Which market will you invest in 2024?

Multi-Family and Apartment Investing
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Which market will you invest in 2024?

Jasmine Hu
Rental Property Investor · Tysons, VA · Member since 2015 · 73 posts · 45 votes

As title, I am interested in following markets: (no particular order)

1. Raleigh NC

2.Wilmington, NC

3. Charlotte, NC

4.Richmond, VA

5.Virginia Beach, VA

6.Jasonville, FL

7.Tampa, FL

8.Knoxville, TN

9.Memphis, TN

Among those, Richmond/VA beach are closer to me. Yet I feel Raleigh and Charlotte NC would be better for appreciation.
As of FL, I am concerned with future insurance cost.

Any other ideas? Please share.

Timing wise, I feel we will get better idea at the end of 2023 or early 2024. Unless it is a great deal, no hurry for now.

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Arn CenedellaPro Member
Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
3y

@Jasmine Hu

Not sure I would go to Memphis and don't know the VA markets.

I’m in Greenville SC and love that market - midway between Charlotte and Atlanta.

Booming population, income, and job growth - not as competitive as the NC and Florida locations.

As you note insurance costs are in issue in FL and probably in Wilmington too.

To add some additional context, one can invest successfully in most markets.

For me, knowing your market is as important if not more important than selecting a market. One’s competitive advantage as an investor primarily comes from superior intimate market knowledge. No matter what market you select, you need to spend a lot of time there getting to know the market and the “players” in that market.

Which of these markets can you get to easily and often?

Pick a market drill deep into that market, learn the market and success will follow.

[email protected]650-575-6114
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  • Arn CenedellaPro Member
    Rental Property Investor · Greenville, SC · Member since 2008 · 786 posts · 1k+ votes
    3y

    @Jasmine Hu

    Not sure I would go to Memphis and don't know the VA markets.

    I’m in Greenville SC and love that market - midway between Charlotte and Atlanta.

    Booming population, income, and job growth - not as competitive as the NC and Florida locations.

    As you note insurance costs are in issue in FL and probably in Wilmington too.

    To add some additional context, one can invest successfully in most markets.

    For me, knowing your market is as important if not more important than selecting a market. One’s competitive advantage as an investor primarily comes from superior intimate market knowledge. No matter what market you select, you need to spend a lot of time there getting to know the market and the “players” in that market.

    Which of these markets can you get to easily and often?

    Pick a market drill deep into that market, learn the market and success will follow.

    [email protected]650-575-6114
    8Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Jasmine Hu:

    As title, I am interested in following markets: (no particular order)

    1. Raleigh NC

    2.Wilmington, NC

    3. Charlotte, NC

    4.Richmond, VA

    5.Virginia Beach, VA

    6.Jasonville, FL

    7.Tampa, FL

    8.Knoxville, TN

    9.Memphis, TN

    Among those, Richmond/VA beach are closer to me. Yet I feel Raleigh and Charlotte NC would be better for appreciation.
    As of FL, I am concerned with future insurance cost.

    Any other ideas? Please share.

    Timing wise, I feel we will get better idea at the end of 2023 or early 2024. Unless it is a great deal, no hurry for now.


     The trend is pretty clear, there're trend of job moving out from city like NYC/SF to FL/TX, more manufacturing job move to midwest and the south. Also cities like Raleigh and Durham would generate more tech jobs. 

    If you want to investigate which city that would appreciate more, you could check Redfin competitiveness score ! there's no need to guess which city that would appreciate, it's all acted based upon on buyer demands.

    1Reply
  • Mohammad Parwez
    Real Estate Broker · Greensboro, NC · Member since 2023 · 79 posts · 45 votes
    3y

    Triad area of NC is another booming market with lots of new jobs and inflow of population in the cities of Greensboro, Winston-Salem and High Point.

    However, I do not see a lot of open listing for multi family as of now but there are new construction I can see. This is another option you can check besides Raleigh/Charlotte.

    Mohammad Parwez

    NC Realtor

    2Reply
  • Patrick Knapp
    Contractor · Wake Forest, NC · Member since 2019 · 138 posts · 132 votes
    3y

    @Jasmine Hu I’m a GC and investor in Raleigh. It’s a great market

    1Reply
  • Wyatt WolffPro Member
    Lender · Charlotte, NC · Member since 2019 · 466 posts · 278 votes
    3y

    Personally love Charlotte. Not only do I live here, but I have watched it EXPLODE over the last five years. Construction buddies of mine have more work than they know what to do with, even average realtors seem to be doing well. Booming market here 

    [email protected]
    2Reply
  • Rick Pozos
    Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
    3y

    Buy what is familiar to you and close to you. It is so much easier to check on contractors and progress of rehabs when they are close. After you do some rehabs, own some rentals, THEN you can see where you might do a little better once you have experience with rentals, markets, and you have real estate knowledge in general. Dont worry if you are going to get 3% vs 4% appreciation in a certain market. You will always find a better market somewhere else.

    Sounds like procrastination to me!! Just do it.

    ps there is no better market. The great area this year will have lower numbers next year or the year after.

