Rental Property Investor 路 Charlotte NC 路 Member since 2019 路 306 posts 路 183 votes
Happy New Year BP.
I wanted to see what markets are you focused on for Multi-Family in 2020?
We are based out of Charlotte NC. We like to focus heavily on Charlotte NC, Raleigh NC, Charleston SC, and Greenville SC. We are also looking into Willmington NC, Dallas Tx, and Orlando FL.
Apartment Syndicator 路 Charleston, SC 路 Member since 2017 路 519 posts 路 631 votes
6y
@Chris Salerno these are the markets that @Adam Balsinger and I are focusing on in 2020. Of the list below, Charlotte, Raleigh, and Atlanta are our biggest priorities. It's interesting that you're focusing on Wilmington. Perhaps you know something about it that I don't.
1. Asheville, NC MSA
2. Atlanta-Sandy Springs-Roswell, GA MSA
3. Charleston-North Charleston, SC MSA
4. Charlotte-Concord-Gastonia, NC-SC MSA
5. Dallas-Fort Worth-Arlington, TX MSA
6. Durham-Chapel Hill, NC MSA
7. Greensboro-High Point, NC MSA
8. Greenville-Anderson-Mauldin, SC MSA
9. Hickory-Lenoir-Morganton, NC MSA
10. Huntsville, AL MSA
11. Lakeland-Winter Haven, FL MSA
12. Myrtle Beach-Conway-North Myrtle Beach, SC-NC MSA
Multifamily Syndicator 路 Greater Los Angeles Area 路 Member since 2015 路 399 posts 路 261 votes
6y
@Adam Balsinger Sorry, when I mention Phoenix and Tucson I mean the greater MSA's for both. So yes we look a bit in Scottsdale although it is overpriced but like other submarkets like Mesa and Glendale.
Investor 路 Charlotte, NC 路 Member since 2016 路 20 posts 路 9 votes
6y
@Kyle Mitchell no worries brother! I'm not super knowledgeable about the AZ markets as it isn't an area of focus for us. Makes sense being that you're from LA that you'd be playing in the AZ markets though!
Multifamily Syndicator 路 Greater Los Angeles Area 路 Member since 2015 路 399 posts 路 261 votes
6y
@Steven Steele Absolutley. Phoenix is the 5th largest city in the US which means it is very dense. Even in the submarkets I mentioned there are areas I would not invest. Real estate is hyper-local and you have to drill down all the way down to the neighborhood you invest in, not just the market or even submarket.
Realtor 路 Raleigh, NC 路 Member since 2015 路 21 posts 路 13 votes
6y
@Charles Seaman I am a real estate agent in Raleigh and I would say it is a great market because of the number of people moving here and the fact that some people would prefer renting over owning. In Raleigh it is very common to have 7-8 offers on a property priced under 300. Also, I have a rental in North Myrtle and would encourage you to add that to your list. Not only is this a popular vacation destination in the summer months, but there are many snowbirds who come down in the winter to rent sometimes 2-3 months at a time. I also know a great property manager and GC in that area and would be happy to share that information if you go that route. Asheville Is great (where I grew up) but the upfront cost to buy is going to be very high and might not be worthwhile unless it is going to be long term. The are other areas outside of Asheville where the cost is more reasonable like Black Mountain, Old Fort, Fairview etc . Regarding Wilmington depending on what you are looking for you can still buy a decent house in the 200s and you have both long term and short term rentals in that area. I am happy to talk further if you would like. Good luck!!
Apartment Syndicator 路 Charleston, SC 路 Member since 2017 路 519 posts 路 631 votes
6y
@Stacey M. thanks for your feedback. I'm always interested in talking with like-minded people about real estate more. Message me and we can connect further.
Rental Property Investor 路 Fremont, CA 路 Member since 2017 路 125 posts 路 75 votes
6y
We're very focused in the Dallas submarket and will start looking at Austin. There are plans to look into Arizona and Florida, but I'm cautious and want to set up a good team there before investing.
New to Real Estate 路 Knoxville, TN 路 Member since 2019 路 23 posts 路 5 votes
6y
@Stacey M.
