New investor looking for a multi family property in NC

Multi-Family and Apartment Investing
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New investor looking for a multi family property in NC

Chance Charlton
Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote

I am a new investor looking for a multi family property in the Triad region of NC.

What sources have you had good luck with find deals?

What criteria or programs are you using to evaluate deals?

I appreciate your time!

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Brian Briscoe
Real Estate Coach · Salt Lake City, UT · Member since 2017 · 273 posts · 414 votes
6y

@Chance Charlton - we operate in the Carolinas and have primarily used brokers to source deals (though, admittedly, it took us a while to get traction with them).  We've connected on a few apartment complexes in Upstate SC and Columbia, but none yet in NC.

Like @Ryan Daigle, we use Michael Blank's SDA and I actually found my partners through his network.  (What's up Ryan!)

What are your goals with multifamily?  We've had a lot of potential syndicators/DIY investors realize they could meet theirs through passively investing...  All the benefits of investing in real estate without the headache of managing.

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  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    6y

    I've never worked in NC, but in most places I've worked, the small multifamily market is pretty fragmented. For example, here in San Antonio, deals are split pretty evenly between the MLS, Loopnet, CREXi, and brokers' websites. Some people will post the same deal on multiple platforms, but you'll rarely see them on all the platforms. I'll also occasionally get a deal from direct mail or networking, but the vast majority come from one of the online sources. If you talk to an agent that works primarily with multifamily properties, they should be able to point you in the right direction.

    [email protected]979-218-2286
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    1Reply
  • Chance Charlton
    OP
    Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote
    6y

    @Joseph Cacciapaglia

    Thank you very much!!!

    1Reply
  • Ryan Daigle
    Investor · Apex, NC · Member since 2018 · 253 posts · 215 votes
    6y

    Hi @Chance Charlton. I operate in the Triad as well as other NC metros. In our markets the two best bets are brokers and direct to seller. A few things will pop on loopnet or CREXI, but those are pretty picked through.

    I use Michael Blank's SDA to underwrite deals and find it to be pretty thorough (though it's only as valuable as the information you enter).

    Let me know if you want some pointers as you start digging in to local multifamily!

    1Reply
  • Chance Charlton
    OP
    Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote
    6y

    @Ryan Daigle

    That would be welcome. Any pointers would be awesome. I am also in the process of building a team.

    I am still figuring out what team members I will need and what constitutes a good deal.

    Thank you

    0Reply
  • Caleb Griffin
    Real Estate Broker · Lewisville, NC · Member since 2015 · 124 posts · 40 votes
    6y

    Hey @Chance Charlton, I’m working out of Winston-Salem and I’d love to chat about how I can help. I’m also looking for single-family as well as multi-family here. Shoot me a DM and let’s work.

    0Reply
  • Brian Briscoe
    Real Estate Coach · Salt Lake City, UT · Member since 2017 · 273 posts · 414 votes
    6y

    @Chance Charlton - we operate in the Carolinas and have primarily used brokers to source deals (though, admittedly, it took us a while to get traction with them).  We've connected on a few apartment complexes in Upstate SC and Columbia, but none yet in NC.

    Like @Ryan Daigle, we use Michael Blank's SDA and I actually found my partners through his network.  (What's up Ryan!)

    What are your goals with multifamily?  We've had a lot of potential syndicators/DIY investors realize they could meet theirs through passively investing...  All the benefits of investing in real estate without the headache of managing.

    1Reply
  • Chance Charlton
    OP
    Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote
    6y

    @Brian Briscoe

    Thank you for responding. Our goals are to acquire a 4-6 unit property this year and flesh out a team here in NC.

    We are currently solidifying our finances and familiarizing ourselves with the market.

    0Reply
  • Chance Charlton
    OP
    Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote
    6y

    @Erin Spence

    Thanks for the resource. You are precisely right it is very important to be ready when the deal presents itself

    0Reply
  • Brian Briscoe
    Real Estate Coach · Salt Lake City, UT · Member since 2017 · 273 posts · 414 votes
    6y

    I don't do much in the 4-6 range. I do see that some realtors will kind-of specialize in that area and those listings frequently hit the MLS. I've also heard that direct mail works well too... Fortunately, most owners of 4-6 units are not professional real estate investors, so you may have better luck negotiating.

    0Reply
  • Jay Helms
    Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    6y

    @Chance Charlton - when you say MF, what range, asset class, etc are you looking for? 

    0Reply
  • Chance Charlton
    OP
    Rental Property Investor · Greensboro, NC · Member since 2020 · 7 posts · 1 vote
    6y

    @Jay Helms. We are looking for 4-6 unit properties.

    0Reply
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