    5Reply
  • Sean HudginsPro Member
    Real Estate Agent · Chesapeake Va · Member since 2019 · 150 posts · 100 votes
    3y
    Quote from @Jasmine Hu:

    As title, I am interested in following markets: (no particular order)

    1. Raleigh NC

    2.Wilmington, NC

    3. Charlotte, NC

    4.Richmond, VA

    5.Virginia Beach, VA

    6.Jasonville, FL

    7.Tampa, FL

    8.Knoxville, TN

    9.Memphis, TN

    Among those, Richmond/VA beach are closer to me. Yet I feel Raleigh and Charlotte NC would be better for appreciation.
    As of FL, I am concerned with future insurance cost.

    Any other ideas? Please share.

    Timing wise, I feel we will get better idea at the end of 2023 or early 2024. Unless it is a great deal, no hurry for now.


     Im in the Virginia Beach market and I think it is really over looked. Especially when talking about the insurance issues. I feel that VB is one of the most protected markets on the east coast (in the south) from hurricanes. The market is definitely dominated by the military presence but I think that can be a great advantage to investors and is a very strong back stop for any down turns. I am hoping people start to realize what a gem Virginia Beach is and we get some more industries moving in, some changes in regulations to draw businesses into Virginia I think would really blow up the area.

    [email protected]757-844-8215
    3Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    3y
    Quote from @Sean Hudgins:
    Quote from @Jasmine Hu:

    As title, I am interested in following markets: (no particular order)

    1. Raleigh NC

    2.Wilmington, NC

    3. Charlotte, NC

    4.Richmond, VA

    5.Virginia Beach, VA

    6.Jasonville, FL

    7.Tampa, FL

    8.Knoxville, TN

    9.Memphis, TN

    Among those, Richmond/VA beach are closer to me. Yet I feel Raleigh and Charlotte NC would be better for appreciation.
    As of FL, I am concerned with future insurance cost.

    Any other ideas? Please share.

    Timing wise, I feel we will get better idea at the end of 2023 or early 2024. Unless it is a great deal, no hurry for now.


     Im in the Virginia Beach market and I think it is really over looked. Especially when talking about the insurance issues. I feel that VB is one of the most protected markets on the east coast (in the south) from hurricanes. The market is definitely dominated by the military presence but I think that can be a great advantage to investors and is a very strong back stop for any down turns. I am hoping people start to realize what a gem Virginia Beach is and we get some more industries moving in, some changes in regulations to draw businesses into Virginia I think would really blow up the area.

    Virginia Beach is a really good one. I thought about that one prior to getting into it then swayed away, I should have it on my list in 2024. I'm almost done with the Triangle area. 
    2Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    3y

    I will comment Triangle area is really, really hard unless you spend some time there.

    Rent has not caught up to price point. Durham is really difficult and pretty tough with evictions(from a landlord side, not speaking from experience though). Much like all other areas, when there's momentum all investors slam that one direction suburb wise(Garner for example). RTP is really peculiarly located as is Duke. It's just a weird set up.

    I do believe in it though, but it's been the most difficult of areas to really understand what to do. 

    0Reply
  • Benjamin Carver
    Real Estate Agent · Raleigh, NC · Member since 2019 · 303 posts · 288 votes
    2y

    Speaking from what I'm seeing, Raleigh is set for massive growth... Great long-term appreciation play and just a great area in general. Good list 

    1Reply
  • Oren Kachel
    Member since 2019 · 140 posts · 24 votes
    2y
    Quote from @Patrick Knapp:

    @Jasmine Hu I’m a GC and investor in Raleigh. It’s a great market

     hey @Patrick Knapp!
    im looking for someone to do some interior work in Winston- Salem, do u know anybody?

    0Reply
  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    2y

    I'm in the Richmond, VA area. Good market, but very competitive. Folks are fighting to pay $700k for a duplex here with market rents of $3,500. No thanks.

    2Reply
  • Jasmine Hu
    OP
    Rental Property Investor · Tysons, VA · Member since 2015 · 73 posts · 45 votes
    2y

    Thanks for the tip!

    0Reply
  • Jasmine Hu
    OP
    Rental Property Investor · Tysons, VA · Member since 2015 · 73 posts · 45 votes
    2y
    Quote from @V.G Jason:

    I will comment Triangle area is really, really hard unless you spend some time there.

    Rent has not caught up to price point. Durham is really difficult and pretty tough with evictions(from a landlord side, not speaking from experience though). Much like all other areas, when there's momentum all investors slam that one direction suburb wise(Garner for example). RTP is really peculiarly located as is Duke. It's just a weird set up.

    I do believe in it though, but it's been the most difficult of areas to really understand what to do. 


    Just curious why it is hard to evict in Durham area? I thought NC is landlord friendly?! Can we get bad tenant out in a month in NC? 

    0Reply
  • Melanie P.Pro Member
    Rental Property Investor · Member since 2023 · 1k+ posts · 922 votes
    2y
    Quote from @Jasmine Hu:
    Quote from @V.G Jason:

    I will comment Triangle area is really, really hard unless you spend some time there.

