I'm in Wilmington and research in Charlotte, Raleigh, Durham, Fayetteville, Chapel Hill, Jacksonville, Greenville, Greensboro and possibly Winton-Salem. There is not much on the market for investors in Wilmington--At least for my goals.
I'm in Wilmington and research in Charlotte, Raleigh, Durham, Fayetteville, Chapel Hill, Jacksonville, Greenville, Greensboro and possibly Winton-Salem. There is not much on the market for investors in Wilmington--At least for my goals.
Why do you think Wilmington is not a good market for investors?
it is if you want turnkey rentals. As far as performing a BRRRR, those properties are few and far between. From what I have gathered the pricing of homes far exceeds the rental averages.
I am in the Jacksonville, NC area and am continuing to help investor clients buy. This is not a huge appreciation market but there are lots of opportunities that support most other investment strategies.
We just closed on a deal in Wilmington this Tuesday. It was a FSBO in the Ogden area. Not the greatest numbers and cash flow. Property has new roof, HVAC, and no trees or crawl space (learned my lesson with those). First time buying a 90s property with vinyl siding, which I hope won't cause too much maintenance issues.
Here are the numbers: Purchase price was $205,000, listed at $215,000. I have listed it for rent at $1,740 with lawn care and maintenance included. Cash flow at $370 after cap ex, PITI, etc. While we haven't been overwhelmed with requests, we have gotten enough for me to continue with pricing as is.
I am curious how others handle lawn care? I prefer to have it taken care so I know the lot continues to look good and neighbors will be satisfied. That said, it ups the rental cost by about $100, which can make a big difference in interested tenants. Do others offer to provide lawn service as an additional fee? If I did that the listing would be shown at $1650 instead of $1740....Sorry to hijack the post.
My wife and I just closed on a second STR investment in July and we helped a client from Ohio buy and renovate in August so he could have a winter home in Wilmington NC to escape the snow. Even with pricing holding firm, our area continues to be attractive due to affordability as compared to big metro markets.
I’m a buyer in the Wilmington area. I especially like the rural areas like Rocky Point. I just got another property under contract in Leland yesterday. Flips or turn-key. I can also work with trailers as long as they come with land.
From what I've been seeing, it all depends on your investment strategy. Some strategies work with the way the market is where others will probably be difficult to hit the numbers that an investor requires. With the housing inventory so low, at least in Charlotte, and with there being so many more buyers because the low interest rates currently; the cost of homes are being driven up.
I'm curious to hear anyones strategy that is able to still make work for them when the homes have had some serious forced appreciation due to the supply/demand situation we are in?
I'm in CLT and prefer to work around the area. The CLT market is being driven up. If you think that is fine and there is appreciation coming then you can still buy but, I am wary of the sales prices I see right now. In 2-3 years it will probably not matter as far as appreciation but youll have to wait on that time to see returns. Cash flow and ROI is not really strong from rentals right now. So it has me looking at different investment options.