Newbie from Fayetteville, NC
Hi All!
Newbie here and I wanted to quickly introduce myself to the Bigger Pockets community. I grew up in Fayetteville, North Carolina (read: army brat). Played college soccer at UNC-Wilmington. I currently work in restaurant franchising in San Diego, California. While I love my neighborhood in Southern California, I'm looking to invest in my home town of Fayetteville, North Carolina.
My overall goal is to create cash flow from SFH buy & hold properties. On a micro level the BRRRR strategy is an approach that I would like to operate from. I'm really looking forward to networking on this great platform and meeting likeminded individuals. As an out of state investor, any help and advice about this particular market would be greatly appreciated!
Best!
David
@David Acosta Are you looking to pick up discounted properties that need work, or Turn-Key? BRRRR involves the R for Rehab. I ask since you are in La Jolla, and wanting to invest in Fayetteville. If so, I'd reach out to Wayne Suggs to acquire inventory...he probably sells one to two a month in FAY.
Thanks for the reply, @Adam Schneider. I'm looking to pick up discounted properties that need work that I can can rehab and follow through to refi. Outside of my family, I have a few boots on the ground to help with the out of state aspect of this challenge. However, if there is a turn-key opportunity available in the Fayetteville area, that produces solid cash flow, I would love to hear about it. There are varied opinions on this rei vehicle, but the one thing that seems to be agreed upon is that a management company of great quality is a must for the property to work out.
I searched for a Wayne Suggs on BP and online but didn't come up with anything.
Thanks!
David
Fayetteville is a good place to invest.
I can help with boots on the ground. I do so for a few out of state investors on BP. I can turn you on to my PM and realtor as well. My realtor is investor only, and the best I've ever known.
There are wholesalers around, but I rarely see a deal better than what you can get on MLS here. Thought i can depend on what you're trying to buy. Market is very competitive here, lots of the CA money!!
@Alexander Felice - Thanks for the reply. I'm glad to get your positive thoughts on the Fayetteville, NC market. From my research there seems to be an abundance of SFR foreclosures. With the price rates that these foreclosures are being moved at, the large competition you mentioned makes sense.
Raised as an army brat, I can fully appreciate what exactly BAH can mean to a family. It seems appreciation in the area may be minimal, but I feel confident that with the military presence rent rates will continue to be solid for SFH purchased correctly.
I would love to hear more about the deals you've done in the area. Any recommendations on neighborhood selection? I have a solid understanding of the good and bad areas of Fayetteville, but this may not translate well in terms of communities that offer opportunity to an individual looking to complete their first deal. My parents have recently moved to Wilson, NC where they rent a home to be closer to family now that my father has retired. The home I grew up in (Vanstory Hills neighborhood) they have decided to sell. This area is a little steep for me but would like get your thoughts on it.
Thanks again for the insight!
@Mark Nolan - Thanks for the welcome! Love stopping through downtown Carlsbad. Beautiful area!
Originally posted by @David Acosta:
@Alexander Felice - Thanks for the reply. I'm glad to get your positive thoughts on the Fayetteville, NC market. From my research there seems to be an abundance of SFR foreclosures. With the price rates that these foreclosures are being moved at, the large competition you mentioned makes sense.
Raised as an army brat, I can fully appreciate what exactly BAH can mean to a family. It seems appreciation in the area may be minimal, but I feel confident that with the military presence rent rates will continue to be solid for SFH purchased correctly.
I would love to hear more about the deals you've done in the area. Any recommendations on neighborhood selection? I have a solid understanding of the good and bad areas of Fayetteville, but this may not translate well in terms of communities that offer opportunity to an individual looking to complete their first deal. My parents have recently moved to Wilson, NC where they rent a home to be closer to family now that my father has retired. The home I grew up in (Vanstory Hills neighborhood) they have decided to sell. This area is a little steep for me but would like get your thoughts on it.
Thanks again for the insight!
Most areas are pretty good. Stay away from Murchison road and that's about it. New construction is going on all over town even in what used to be considered bad areas.
I've done 3 deals here, looking to do at 2 more in the next ~6-8 months or so.
BAH helps price the market, although I generally don't rent to military.
Yes, Vanstory can be pricey ;)