    Rent has not caught up to price point. Durham is really difficult and pretty tough with evictions(from a landlord side, not speaking from experience though). Much like all other areas, when there's momentum all investors slam that one direction suburb wise(Garner for example). RTP is really peculiarly located as is Duke. It's just a weird set up.

    I do believe in it though, but it's been the most difficult of areas to really understand what to do. 


    Just curious why it is hard to evict in Durham area? I thought NC is landlord friendly?! Can we get bad tenant out in a month in NC? 


     IMHO, NC is not landlord friendly. You cannot garnish wages if you win a judgment for damages. And you have to pay the sheriff to store the tenant's crap if they leave it behind on eviction day. 

    2Reply
  • Adam M.
    Investor · Texas (DFW & West Texas) · Member since 2023 · 86 posts · 55 votes
    2y
    Quote from @Jasmine Hu:

    As title, I am interested in following markets: (no particular order)

    1. Raleigh NC

    2.Wilmington, NC

    3. Charlotte, NC

    4.Richmond, VA

    5.Virginia Beach, VA

    6.Jasonville, FL

    7.Tampa, FL

    8.Knoxville, TN

    9.Memphis, TN

    Among those, Richmond/VA beach are closer to me. Yet I feel Raleigh and Charlotte NC would be better for appreciation.
    As of FL, I am concerned with future insurance cost.

    Any other ideas? Please share.

    Timing wise, I feel we will get better idea at the end of 2023 or early 2024. Unless it is a great deal, no hurry for now.


     Where's TX at! 

    1Reply
  • Samuel CoronadoPro Member
    Investor · Huntsville, AL · Member since 2016 · 334 posts · 181 votes
    2y

    Knoxville, TN is a great gem of the south with a lot of organic growth. Memphis, TN is on the other hand is very unfriendly to landlords, lots of crime (I've been personally robbed there haha), and lots of gangs and drug use. It looks good on paper, but can be hard for an out of state investor who may not know the nuances. It's very similar to Birmingham, AL in that respect. 

    I am big fan of NC. When I left, apart from the normal political shenanigans, it was very well run with a strong government presence, military renters, and organic business growth that wasn't dependent on tech cycles, credit crunches, etc. I left there in 2021. 

    FL is a Russian roulette of an investment. Some people are finding their insurance tripling, especially closer to the coast. 

    Don't know much about VA.

    I would look at Huntsville, AL. 

    1Reply
  • Michael S.
    Huntsville, AL · Member since 2018 · 577 posts · 864 votes
    2y

    Huntsville AL definitely is an appreciation play right now;  there is no significant cash flow unless you put well over 20% down, go to C/D neighborhoods, do multifamily/house hack, or find a unicorn of an off-market deal.  

    3Reply
  • Scott Bowen
    Member since 2023 · 21 posts · 18 votes
    2y

    I own several in Memphis and have been happy with it so far. As long as you know which neighborhoods to invest in it's a very solid cash flowing market. 

    1Reply
  • Joshua Eliassian
    Member since 2024 · 10 posts · 13 votes
    2y

    What are the best area to invest in multi- family on Columbus, Ohio. I am familiar with Dublin and Grove City, but would love to learn of other area.

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Joshua Eliassian:

    What are the best area to invest in multi- family on Columbus, Ohio. I am familiar with Dublin and Grove City, but would love to learn of other area.


     Are you looking for more cash flow or appreciation?

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
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    2Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    2y
    Quote from @Joshua Eliassian:

    What are the best area to invest in multi- family on Columbus, Ohio. I am familiar with Dublin and Grove City, but would love to learn of other area.


    Depends on what you're after. Columbus has many strong neighborhoods across the city. I can share you my neighborhood grade map to help you explore specific areas.

    2Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    2y
    Quote from @Joshua Eliassian:

    What are the best area to invest in multi- family on Columbus, Ohio. I am familiar with Dublin and Grove City, but would love to learn of other area.


     best way to invest in multifamily is to build it in columbus urban core where new construction trades at 30% higher than existing multifamily and build it at a discount. 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
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  • Dave MeyerPro Member
    Head of Real Estate Investing at BiggerPockets · Seattle, WA · Member since 2015 · 224 posts · 826 votes
    2y

    @Jasmine Hu What are your investing goals? My personal opinion is that all markets can work, it depends on what you're trying to accomplish. So as you note, if you're looking for cashflow cities like Raleigh and Charlotte will be tough. I personally find if you sit down and write our what your priorities are, finding a market gets a lot easier. Are you looking for appreciation? Stability? Future rent growth? Put them in a ranked order, and once you do the answer will become clear. 

    I'm not in many of these markets, but invested in a syndication near Virginia Beach that has done well for me! 

    Podcast Guest on Show #186
    BiggerPockets
    4Reply
  • Joshua Eliassian
    Member since 2024 · 10 posts · 13 votes
    2y
    Quote from @Simon Ashbaugh:
    Quote from @Joshua Eliassian:

    What are the best area to invest in multi- family on Columbus, Ohio. I am familiar with Dublin and Grove City, but would love to learn of other area.


    Depends on what you're after. Columbus has many strong neighborhoods across the city. I can share you my neighborhood grade map to help you explore specific areas.


     I would greatly appreciate that!

    1Reply
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