I can鈥檛 believe someone knows old fort! I grew up 20 mins from there, opposite of Asheville. Sorry had to represent that little town.
There are plenty of properties there that has a lot of potential should the county loosen up for that area. I know of plenty of help in those areas, please let me know if I can help.
Rental Property Investor 路 St. Paul, MN 路 Member since 2016 路 3k+ posts 路 3k+ votes
6y
I would stay focused on just a few markets. Be very cautious about stepping into new markets. It takes a lot of time and effort to be successful in a single market, so having several markets to focus on, results in no focus.
New to Real Estate 路 Fort Wayne, IN 路 Member since 2019 路 123 posts 路 63 votes
6y
I am working along side a mentor based out of Cincinnati and we have an interest in the Carolinas as it is another great market to be a part of especially with the continued growth. Greenville and Charleston both appear to be interesting so I will continue to do a bit of research on both markets. At the moment Charlotte is a market that has peaked my interest with respect to potential and continued growth over the next 5 years. If I remember correctly, I saw an article stating it was named one of the top 10 emerging markets set to boom by 2025.
I hope all is well. Fantastic news about the Carolinas! I'm moving to Charlotte next month and excited about beginning my investing journey. Exciting years ahead!
Apartment Syndicator 路 Charleston, SC 路 Member since 2017 路 519 posts 路 631 votes
6y
@Jeremy Helsabeck Part of the reason is because I live in Charlotte and it's not too far from there. And the other part of the reason is because it'll experience some of the benefit from prices in The Triangle being so high. The high prices in The Triangle will force investors to look at The Triad more and more, so Winston-Salem will get a rub from this.
Investor 路 Hanover, MD 路 Member since 2017 路 10 posts 路 15 votes
6y
We are focusing on the Carolinas for 2020 and the years to come. Charlotte will be our main hub. Looking at Raleigh-Durham-Chapel hill, and Greenville SC. We look forward to networking with anyone else in any these markets and see how we could provide value to help grow your business.
Real Estate Agent 路 Surf City, NC 路 Member since 2017 路 648 posts 路 597 votes
6y
I am partial to Wilmington because I work and live near here but the growth projections are on par with the past few years of appreciation. I started investing in the Surf City, NC market a few years ago and have had pretty good success. You can get into the market for way cheaper than Wrightsville Beach and as long as you get proper insurance and aren't afraid of a few hurricanes, there is a lot of potential.
Wholesaler 路 Charlotte, NC 路 Member since 2013 路 269 posts 路 66 votes
6y
@Chris Salerno seems like the Carolina's is continuing it's price run up and still able to provide great returns to investors in both Single and Multi Family spaces. I think the strong job markets in Charlotte and Raleigh NC areas will continue to stay that way. @Charles Seaman my business partner syndicates Multi Family in GA and states hes seeing crazy price inflation on apartment deals. Are you seeing any of this in the Carolina's? I see you invest in NC and GA. I personally like the Stone Mountain GA area and also Marrietta/Cobb Co GA area for multifamily opportunities.
Wholesaler 路 Charlotte, NC 路 Member since 2013 路 269 posts 路 66 votes
6y
@Charles Seaman would you say the opportunity in Multi Family deals are in the Sub Markets like say Stone Mountain/Lithonia in GA and Burlington/High Point/Hickory in NC. Seems that's were the value is but not sure if they will sustain long term. They definitely provide great returns for investors who place funds in syndication deals with folks like yourself and @Chris Salerno
Apartment Syndicator 路 Charleston, SC 路 Member since 2017 路 519 posts 路 631 votes
6y
@Audrey Truesdale There's definitely better returns in secondary and tertiary markets at this point. I actually have a deal under contract currently in a tertiary market. However, lower returns in bigger, stronger markets are acceptable to me because you get the stability that comes along with those markets. Investors need to adjust their return expectations because of where we are in the cycle. It's unlikely that they'll see the same returns now that they were 2-3 years ago. However, the problem that I'm seeing is that some groups are promising the same returns and then not delivering on them because their projections are unrealistic.