Insight into Thomasville, NC market?
Hi All,
My husband Matt and I are looking at a multifamily in Thomasville, NC and was curious if there are any investors who are familiar with this marketplace. What is your opinion of the area/market? Is it growing or declining? If you invest there, are you satisfied with the local economy? This is a new geographical location for us (we invest in PA and NJ currently) and we are doing our due diligence, however, it would be great to hear from actual investors who know Thomasville as well.
Thank you so much in advance for any insight you can provide!!!
Best,
Liz Faircloth
My in laws live near there. At one time that place was booming with furniture manufacturing factories (hence the famous Thomasville furniture store). They have tried to revive it with no success. All the factories have closed down and now everything is made overseas but they kept the name.
This is just my opinion based on spending some time there, but that area has a long way to go before the economy is back on track.
@Chris Ayers Thank you so much for getting back to me! Sorry for the delay - I have been away on a trip! I really appreciate the insight into this community. Our offer and terms did not get accepted on this deal. However, we just got a large multifamily under contract in Fayetteville NC. Since we are primarily PA and NJ investors, we are in the midst of building our local team. Do you know any real estate investors who are active in the Fayetteville area? Thanks again for your help!!
Best,
Liz
No problem. I'll ask around.
Any reason you guys are moving away from your areas of expertise and looking out of state.
I know you guys are pros, but be aware. That area is kind of rough too. Military folk call it "Fayette-Nom".
@Chris Ayers Thank you so much for your feedback and insight! Much appreciated!!!
No problem.
How come the out of state investing now?
Chris is right about the Thomasville economy. There's a lot a empty factory's but it's also a high rental town from what I see. It looks like everyone has a rental or rents from someone. I'd love to have a multi family around here at a steal. Oh also I live in Thomasville
Thanks so much @Toby Russell! And @Chris Ayers sorry for delay! We have been looking for a while for large multifamily/apartment buildings in our trading areas, and we have not found anything that is doable. So we began searching outside our trading area, and looking in the east coast in particular. My husband's father is from Fayetteville, NC and we have friends in NC, so we have always been interested in NC if the right deal came up. Thanks again for the support and help!!
Fayetteville is an interesting place. I looked at a few MF properties there but ultimately decided to recommend Greenville NC to our members and partners. We bought an 18 unit. See also this about a Fayetteville MF property. I think it is paramount to have experienced family or seasoned partners with insight as to where to buy since IMO there are some landmines there I'd hate to step on.
Well @Elizabeth Faircloth I just closed on my first deal last week and looking for my next now. I'd love to find a nice multi but that 20% down is a killer. Anyone got tips for getting that down?
If ya'll are looking at Greenville, NC properties my partners and I have over 20 properties under contract in the West Greenville that need renovations but are in good locations long term.
@Dorinda HolmesWhat kinds of properties are these? Are they single family homes, small multis or large multis? I am interested in investing in my first property, and would be interested in looking into the inventory that you have. Thanks!!
Originally posted by @Toby Russell:
Well @Elizabeth Faircloth I just closed on my first deal last week and looking for my next now. I'd love to find a nice multi but that 20% down is a killer. Anyone got tips for getting that down?
Find an equity partner.
In an ideal case, each party (or all parties if more than 2) brings something of value to the table. Example; I found a 16 unit in a NC city and sent emails to my existing members, partners from other deals, and business owners/investors who I knew. Had a FL and NC investor interested so we hammered out the details. This turned out to be easy since all parties knew each other, had worked on deals together, and had high comfort levels with the deal... which basically became equally divided equity and P/L. About as clean as it gets. I would be BOTG (Boots On The Ground) and local bank interface. We all bought in cash. Didn't necessarily have to be that way. But just one example of splitting up operational responsibilities, capital, and P/L.
Hey Curt. Mostly they are SFH with 2 duplexes. They are all $40,000 and cheaper, all cash buys, and need a good amount of work except one. The cheapest one I have is $10,000 but I like to show all of them before offers are made.
@TobyRussell New on the investment scene here in Thomasville NC. Looking for my first multi family property here and would possibly like to partner with someone to get it done. Let’s get in touch and see what we can do. Tim
Hello,
I'm a new investor starting out in Charlotte NC. Looking for my first property in the 100K or less range. Any ideas on where to start looking? websites, signs on the road etc.....
Originally posted by @Toby Russell:
Well @Elizabeth Faircloth I just closed on my first deal last week and looking for my next now. I'd love to find a nice multi but that 20% down is a killer. Anyone got tips for getting that down?
Congrats on your first deal. Is it in Thomasville? If so, how has it been working out?
There are some lenders that do less but it's difficult to find. There's always hard money or private lending?
Hey @Chris Ayers i actually just got my second deal and it was much beyter than my first even though im still rehabbing it. Hoping to cash flow about $500/m on it. The first one not so much lol. Its paying for its self but thats about it.
Originally posted by @Chris Ayers:
Originally posted by @Toby Russell:Well @Elizabeth Faircloth I just closed on my first deal last week and looking for my next now. I'd love to find a nice multi but that 20% down is a killer. Anyone got tips for getting that down?
Congrats on your first deal. Is it in Thomasville? If so, how has it been working out?
There are some lenders that do less but it's difficult to find. There's always hard money or private lending?