Insight into Thomasville, NC market?

[Liz Faircloth]

Hi All,

My husband Matt and I are looking at a multifamily in Thomasville, NC and was curious if there are any investors who are familiar with this marketplace. What is your opinion of the area/market? Is it growing or declining? If you invest there, are you satisfied with the local economy?  This is a new geographical location for us (we invest in PA and NJ currently) and we are doing our due diligence, however, it would be great to hear from actual investors who know Thomasville as well. 

Thank you so much in advance for any insight you can provide!!!

Best,

Liz Faircloth

[Chris Martin]

Originally posted by @Toby Russell:

Well @Elizabeth Faircloth I just closed on my first deal last week and looking for my next now. I'd love to find a nice multi but that 20% down is a killer. Anyone got tips for getting that down?

Find an equity partner.

In an ideal case, each party (or all parties if more than 2) brings something of value to the table. Example; I found a 16 unit in a NC city and sent emails to my existing members, partners from other deals, and business owners/investors who I knew. Had a FL and NC investor interested so we hammered out the details. This turned out to be easy since all parties knew each other, had worked on deals together, and had high comfort levels with the deal... which basically became equally divided equity and P/L. About as clean as it gets. I would be BOTG (Boots On The Ground) and local bank interface. We all bought in cash. Didn't necessarily have to be that way. But just one example of splitting up operational responsibilities, capital, and P/L.