Anyone familiar with this Market? It has a small population, and it boarders North Carolina. I live 200 miles from Danville and was considering it a place to invest in Multifamily apartments.
Commercial/Multifamily Investors, what factors do you look at to determine the market you invest in.
Back in the 70's was a small town, still a small town. I always have had issue with property located too far away. Even with family where my investments were, there always seemed to be times where I needed to have eyes on the property. Would consider looking closer to your location vs having to rely on too many external people.
You need to look at cash you have to start. That determines deal size and how you can set up structure with running the buildings.
I live in Danville and have sold a lot of investment properties here. Most with tenants in place already generating income. I also provide recommendations for local property management, maintenance etc. The return is great here!
As a general rule, try to buy real estate next to jobs.
@Michael Giorgianni - I would be interested to learn more about the market. I see wholesale deals where some are literally $10k for a SFH.
@JeffreyCharter I have an office in Danville and the town has continued to be economically depressed. Unfortunately the town fathers have not been able to transition the city from a blue collar economy to much tech at all.
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