This is my fist post on BP. My father got me started in single family and multi family real estate in the Los Angeles area. I currently self manage 45 doors. My wife and I are looking to relocate to North Carolina. After a few trips back there, the rental market seems to be pretty promising. In my opinion I can get more cash on cash ROI in North Carolina, compared to Los Angeles area. I recently purchased my first rental in Mooresville. I am going to have a property management company handled that house, until I move back there. My goal is to have 10 rentals in Mooresville area in the next year. I am anxious to hear about other Mooresville investors.
Mooresville is very nice. What do you guys think of the Southern Pines / Pinehurst area? There's some new construction ready to hit with homes in the 350-400k price range. It's populated by retirees who love the golfing communities as well as military officers that work in and around Fort Bragg. What do you think of investing in that area?
Hey Kai! I actually live and invest in Southern Pines! We love it here for buy and holds. We own a 5 unit and currently doing some rehab on a BRRRR and one flip right now in downtown. Rents are high but so are prices right now in comparison to Fayetteville.
Sean, welcome to NC and Mooresville. I've lived in this area for about 13 years and just am now jumping into the REI world. I am looking to get into 10 units in the next 5 years. In what area of Mooresville are you looking?
Sean, welcome to NC and Mooresville. I've lived in this area for about 13 years and just am now jumping into the REI world. I am looking to get into 10 units in the next 5 years. In what area of Mooresville are you looking?
I am looking pretty much everywhere from Charlotte to Statesville.
I moved from So Cal to Mooresville in 2015. I was here for less than a month, a realtor presented a great flipping opportunity in Concord. I bought it before even buying our personal home and turned it in about six months. That was a little slower than what I was used to in Riverside County, but it was a very profitable flip.
I haven't done another since. I put in a little effort into looking for a couple of rentals but never pulled the trigger. I'm just keeping my So Cal properties. When I was looking for rentals in the Charlotte area, I decided I only wanted tract homes built on slabs that are on sewers and city water. Raised foundations, septic systems and wells can present big-dollar headaches for landlords.
Best of luck, and I think you'll like Mooresville a lot.
I'll try to be there in October, but if not, then definitely in November. I live in Mooresville but lived most of my life in Encinitas and Canyon Lake. I have extensive So. Cal. flipping experience but very limited NC experience.
Hey Sean, just curious to see how the past 5 months has been for you investing in the Mooresville area now? I have a few places in Texas but just moved over to Mooresville and looking to continue investing here as well. Just picked up my realtors license for NC and anxious to dive into some deals.
I bought one rental in Mooresville and it is doing well. Turn key good deals are hard to find. I am not looking for flips. I feel that I missed the market there. I am still interested in the area because I am looking to personally move there in a few years. I have also purchased 2 rentals in Columbia SC and those are going great.
Yes I like it here. I see opportunities but much of it requires vision. Multi-family opportunities are few and far between. What do you think of building 4 plexes?
This is my fist post on BP. My father got me started in single family and multi family real estate in the Los Angeles area. I currently self manage 45 doors. My wife and I are looking to relocate to North Carolina. After a few trips back there, the rental market seems to be pretty promising. In my opinion I can get more cash on cash ROI in North Carolina, compared to Los Angeles area. I recently purchased my first rental in Mooresville. I am going to have a property management company handled that house, until I move back there. My goal is to have 10 rentals in Mooresville area in the next year. I am anxious to hear about other Mooresville investors.
Hey Sean!
This is so rad to hear! I am out here in Southern California and my wife and I are interested in investing in Mooresville in the future. One of my best friends is looking to move there and do flips, as well as be our "boots on the ground".
How are things going out there? Can you share some stories with us?
I should do a better job of checking in on this forum. I just closed on a primary residence in Mooresville at the lake, and will be moving from so cal in a few months. I have 1 rental in mooresville that I bought 1.5 years ago, it cash flows well at the $175k purchase price. Those homes are now over $200k and the rent isn’t any higher. I since have purchased 6 homes in Columbia SC and have been very impressed with the return on those. I am working on 2 more SC rentals now. I am also working on developing land and building spec homes outside of mooresville. In my opinion there is good potential on spec home builds. At this time in that market I don’t see how anyone is making money on a buy and hold rental (at todays market).
Hello Sean - we've been in the Mooresville area for ten years now and own 11 single family homes in the area. Some may view the area as less desirable to invest because it's very difficult to find properties that would meet the 1% rule. However we've had terrific success in the area as ROI is more meaningful to us than income. We recently bought a home that we're flipping, but primarily we've chosen to buy and hold. We manage all of our local homes, have had almost zero turnover, overall wonderful tenants and consistent value appreciation. The average market price of our homes is about $325K. So while we don't have as strong a cash flow as other markets, we've been really pleased with our investment returns and experience.
Congratulations on purchasing your future residence here and good luck with your move!
@Terry Johnson - I complete agree with what you said. my rental in 28115 has increased over 10% in the past year based on other sales comps in the same neighborhood. the SC home have not seen that increase. I am primarily looking for cash flow thats why I have put more effort into SC. It does not appear that rental rates in NC increase much (if at all) year to year. In SC it seems that 2% annual rent increase is obtainable.
Mooresville is very nice. What do you guys think of the Southern Pines / Pinehurst area? There's some new construction ready to hit with homes in the 350-400k price range. It's populated by retirees who love the golfing communities as well as military officers that work in and around Fort Bragg. What do you think of investing in that area?
Mooresville is very nice. What do you guys think of the Southern Pines / Pinehurst area? There's some new construction ready to hit with homes in the 350-400k price range. It's populated by retirees who love the golfing communities as well as military officers that work in and around Fort Bragg. What do you think of investing in that area?
Hey Kai! I actually live and invest in Southern Pines! We love it here for buy and holds. We own a 5 unit and currently doing some rehab on a BRRRR and one flip right now in downtown. Rents are high but so are prices right now in comparison to Fayetteville.