Wilmington NC market

17 Replies

Looking in the Wilmington or surrounding area for possible rentals. From out of town and was looking for locals opinions on the area and where is the best place to start out

I really like the Ogden/porters neck area and around the university is very popular! All depends on your strategy and what you are looking to do! 

I am already pre approved for 200k from a lender in the area, looking for what area would work out best for a cash flow. This would be my first investment property and want to get some momentum going. My one year goal is to have 10 units

I am very interested in BRRRR method so I can keep recycling my money where I don't have all that much to invest with. Reaching out to try to connect with locals to see what different areas have to offer and possible partnering with someone to get the ball rolling.

I work on the road all year long with just a couple weeks here and there for breaks. I own a home in VT so I try to spend my off time at home. This would be a long distance approach

It is a great area. Appreciation is great, short term rentals can also do really well even off beach. Only drawbacks I have seen are the cash flow with many single family long term rentals aren't as high as other areas in the state. Are you intending to manage these yourself from long distance or hire a local property management company?

@Marc Poulin

Hey Marc - I know a great PM in Wilmington, if you’re long distance and traveling, he’d be a tremendous help. Send me a message for sure!

Also, Jesse and Joe are great resources. You can trust anything they say about the area.

All the best -

Grayson

@Marc Poulin

Wilmington has become a very competitive market (for all the good reasons listed by folks above) and BRRRR deals in the neighborhoods above can be hard to find, though not impossible. Rarely will you be able to find a deal in Wilmington proper where you can be all-in for 75% LTV, so plan on slowly having your BRRRR budget chipped away with leaving 1-$15k in each deal.

The outlying areas offer better prospects, but they are increasingly competitive as well. I would suggest you look in Castle Hayne and Leland as good areas. Hampstead is too pricey for the most part as it is a wealthy bedroom community to Wilmington proper and with its fantastic schools come very high taxes in Pender County. You can also look in the Sneads Ferry and Holly Ridge/Surf City areas for some good value (though there is low inventory). 

@Sean McDonnell is a great local agent who specializes in serving OOS investors and will have some good info for you as well.

Best of luck!