People that are investing in North Carolina - Why?

Question

I'm writing a series of articles and I'm interested in getting some quotes and insights about the North Carolina market.
Why are you excited about this market?
Is it the next ____?
Where is the opportunity LTR? STR? Both?

If you've been burned by the market, what happened?

Any other details are interesting too!

Chris Davidson · Answer

Pretty close on 7 years. 2013 was a big pop up we saw here in Boise, then 2018 it grabbed another gear and hasn't left double digit year over year appreciation since.

212k average in 2013, 325k in 2018, and now we are over 600k average price.

Jon Martin · Answer

Below is true about both North & South, except for the property taxes in SC that can be pretty high for investors:

-Why: Nice weather, beaches & mountains, favorable migration patterns (often bringing higher equity and/or salaries from more expensive states), affordable (relative to pricey markets), low property taxes, and statewide legislation that favors vacation homeowners and property rights

-The Next: I liken the Carolinas to the Idaho craze ~7 years ago; someone more familiar with the markets may disagree on the timeline, but you get the idea

-Both LTR and STR opportunities; strong tourism and increased opportunities for career track jobs; also lots of retirees; favorable regulatory environment for STRs outside of cities that specifically ban them

-As far as getting "burned", this can happen anywhere if you buy wrong, so I wouldn't say this is more or less likely to happen in NC or SC. Aside from beach front properties there are still a lot of affordable properties and the long term appreciation outlook is favorable if you hold on

V.G Jason · Answer

You post this ad nauseam. It's especially not relevant here.

I believe NC will be solid because it has good laws, good weather, and coastal. It also hasn't become super saturated. See opportunity here. Like most areas it won't CF day 1 but that's fine.

Drew Sygit · Answer

@Dennis Shirshikov

You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/... (BP search feature can be problematic, so we’ve also added links @ our website under View Cities & Neighborhoods We Service)

Please send us any feedback via email, as we do not use the DM feature here.

Michelle Pepe · Answer

When rates were at 3% even for investment properties/second homes, the cash flow in NC was fantastic! Rents along the southern coast of NC were well over the 1% rule most investors try to follow. On a $125,000 condo, even with HOA fees, we found $500+ in monthly cash flow on long term rentals. Now that mortgages for investors are 7%, the cash flow barely covers property management... on to the next state!

Jon Martin · Answer

Have you been living under a rock? ;) Idaho went from being a very affordable state to very expensive and very tight inventory in a matter of years. Like I said I'm not exactly sure about the "7 year" number but it was some time around the middle of last decade. Boise is pretty expensive now, and there are some resort towns that rival the most expensive markets in the US.

Sara Levy-Lambert · Answer

Very interesting! What was the Idaho craze 7 years ago?

People that are investing in North Carolina - Why?

People that are investing in North Carolina - Why?

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