Future of market in Wilmington, NC?

Question

I am a young, aspiring investor from Missouri and have plans to move out to NC upon graduation from architecture school in 2021. I am near two very hot markets right now, St. Louis and Kansas City, but I have visited Wilmington a few times in the last few months and I’m amazed by the amount of large complexes being built.

What is the future of the rental market in these areas? We want to hit the ground running in different areas in coastal NC, but we are reluctant to move because of our proximity to our current markets. Should we stay in STL and KC or is there future potential in other areas out there?

Any insight on this is greatly appreciated!

Levi Mitchell · Answer

@Joe Prillaman can’t believe I’m just seeing this response, thanks for the positive energy my man! I have that exact desire to get into a small multifamily, we are committed to making the move in January regardless of if we are able to buy. In the last year we have grown our wedding photo/video business as well as my custom table company, so we can’t wait to bring our services to an up and coming market!

Right now we are working on nailing down our criteria - location, property type, condition, price. Next we will analyze a few that have sold or are on market, take those to a bank and work to get pre-approved! Then it is deal finding time, we have a few favorite strategies for finding deals, but we have some work to do before we get ahead of ourselves!

Looking forward to the move and to become part of the community out there with 2 new small businesses!

Levi Mitchell · Answer

@Lee Ripma thank you for that, i enjoyed your episode and i’m thankful for the insight!

Joe Prillaman · Answer

@Levi Mitchell, House Hack my dude! This is a great market. Interest rates are low and people are moving here in swarms!!!! Use a primary loan to buy a multi unit (or a single family with a mother in-law suite) and rent it like crazy! Buy for cashflow, secure long term debt, and have cash reserves! Like everyone else said the deals are hard to find right now and it won’t get any easier anytime soon so your only option will be to find hidden value. Everyone keeps saying they can’t find deals so most people give up or never get started in this market. If you want a deal here you got to make it happen!!!! Welcome home!

Mike D'Arrigo · Answer

@Levi Mitchell the Kansas City market is on fire right now so I'm not sure I see the rationale of leaving MO to chase another market. The problem you will find in KC is low inventory but from the sounds of others comments, you might have that same issue in NC. Many markets are very competitive right now with low inventory.

Levi Mitchell · Answer

@Steve Garner thanks! hopeful to be out there soon.

Marc Edwards · Answer

@Levi Mitchell I'm not sure of the NC market at all. However the choice is yours on what you want to do and how you want to live so make it what you want. Think about it this way how long did it take you to learn the area in Kc and to learn the market was hot? You will have to take that much time learning the NC area and market. I say start where you know the market in my opinion. Starting new in NC will slow your progress and growth just a little bit, starting is better than not starting or continuing if you have already been investing don't put it all on hold if that makes sense sorry it's early lol.  I'm not saying that you can't be successful there in NC just meaning for the time that it will or can take you to learn the new market and area you could have possibly already started investing in the market that you are aware of and where you have more knowledge. You can build you a team here before you leave if you don't have one already. It's always important to have a team no matter if you are  in state or out of state. Real Estate Attorney,Agent/broker, property management, contractors things like that. You can always learn and invest in NC and Kc why not do both. Don't limit yourself and your goals. Good Luck and wish you the best of luck. If you have any questions feel free to reach out.

Lee Ripma · Answer

@Levi Mitchell

People make money and successfully invest in nearly all real estate markets in the US. Couple of things to think about: 1) even if you leave KC/Missouri you can still invest there. I live in LA and invest there. 2) live the life you want and pursue what you’re into. If you have a good reason to go to a location don’t let the fear of leaving things behind stop you!

Steve Garner · Answer

Deals are very hard to come by but Wilmington is a great place to live and has been really good to our family. Let me know if I can ever help you in any way.

steve

Bob Anthes · Answer

@Levi Mitchell As an investor/landlord in Wilmington-NC its gotten competitive and crowded with so many investors in the area but the demand for rental housing is strong.   Deals are getting more difficult to come by.  However I will continue to invest in ILM.

Future of market in Wilmington, NC?

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