Flipper/Rehabber · Winchester, VA · Member since 2019 · 56 posts · 16 votes
I'm a northern Virginia investor and find the SFH rental options, particularly in the Winston Salem area, to be right in my range. Just looking for the wisdom from those of you who are currently in the area and know it far better than I ever could from afar. I don't know the economy like you do nor the red flag areas to shy away from.
Any help and contacts would be appreciated. Feel free to PM me.
It depends on your goals and what you’re looking for. I’ll keep this as general as possible, but 27105 is typically a run down area with the most crime and lower income areas. Some people choose to invest in those locations, so that call will be up to you. You can certainly buy that area for cheap and rent out, but I would expect capex to be higher than a different area and a more expensive home. 27103 is Winston Salem proper and has some areas that are descent. You’ll be paying 1.3% total in taxes though since it’s in the city limits.
Hey @Michael Jackman, I’m a newbie who lives in Winston Salem and happy to chat.
I’ve lived in the area for over 10 years and can help with local insight, but my real estate investing experience is at its infancy with just a year of research and learning under my belt. I’ve yet to make the jump, but am actively looking for a house hacking opportunity in the city. As someone who will live in my purchase, I am not considering 27105. While I know some great people who live in that zip code, it is collectively a very low income, rougher, and less desireable area. Rents are far less than nearly everywhere else in comparison
That being said, most of the volume for sale in the area lately is 27105. Much of it seems to have potential for flips or rentals.
So I can learn a bit as well, please share what led you to this city and the specifically this zip code.
Since you called out this zip code and specifically mentioned rentals, I assume you’ve seen the listings. How are you evaluating rental rates?
@Mark Kennedy Thanks for the insight. That was exactly the kind of feedback I was looking for. You mentioned 27103 being a safer bet. What areas would be on the lookout there?