Looking for some advice/feedback. Is anyone currently invested in North Carolina as far as rentals? If so, what areas are optimal for a good cash flowing rental (minumum vacancy rates)? I am currently looking into the Triad areas (Winston-Salem, Greensboro, High Point, Dobson). Thank you for any advice!
Michael, Hi. I live in the Raleigh (Triangle) market and own/operate a Property Management company here. I think the answer to your question is probably the same as in most areas - "It depends". Overall the areas you mention are good for cash flowing rentals and with the overall economy strong in NC they should have low vacancy rates. However, like anywhere there are going to be better and worse parts of each market and they will react differently to any upcoming changes in the market. I can speak to the Raleigh/Durham metro area but you would want to connect with someone specific to this areas you mentioned. I think Winston-Salem and Greensboro are doing well from what I hear but I know there were parts of Winston-Salem that were really grim a few years ago and now look great, on paper, but I personally would be concerned as to how they would react to any economic dip.
You might want to try and connect with wholesalers in those areas. You could start by reaching out to @Adam Schneider
He has been in this area for a while and may know those cities or likely can connect you to good people.
Michael I think Greensboro and Winston-Salem are good places to look for cash flow positive rentals. Multifamily assets are cheaper than surrounding markets and yet the area's economy is strong and well positioned for light manufacturing, distribution, fulfillment etc. job growth - disproportionately renter profiles - being located on I-85/I-40. Good luck.
I invest in Charlotte and the surrounding counties for SF rentals. I also work with 2 large REITs across the state and they are not slowing down if anything they are ramping up investment in Raleigh, the Triad, and Charlotte. The returns in all of these locations are quite solid. The challenge today is in locating properties that can be purchased at a reasonable price based on condition. Triad sellers are a little more negotiable than Charlotte or Raleigh, but there are still good values for long-term holdings in all of these markets. I like the Triad for flip opportunities but I fear if there is any slow down the Triad would be hit first due to the lack of diversity in its economic drivers in comparison to CLT or RDU.
Good luck to you!
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