I am looking for recommendation and suggestions for why Charlotte,NC is great place to do Brrrr strategy and how do I build the team to start the investing journey and connect with right people and find the right deal ?
Thank you for suggestions and help
Hey Sachin. As an investor and broker I’d be happy to share my knowledge, connections etc.
In short, Charlotte is a rapidly growing city with strong diversity in employment. Inventory is low but deals are still available.
It is also easier for suburbia to grow near Charlotte (CLT) as opposed to when you move over to Western North Carolina (WNC) and the mountains actually begin. Charlotte grows outward in all directions while cities to the west like Asheville have confined valley/interstate paths. There are sections of land in WNC that just can't be developed versus the flatter land and easy accommodation of growth in CLT.
I'm a Charlotte agent/investor and have helped many of my investors get through BRRRs from start to finish with my team of Pm's, lenders, attorneys and most importantly, decent contractors!
I must say though, within the city limits you're most likely not going to find a good BRRR as the Charlotte prices are just too inflated. However, id suggest you look into the submarkets of Charlotte where the prices haven't caught up to the growth yet which allows for a great BRRR. I.e Gastonia, Kannapolis, Concord etc.
BRRRs in these cities, primarily Gastonia, I'm seeing workout for around 75-100k PP, 10-15k rehab, 120k++ ARV depending on size, location, rehab level etc. Feel free to reach out with any questions.
Hey @Sachin Maskey , I couldn't agree more with the posts above. I'm an investor and agent and Kannapolis is the main market that I've had success with BRRRR investing in. The market is red hot right now, so you've got to be lightning fast to get properties under contract right now. Contractors are also running wide open, so plan for longer a longer rehab schedule with reserves built in for material price increases. I've got a background in construction management and would be happy to be a resource to you as you learn about the rehab process. Looking forward to connecting further!
Also looking for lenders familiar with BRRRR if any one can recommend. I'm in the Salisbury area, north of charlotte!