Investing in multifamily in NC
Hello, I am an out-of-state investor looking to invest in NC. Looking for a multifamily LTR in a good area in NC. Would love to connect with any other investors, agents, or property managers in this area. I am still researching to see what the best area in NC would be for me. Any advice is appreciated. !
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It would depend on what class of property / tenant you're targeting and how much you have to invest. If you want the best class A+ LTRs in the state I'd recommend the upscale neighborhoods of Charlotte (Southpark, Myers Park, Dilworth etc.), or RTP / Raleigh. If you want more B / C class properties take your pick. Any of the second tier large cities like Greensboro, Winston Salem, Asheville, Wilmington, and the surrounding areas will have plenty of options. I have personally invested in these types of properties in Alamance county.
If you're open to STRs there's properties up and down the coast as well as lots of mountain vacation properties out West in places like Asheville, Boone, Hendersonville, Cherokee. They may cost more upfront, and require more work, but you'll see higher returns long term. These are the types of properties I'm now targeting.
I'd imagine the biggest challenge you'll run into is finding multi unit properties. They tend to be what most people target. How many people have the idea of buying a duplex to live in one side and rent out the other?