Beginner Out Of State Investing in NC
Washington, DC · Member since 2020 · 2 posts · 1 vote
Hi everyone, my name is Wayson and I currently live in the Washington DC area, but looking to invest out of state due to how expensive real estate is in the area I live in. I'm starting to learn more and more about real estate investing through podcasts and books and am wanting to invest right outside the Charlotte, NC market in Gastonia or Concord. Would love to connect with some local real estate investors/contractors/agents in those areas to hear Pros and Cons as well as potentially start looking for some deals! Looking forward to hearing from everyone.
Thanks,
Wayson
@Wayson Lee Hi!
Are you planning to build a rental portfolio, or start a flipping business?
Both Gastonia and Concord are good choices. Concord Mills Boulevard has seen substantial growth during the last ten years. The mall in this area has seen improvements and businesses have sprouted up around the area...as well as apartment communities. This growth has produced jobs within the retail and restaurant industry. Concord has the Hendricks family of car dealerships on this same strip. There are hotels across from the car dealership brands on the boulevard. Concord also has a race track that brings in an influx of traffic and revenue during the year. Concord also has an amphitheater that creates an increase in vehicle traffic and revenue. Plenty of job opportunities abound that are under $50k/year.
Gastonia seems to have a larger land mass which includes many areas of trees; curvy country roads; mountainous terrain in parts of town; several town Burroughs with a country feel; and scenic views that depict a historic past and city improvements that suggests a progressive future.
North Carolina has an extensive health system that consists of urgent care facilities in certain parts of both cities. If buying rental portfolios, be sure to inquire about rent rolls and discuss payment histories. Jobs abound, but eviction restrictions may be in effect, until December of this year.
In short, both cities are great. If you are planning to fix and flip homes, Gastonia may serve you slightly better with a greater variety of homes, floor plans, and price ranges. Traffic congestion will appear in both cities; however, with entertainment venues, new businesses sprouting up, and a smaller land mass, Concord will experience traffic congestion more often.
Wayson, I hope this information gives you a good picture of everyday living here.
@Wayson Lee Hi!
Are you planning to build a rental portfolio, or start a flipping business?
Both Gastonia and Concord are good choices. Concord Mills Boulevard has seen substantial growth during the last ten years. The mall in this area has seen improvements and businesses have sprouted up around the area...as well as apartment communities. This growth has produced jobs within the retail and restaurant industry. Concord has the Hendricks family of car dealerships on this same strip. There are hotels across from the car dealership brands on the boulevard. Concord also has a race track that brings in an influx of traffic and revenue during the year. Concord also has an amphitheater that creates an increase in vehicle traffic and revenue. Plenty of job opportunities abound that are under $50k/year.
Gastonia seems to have a larger land mass which includes many areas of trees; curvy country roads; mountainous terrain in parts of town; several town Burroughs with a country feel; and scenic views that depict a historic past and city improvements that suggests a progressive future.
North Carolina has an extensive health system that consists of urgent care facilities in certain parts of both cities. If buying rental portfolios, be sure to inquire about rent rolls and discuss payment histories. Jobs abound, but eviction restrictions may be in effect, until December of this year.
In short, both cities are great. If you are planning to fix and flip homes, Gastonia may serve you slightly better with a greater variety of homes, floor plans, and price ranges. Traffic congestion will appear in both cities; however, with entertainment venues, new businesses sprouting up, and a smaller land mass, Concord will experience traffic congestion more often.
Wayson, I hope this information gives you a good picture of everyday living here.
Hi @Anthony Davis
Thanks so much for sharing your knowledge of the areas. I’m planning on building a rental portfolio with cash flowing properties. Just browsing through what’s on the market right now, it seems like a very competitive market for cash flowing properties.
Ideally I want to start with a turnkey, or something with minor cosmetic renovations to get my feet wet and eventually move into BRRR. Have you seen any success with beginners in these markets?
Hi @Anthony Davis
Thanks so much for sharing your knowledge of the areas. I’m planning on building a rental portfolio with cash flowing properties. Just browsing through what’s on the market right now, it seems like a very competitive market for cash flowing properties.
Ideally I want to start with a turnkey, or something with minor cosmetic renovations to get my feet wet and eventually move into BRRR. Have you seen any success with beginners in these markets?
Yes!
Many beginners in our area connect with other investors in Facebook groups before meeting in person. Meeting online with introductory posts followed by additional posts to Facebook groups help us develop a sense of familiarity for one another.
Some investors organize weekly meet-ups and extend invites to group members. Attendees of the local meet-ups pay a small fee for continued learning at the strategy sessions. You also get to know other local investors, or folks who are interested in investing.
Some local beginners actually (buy properties) from other local investors in the Facebook groups. Our groups have realtors, owner/brokers, property management professionals, contractors, insurance professionals, and experienced property developers.
We even recommend lending sources from personal experience; and, we share investing experiences with lenders and closing attorneys.
Get your training wheels by connecting locally and communicating with questions and responses to other posts within the Facebook groups.
Welcome aboard Wayson!
Hello Wayson - My wife Susan and I are Real Estate Investors as well. We bought homes & sold homes using RE agents and always felt like they were just going through the motions and not really helping us. We then moved into FSBO and buying without agents and faced hurdles of not getting the MLS data, still needing a RE to get into properties and a number of other hurdles. So, during COVID lockdown, we said, let's just get our real estate licenses so we can do all those things for ourselves.
Fast forward - What we have learned is that we were REALLY get short changed by our other agents/brokers. We are both educators and teachers at heart and really want to take care of people the way we want to be treated. We joined the nations largest real estate agency - Keller Williams - (Just across the SC border in Fort Mill) - so there is a lot of tech and data behind everything the company offers and what we do. Admittedly, we are just getting started so we don't have lot's of clients yet, but that means that we put all our focus on our clients and go above and beyond anyone else.
Having lived in Charlotte for over 20 years, we know the area, we know the contacts you need for surveys, repairs, inspections, etc. and as investors, we want to learn what your strategy is so we can help you find the perfect properties to add to your new or existing portfolio.
Gastonia is where we are looking to invest now as well. Charlotte is starting to feel the investor pinch and prices are going up so moving out a bit ahead of everyone else is key. Lincolnton is good and so is Rock Hill. We would be happy to help you find something that works - and if you don't want it, we may scoop it up, LOL!
Feel free to message me on here. We would be happy to earn your business.