Gastonia market for rentals

15 Replies | Charlotte, North Carolina

Russell, the town of Stanley in Gaston is doing pretty well now for BRRR. I personally completed 2 recently and the rents were good and they were not on the market long at all. I am getting $1200 for 3/1.5. Good luck.

Originally posted by @Angel Rodriguez :

Russell, the town of Stanley in Gaston is doing pretty well now for BRRR. I personally completed 2 recently and the rents were good and they were not on the market long at all. I am getting $1200 for 3/1.5. Good luck.

Angel,

I’m from the Stanley area, but currently live in Charlotte. Let me know if you’d like to chat sometime. I tried looking you up on Facebook, but wasn’t able to find you..

@Joey Hampton

Hey, I just sent you a request to connect. I’m looking to network work some individuals who are in the Charlotte/Gastonia area.

I’m looking to build up a portfolio in the area and looking for a coupon solid property managers to help manage the properties.

I live in East Gastonia/Belmont area and have seen the value of my live in flip/househack jump up in value and rent value. I just had my second deal fall through unfortunately (seller had to bail for COVID reasons) but I am actively looking! 

I am interested in single family and multifamily in buy and hold, BRRRR or flip!
 

@Pieter T Van Zyl as prices have increased in Gastonia are you still seeing properties that have reasonable rent/price ratios? Or is most of the supply available more suitable for BRRRR/flips?

Also, curious. your thoughts on using property managers in Gastonia closer to the properties vs. using property managers in Charlotte

Happy to connect and discuss more about the area.

@Matthew Anderson Yes I am still finding homes with good rent/price ratios but have not spent much time working with flips as I would have liked to. My current live in house-hack I purchased for 190k last year has a mortgage for 1150$ and I will be moving out a renting soon at 1450-1600 according to my realtor and property management! 

I have not worked with any property managers in Charlotte so I may have a biased opinion based on the Gastonia vs Charlotte realtors I have worked with. I found that realtors from Charlotte like to move quicker and don't have the same patience to work with investors than the Gastonia Realtors. I imagine with the hotter CLT market this may be the case for the property managers but could not say for sure. For example I have specific criteria for my drips and houses I want sent to me, it seemed that the Gastonia Realtors were more friendly with this. 

Gastonia is a GREAT market to acquire rentals or fix & flips. At one point years ago i use to contract houses up that way for 11k or so. and it was extremely hard to give those houses away to an investor. Fast forward you can barely find off market for 40k-50k.. you better get in while you can. 

I have some of my portfolio in Gastonia. In my opinion, it's an attractive market as an investor because of the low cost basis, strong cash flow, and the likelihood of appreciation of $50k houses. 

As a point of reference, I'm buying two duplexes in Gastonia for $90k & $135k. Both have tenants in place at close to market rents and are in prime locations. 

Deals can be found with a good realtor but you have to move quick. We bought 6 units next the stadium last year for ~$260k on the MLS