Merrick, NY · Member since 2015 · 21 posts · 5 votes
Hello All,
I'm interested in feedback on the multi-family & SFR real estate market in Greensboro, NC.
I would like to hear from BP members that are in the trenches and/or currently invested in this market.
Key indicators like job and wage growth seem to be holding steady for the last several years and property values seem to be increasing steadily.
Can someone give me their view on the current cap rates & vacancy rates for multi-family properties.
I would also like to connect with residential & commercial real estate agents for any current/future opportunities.
Thank you in advance
Not really in "the trenches" at the moment, but I will say that their seems to be a lot of multi-family projects under construction. Some are just nice mid-range apartments and some are upper end. Some in town and some on the edge of town. The I-40 corridor from Greensboro to Wilmington seems to be where most of the developers (residential, light industrial, commercial and retail ) have their eyes pointed. Been slow for a while but seems to be picking up steam again, they seem to know something is happening or about to happen.
The realtors say that they need more inventory, and I notice that their seem to be a lot fewer "For Sale" signs in the upscale neighborhoods. I think prices are a bit slow to rise but improving, most of the foreclosure inventory has been sold off so that should help. What I have noticed in a larger than normal number of property tax foreclosures listed. I think that may be because they have been so reluctant to press the issue until the economy improved though.
Not really in "the trenches" at the moment, but I will say that their seems to be a lot of multi-family projects under construction. Some are just nice mid-range apartments and some are upper end. Some in town and some on the edge of town. The I-40 corridor from Greensboro to Wilmington seems to be where most of the developers (residential, light industrial, commercial and retail ) have their eyes pointed. Been slow for a while but seems to be picking up steam again, they seem to know something is happening or about to happen.
The realtors say that they need more inventory, and I notice that their seem to be a lot fewer "For Sale" signs in the upscale neighborhoods. I think prices are a bit slow to rise but improving, most of the foreclosure inventory has been sold off so that should help. What I have noticed in a larger than normal number of property tax foreclosures listed. I think that may be because they have been so reluctant to press the issue until the economy improved though.
Hey Chris, I invest in SFR. I think Greensboro is a good market for this. You can get a good quality neighborhood and still beat the 1% rule. You can actually beat the 2% rule if you don't mind dealing with a lower income area. I try to stay in the nicer areas. Less head aches. I think Denny brought up a good point about I-40. Especially between Greensboro and Raleigh. Its too far for me but I think Burlington and Mebane are good growing areas along this route. Let me know if you need any help.
I manage my own. Thats why Burlington and Mebane is too far for me right now. Once I can replace my income with rentals I would like to branch out and go farther. I like managing my own, but thats just my personality.
I would connect with wholesalers. I can connect you with some. There is also a good meeting the first tuesday of every month for connecting with wholesalers. Its seems harder to find MLS deals now.
Rob Sasser
I plan on traveling to Greensboro soon to visit potential properties, but it will probably be a weekend. If I can schedule my visit on a Tuesday, I would definitely attend the wholesaler meetup.
@Adrienne Bryson it is the first tuesday of every month at the Embassy Suites on Hwy68. Its called the Deal Maker session. I think they have a website you can google.
@Rob Sasser do you mind sharing some of your wholesaler connections? I recently decided to go with rehab route and looking a wholesaler and/or investor friendly real estate agent. Will def try to make the next deal makers meeting next month.