All Forum Posts by: Matt Castle

Is it still active? I'm interested. 

If you're still looking, I know of 1-2 smaller PMs that will give you more personal attention. 

@Marcus Johnson

Bristol, VA, and Bristol, TN, are mutually exclusive. I don't follow either closely, but just being observant living a few miles down the road, it's a lukewarm market. As always, it depends on location and asset quality (old & run down vs new & HGTV shiny). Bristol is an older small city, so lots of historic charm but lots of rehab in much of the inventory. Both have had decent CRE growth - I-I-81 VA Exit 7 & I-81 TN Exit 69 (The Pinnacle).

I know Bristol, VA, has had some economic issues, slight population loss, etc. Seems I hear about city economic issues related to planning commission issues on a regular basis. Probably best you google for specifics.

Seems Kingsport or Johnson City are stronger markets for now, but again, that depends on your goals and what your acquisition target(s). For example, if someone built or retrofitted a building in either Bristol into trendy lofts or apartments, I'd wager they would be popular. 

Virginia Intermont had trouble for many years. Most kids in this area go to ETSU, Virginia Tech, UVA or Northeast State. It's been ~1.5yr since college was purchased at auction, so we shall see what develops - if anything. 

DM me if you need any specific info. 

@Leslie Robertson

The down payment is often the problem, so you can either start with a smaller location and build up your business to save the amount you need or try to locate a private investor who will front the cash for an equity stake in the business.

I think your goal is very realistic. Would love to hear more details and see your projections. 

JC is likely the strongest or near the top regarding best market in Tri-Cities area. I haven't heard of any major issues, but as always, it depends on location, rental quality and price. 

Rent growth seem to be picking up as the job market is becoming very tight again. Local radio stations advertise job fairs every hour it seems, so your $650-$750 2BR range units would be good fit for the $10-$20 per hour workforce now that business owners are competing for workers and wages are rising. 

Let me know if you have more specific questions. 

I'm a year late on this, but I do agree with you that Abingdon suffers from a lack of quality multifamily properties under 4 units. Most are single family homes, large apartment complexes rarely for sale, or just run down 4-10 unit properties needing total rehab. 

I'm looking at building my own. Call one of the local home centers and ask for a price estimate to build what you like, but you will need a fairly detailed blueprint for them to run estimates. 

Our problem in Abingdon is local competition. Some developers are building 50-100+ unit complexes throughout Tri-Cities, but have left out Abingdon for some reason. Too small or too expensive perhaps.