Gastonia? What other markets?

Question

Hello everyone!

I just recently moved to Charlotte, NC and I am loving it! I am looking to continue my investing here, but I am finding the multifamily deals are very hard to come by in the Charlotte area. None of the numbers work for what I am looking for.

I typically look for underperforming 5+ unit commercial properties that have value add ability (better management, rent raising, lower expenses, cosmetic upgrades etc.). 2-4 units I do look at but not as much, same with single families.

I have been looking at Gastonia, NC a little as well as Fort Mill, SC and Columbia, SC trying to find places around 1 hour away from Charlotte where the numbers may be better. Gastonia does seem more promising while the market here is figuring itself out a bit, but I just wanted some other investors insight as well.

Anyone have any recommendations or have found success in certain markets close by Charlotte for what i am looking for? I am also actively looking for partners too.

Thank you!

Kai Kopsch · Answer

@Wendell Butler About 87% of residential land in Charlotte-Concord-Gastonia metropolitan area is zoned for single-family houses. This will change in the next 20 years. The MSA area is not the place to invest in MF at this moment.

Wendell Butler · Answer

I would be up for that definitely! Shoot me a message and we can connect

Jordan Mobley · Answer

Hey Wendell,

At the moment the MF market in Charlotte isn't as great as other areas. Like you say the numbers just don't add up much. The zoning should be changing soon. But as far as Gastonia goes, I was born and raised here in this town. I'm looking at shifting my investing towards the area entirely maybe we could talk sometime or potentially partner up on some deals!

Wendell Butler · Answer

That’s good to know. I know Charlotte is re-zoning June 2023 to allow more multi-families which is good. I’m sure the MSA will follow suit eventually.