I wanted to get people's opinion on Greensboro, specifically, the few neighborhoods below. One of my old buddies lives down there now and loves the climate. How's the city's real estate and rental market and overall economy? Interested in SFH, sub $350k...
Old irving park
Brice street area
Any insights into neighborhoods, trends? TYTY!
Hey Jason, hope you’re doing well! I currently live in Greensboro. Those are nice areas. But what’s your priority for owning investment real estate? Tax advantages, retirement income, cash flow, etc? Once I know a little more about your goals I can better assist.
Figured we could make this an all Jason thread. I also live in Greensboro and those neighborhoods are a good place to start. I agree with Jason Smith though. It really all depends on what you're trying to get out of it. The economy here is stable. We have multiple large corporations that employ tens of thousands of people combined. We also have a vibrant local economy that supports local farmers, bakers and every other small business owner you can think of. Not to mention we have multiple colleges and universities within a 7 mile radius that keep the rental game rolling even better. Send me a message if you'd like to connect. I have met plenty of investors and a couple of partners through BP so I am happy to help. And Jason Smith let's connect as well. There are a couple of up and coming neighborhoods I have been scouting that I am about to pull the trigger on.
There are 7 colleges and universities in Greensboro, and a fairly large hospital. I'm not sure what the current statutes on vacation rentals are, but the Colliseum hosts large concerts on a fairly regular basis so if you wanted to go that route you could get a house and vacation rental it in the Spring Garden/Chapman area. This would also put you in a prime location for student rentals as well. Hope this helps a little
@Jason Chan Working on this remotely, I would make sure you "walk" the area with google maps so you can see what it looks like to you. See what types of places are within a block or two of a home you are considering. Also work on building your team (agent, PM, handymen/tradesmen, etc) so you can have confidence in overseeing it remotely.
As others have said, Gboro is solid overall. Continued growth and opportunity. Much of the city would be solid to own in, however just like all cities their are pockets you would likely want to avoid (depending on goals)
thanks all, much appreciate the responses (esp so quickly..!). i was down there back in march and loved the booming downtown, general accessibility of the city, and the things you guys mentioned above. i like the small town vibe n thriving music scene, too. i live in the city (nyc/sf) where nothing in remotely affordable but i've lived in/visited to a bunch of small towns across us (austin, portland, seattle, denver, nashville, richmond, blacksburg, etc). my buddy lives down there (last 7 years) n knows the area but wanted to get a broader opinion and to build a network..
on the east coast, my $ goes further in greensboro than say slum-lording around the DMV (pg county, bmore..)
i essentially wanna leverage up while i have income, while rates are low...also, i like small towns..
my priorities are likely,
-location (convenience, families)
-uniqueness (like the southern bungalows vibe and trees../yard)
my expectations kind of begin at breakeven CF (rent - tax, PPI, maintenance) , any thoughts?
@Jason Chan you should certainly aim for positive cash flow. If you aim to make your numbers look like they'll break even, you're liable to massage said numbers to make them work, rather than remaining dispassionate and investing based on the numbers.
What are your specific financial goals with investing in real estate? How much time do you have each week to dedicate to your real estate investments?
It's a Seller's market here. Good for Sellers and tough for Buyers. Lower inventory the past few years, resulting in higher prices. This spring nice houses in good areas average being on the market 14 days. A lot of buying competition. The demographics are the current reason. Many are moving here from out of state, yet new residential construction is stagnant. Rentals are hot and that is where the investment market is, buy-and-hold. Cash is king here, more so than creative financing.
The areas you asked about are older more established markets. Old Irving Park & Fisher Park are upper end homes not your bread and butter properties. Brice St. is close to the university which may be a plus for student rentals. Guilford Hills is more your average priced homes, but still older, and Sunset Hills has a mix but mostly upper end.
All the niceties of down town have been a long time coming. The biggest thing happening is the Tanger Center for the Performing Arts . It should be completed next year and Greensboro will be hosting Broadway shows which will put this city on the map for sure.
Jason I have lived and been an investor here in Greensboro for over 25 years and I am also a licensed broker. I am Investor Friendly so let me know if you need anything or need more info. on a property you find.
@Steve A. thank you, sir! much appreciated and really affirms what i've been looking at. might be a few months before i can get financing, etc..i will reach out.
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