My thoughts on the latest episode of On the Market

[Ace Kaspar]

Hi all!

I always love listening to the different podcasts that are made by people in the BiggerPockets community such as this one, Wiire, BiggerPockets Money Podcast and more.

As a native from the Raleigh, Durham area of over 29 years, I love hearing people from other areas list several areas around me as some of the best markets to come in 2023. 

However, as someone who travels a lot and is always researching, reading and trying to look at things through a different view, I think the area is amazing but not enough to be top 5.

Raleigh/Charlotte has huge potential and is ever expanding in both the health care industry and technology sector. 

When I think of top areas to invest I think of many places in Texas such as Austin, TX or Houston, TX. I could even throw Nashville, TN or Charleston, SC. However I think there are tons of places that are great really!

Raleigh is no doubt is a great place to invest and I love that they mentioned NC so many times. As a native I just don't see it yet but maybe it has more potential then I think!

Always love to hear what people think and would really appreciate to hear other opinions on this.

[Levi Bennett]

I've made my entire career analyzing/consulting/underwriting/brokering STRs in NC. I think what people need to realize is that Charlotte and Raleigh are both top 10 cities in growth in the whole country. That's a pretty amazing stat. Additionally, the UHAUL report just released for 2022 showed SC and NC as the #3 and #4 most moved to state respectively. 

There are two points I try to get my clients to consider when thinking about investing in their booming cities/state.. 

1) Obviously, with more people are more weddings, graduations, visiting family/friends that will want to stay somewhere fun and unique to the location (For NC.. think loft condos, woodsy cabins, etc..) I cannot stress the "uniqueness" factor enough when investing in an urban area. If you get a good opportunity on a property that is bland, or blends in with everything else and is low on the "unique" scale, consider making it a fully-furnished medium term rental. Most of my clients in Charlotte have switched over to all medium term rentals and are almost always rented with a way above market rate compared to LTR rates (and they're way easier). There is more to unpack there, but I'm actually not the biggest fan of investing in urban areas since it's considerably more competitive unless you're getting something very unique, or looking to capitalize on the high-demand space of medium term rentals.. which leads me to my next point..

2) Understanding the TYPE of people moving to your city, and what they like to do.. and then taking that information and finding where they will go on quick vacations.. For instance, in Charlotte, there are so many people who have moved here from up North and they brought their skis. The only respectable ski resorts anywhere near Charlotte? Banner Elk (Beech and Sugar). There's a reason prices spiked 50% there in 2022. It's because rentals have gone through the roof up there. Beach properties too have seen a huge surge in rentals and appreciation. There's a lot of new people moving to SC/NC and they want to see the whole state. Looking at the vacation areas that NC offers has been a very reliable investment strategy. There is a boom happening in NC tourism, and there are more opportunities than people realize.