · 10 posts · 9 votes
4y
Hey Ross,
Your timing is looking pretty good if you are trying to invest in an STR in Wilmington, NC. I believe that the city just lifted some STR regulations that were in place (I believe it only applied to "city limits" and it generally placed a restriction on more than one STR per 400m radius)... don't quote me on that but it was something close to those terms. The link I included below is an article that details the city of Wilmington lifting those regulations. I just thought that would be useful information if you didn't already know (I would still double check what (if any) STR regulations exist in any of those areas that you are looking into (if you haven't already). Good luck!
Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
4y
@Brian Rogan - Thanks for the links. That's good news.
I did see that for whole-house lodging, the city states, "A local operator must be within 25 miles and available 24 hours a day." Wonder how we can meet that requirement as potential owners being well outside that radius.
Investor · Member since 2021 · 157 posts · 218 votes
4y
Hi Ross, I am a short term and long term rental investor in NC. In the areas you mentioned, you really have to do your due diligence regarding short term rental restriction imposed by the cities as well as HOAs and local covenants. Lenders are unlikely to lend for short-term rentals in areas where there are clear guidelines against them.
Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
4y
@Kit Serrell - thanks for the input. It is tricky to navigate! We are putting in a lot of effort on that front and trying to speak with the right people in local governments to be sure.
This post is to introduce myself and get involved with the BP community. My wife and I are NC residents near Durham and are finally ready to invest in real estate. We have owned 3 primary residences and sold 2 of them as we have relocated twice over the past 6 years.
We're really interested in building a diverse portfolio of properties in different locations and of different types. We want to start with a STR in a coastal area in NC, preferably in Wilmington, Carolina Beach, or Kure Beach. Eventually we'd like to have one around the Smoky Mountains, in addition to LTRs and multi-family around the state or beyond.
In short, we are just beginning our real estate investment journey and have lots to learn. We'll be reading lots of BP posts to get educated, and of course would welcome any advice, especially from those experienced in NC real estate.
Thanks!
Hi Ross. Nice to meet you. I like the vision and growth you are laying out. My wife and I own 2 STR in Wilmington NC with 2 more coming online in next few months. My wife manages 15 units, soon to be 18 under her Super Host status. I am a established real estate Broker. Let us know if we can help or share experiences here on the coast. Cheers!
Hey Ben, any recommendation for cleaners/what you use to find one?
Investor · Durham, NC · Member since 2022 · 17 posts · 31 votes
3y
Exciting update on our journey!
We really couldn't find the right property in our price range in the Wilmington and Carolina Beach area, so we shifted gears and started looking at other NC markets.
We found one in a popular destination spot in the mountains region of NC and moved quickly to check it out and make an offer. Our offer was accepted, everything went smoothly, and we closed a few weeks ago. We are currently doing some minor cosmetic updates and setting it up as an STR.
We really couldn't find the right property in our price range in the Wilmington and Carolina Beach area, so we shifted gears and started looking at other NC markets.
We found one in a popular destination spot in the mountains region of NC and moved quickly to check it out and make an offer. Our offer was accepted, everything went smoothly, and we closed a few weeks ago. We are currently doing some minor cosmetic updates and setting it up as an STR.
I'll update when our listing goes live.
Hey Ross,
Where at in the mountains? I just took a trip over to Black Mountain right outside Asheville last week and loved it. Very curious to know where it is now!
Rental Property Investor · Asheville, NC · Member since 2016 · 67 posts · 62 votes
3y
Congrats @Ross M.! There's lots of great markets in NC for investing, and it sounds like you're starting an exciting journey. I'm investing and serving clients in WNC. Let me know if you have any questions about investing or markets in the western part of the state.
Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
3y
@Ross M.. Congrats. You picked a great market in my opinion. I nearly bought there myself last year. If you want help kicking around finance strategy for near and long-term, I'm happy to talk. And if you're over this way in the near future, we'd enjoy having you join one of our meetups.
I'm definitely trying to diversify and looking for a western/mountain area. Any suggestions? I'm actually in wilmington and have some here but a mountain would be cool too!
Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
3y
Hi @Jeremy Garrido, I would probably focus on communities that border Asheville, like Lake Lure, Black Mountain, Fairview, Fletcher, etc. Perhaps we can talk by phone sometime, so that I can get a better feel for your preferences and priorities. Then I could perhaps even suggest some towns that are further away, like Waynesville or Bryson City. I'll message you about setting up a call.
We really couldn't find the right property in our price range in the Wilmington and Carolina Beach area, so we shifted gears and started looking at other NC markets.
We found one in a popular destination spot in the mountains region of NC and moved quickly to check it out and make an offer. Our offer was accepted, everything went smoothly, and we closed a few weeks ago. We are currently doing some minor cosmetic updates and setting it up as an STR.
We really couldn't find the right property in our price range in the Wilmington and Carolina Beach area, so we shifted gears and started looking at other NC markets.
We found one in a popular destination spot in the mountains region of NC and moved quickly to check it out and make an offer. Our offer was accepted, everything went smoothly, and we closed a few weeks ago. We are currently doing some minor cosmetic updates and setting it up as an STR.
I'll update when our listing goes live.
Congratulations! I have a place in Lake Lure as well, it's a great area with so much to do nearby. Also have an STR in Wilmington. I live in Raleigh. Curious to hear about your STR journey, what your bookings look like, etc. Somehow I ended up with two STRs though they are not my main strategy (I'm primarily long term buy-and-hold & commercial investor) so it's been interesting to watch how they do compared to other types of investments.
We really couldn't find the right property in our price range in the Wilmington and Carolina Beach area, so we shifted gears and started looking at other NC markets.
We found one in a popular destination spot in the mountains region of NC and moved quickly to check it out and make an offer. Our offer was accepted, everything went smoothly, and we closed a few weeks ago. We are currently doing some minor cosmetic updates and setting it up as an STR.
I'll update when our listing goes live.
Hey Ross,
Where at in the mountains? I just took a trip over to Black Mountain right outside Asheville last week and loved it. Very curious to know where it is now!
Hey Everyone ,
Love seeing Black Mountain popping up on here. I own a couple STRs in the Outer Banks of NC (and that is where I live as well) and I also own three out in Black Mountain. Both areas have been great for me - living in the Outer Banks, its nice being just down the street. Investing in Black Mountain was my first time managing from a far (I self manage all of them) and it has worked out great! Of course, that is mostly because I have a great team and especially cleaners out in Black Mountain