All Forum Posts by: David Hargitt

@Daniel Kidd I am located in Fayetteville. I would be more then happy to sit down with you.

@Alexander Felice Thank you for the words of confidence. I appreciate your insight and experience. I think the Fayetteville rental market is going to remain strong. And there is some recession aversion in this market too.

Dave

Hello Big Pockets. I am Dave, A retired Army Officer. NC Certified Residential Appraiser. Degrees in finance and economics... blah blah blah!!! I have lived in Fayetteville NC for more then 20 years. I have been a real estate appraiser for 5 years. And inadvertently have been a real estate investor, do to being in the service. Currently have two rental properties that I solely own. And I am looking to use the BRRRR methodology on the properties. To generate the cash that I need to start funding more deals. I look forward to learning and being apart of this community.

Dave.

I am looking to expand and be aggressive with my BRRRR investing the remainder of this year. I am looking for partners and rock-stars to develop a team.

Plain and simple. Fayetteville NC is a good rental market. Fayetteville NC is home to Fort Bragg. The largest populated military post in the US. I am a retired from the Army. I have spent the majority of my career stationed at Bragg. I am currently a NC Certified Residential Appraiser . I can discuss analysis and data. 

Here are facts: 

The data is based off public data search of Cumberland, Harnett, Hoke and Moore counties. This represents the broad market areas that are most impacted by proximity to Fort Bragg.

1. 15% to 20% of the population move every year! In and out.

2. Soldiers that qualify to live off post. Are paid a housing allowance. Above and beyond their base and incentive pay. This is both a positive and a negative. I've experienced this as a negative, causing rents to stagnate. During periods that military members are not given raises in housing allowance.

3. 2015 total dollars brought into the economic base by, military spending, salaries, retirement and pensions; equals approximately $980 million. 

4. Most military members that are assigned to Fort Bragg expect to be stationed here for 2 years possibly 3 years. Causing aversion to home ownership. And a large pool of potential renters.

5. 2018 there were $889,152,285 of Single family sales in 2018 representing 7275 transactions. 

6. 2018 there were $79,022,721 sales of single family foreclosure type properties. representing 793 transactions. representing 9.85% of the total real estate market.

7. The average sales of foreclosed single family property in the market area is equal to $99,650.32

8. There were 2547 properties leased in 2018. from public data. Unknown how many additional were rented, leased, subleased in the year. As this data is not readily available. 

9. Average leased square footage is 1140. and the average rent is $850. Average DOM 16 days.

Buy and hold methods, I would think, can work well in this market. But, again... its all about what you buy the property for. How much the rehab cost are (i.e. the condition of the property when you bought it.)

I am looking forward to comments and connecting with members. I hope that this helped some of you considering the Fayetteville market.

Dave.