Any investors in Wilmington, NC?

Question

Any investors in Wilmington, NC? I’m positioned to buy my first investment property but would love to talk to other local investors who have experience in this market.

Steve Garner · Answer

Wilmington is a great place to live. Values are so I currently it’s hard to make the numbers work. Reach out if I can ever help you. steve

Joe Prillaman · Answer

@Steve Keisling, buy and wait don’t wait to buy! It’s harder to find deals right now but there are many strategies that are crushing it! House hacking is a great example of a strategy that is really great down here. Daily consistent action is the key.

Jesse Canady · Answer

@Steve Keisling I would agree with the agent. Not to state the obvious, but it all depends on the comps. I have reviewed hundreds of appraisal in the area. Some appraisers are a little bit more generous with a "condition" adjustment, however the features that carry a larger monetary adjustment are garages, porches, square footage, etc...

If the subject property has the same features (or less) than the comps, then new kitchens/bathrooms/interior may not add enough value.

Joe Prillaman · Answer

@Steve Keisling, Waterline Brewing company this Tuesday at 7:00pm here is a link the the event.

https://www.biggerpockets.com/...

Steve Keisling · Answer

@Joe Prillaman is the meet up still going this week? If so, can you give me the when/where info?

Jesse Canady · Answer

@Steve Keisling Yes, but thats not the only way to add value to a BRRRR. You could add bathrooms (in wasted space) or a detached workshop or other adjustment items that will benefit the house come appraisal time. Feel free to reach out to chat more!

Steve Keisling · Answer

@Steve Garner thank you. I agree it’s tough to make the numbers work. I’ve read a lot about the market softening next year. Do you think the best strategy is to save and strike when the prices are lower?￼

Steve Keisling · Answer

@Jesse Canady great insight! So is it accurate to say that a BRRRR in this area means finding a house where I can logically add square footage?

Steve Keisling · Answer

@Jesse Canady It seems to me like BRRRR is the only way to go. However, a local agent told me that home improvements don’t raise values enough in the Wilmington market to justify the expenses of getting it done. In other words, updating the kitchen and bathrooms would cost more than the after rehab value. That doesn’t seem right to me, but that’s why I wanted to talk to someone who has Wilmington investment experience to see if he’s wrong.

Joe Prillaman · Answer

@Steve Keisling, yes the meet up is still on!

Any investors in Wilmington, NC?

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