Lots of investors are looking to get started, and as active real estate experts in North Carolina, we get asked to share our secrets quite a bit.
Fortunately, we love to share 🙂
One of the biggest questions we get from local investors is ” How to find a good investment property in North Carolina?“
With the flood of foreclosure deals all but dried up (compared to where they were a few years back)… people are having to get more creative in finding the best deals on great local investment properties.
We source our properties from a variety of marketing routes… online, offline, etc… so there is no one way that is the best way to find good investment properties in .
But the info below walks you through some ways you can put into action to find great properties to add to your investment portfolio.
Most investors are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That’s not how we work. We work with other investors to accomplish things together that we can’t do alone.
We share our learning and our philosophies here because we want to improve the quality of investment in to build stronger communities. Ultimately, we’re all investing in the same places, so it makes sense to do it right.
How to Find Good Investment Property in
There are a few core principles that are important to understanding if you want to get the best investment property deals.
First, think long term.
Real estate doesn’t move like the stock market. It’s where people live, work and play – not just numbers on a screen. It’s almost impossible to make a huge amount of cash in a short-term real estate deal, those come few and far between.
So don’t expect to get away with fancy tricks, or that you’re smarter than the people who have been doing this stuff for years. Thinking long-term means learning from the past to better anticipate the future. Here are some key tips to help you get started
Define Your Investment Goals
Determine your financial objectives, whether it’s rental income, long-term appreciation, or both. This will guide your property search and investment strategy.
Location Research
Look for areas with strong economic growth, good job prospects, low crime rates, good schools (if targeting families), and amenities like transportation, shopping, and recreation.
Market Analysis
Study the local real estate market trends. Look at historical property values, vacancy rates, rental yields, and forecasts to understand the potential for appreciation and rental income.
Financial Evaluation
Calculate potential returns and costs. Consider the purchase price, taxes, insurance, maintenance, property management fees, and any renovations needed. Ensure the rental income can cover expenses and generate profit.
Property Condition Inspection
Physically inspect the property or have a professional inspector evaluate it thoroughly. Look for structural issues, needed repairs, and potential maintenance costs.
It also means that if you don’t find the local investment properties you’re looking for right away… just know that this isn’t a sprint… it’s a marathon.
That’s why it’s a great idea to find several sources of properties that fit your criteria (like our Investment Property Buyers List >> ) so you have a heavier flow of great deals to look at.
Second, focus on relationships.
The investment community in is much smaller than most people think.
There are only a handful of brokers and investors who conduct most of the business in the market.
They’re used to working with the same people on a regular basis. It’s worth the time and effort to find them and learn from them. If you can, work with them. They’re your best source of good deals, now and in the future.
How do you get to know them? Go to your local REIA and find the people who are active and talk to them. Ask them which real estate agents they use, what wholesalers in the area are active (and get their info) and let everyone you can find know that you are looking for investment properties that fit your criteria. Learning how to find a good investment property in isn’t a hard thing… but relationships can be a key element in getting some of the best deals on properties that no one else has access to in the North Carolina market.
Who should you get to know?
- A few of the top investment-friendly real estate brokers in
- A couple of real estate appraisers who deal with the types of properties you deal with
- The top handful of property wholesalers in the area
- The top handful of property rehabbers/flippers in the area
- Title agents who deal with investment properties a lot
Network and Seek Advice
Talk to local real estate agents, property managers, and experienced investors in the area. They can offer insights and advice based on their experiences.
Evaluate Financing Options
Explore different financing options to determine the best fit for your investment. Consider mortgages, loans, or partnerships that align with your financial situation and goals.
Legal and Regulatory Compliance
Understand local landlord-tenant laws, zoning regulations, and any other legal requirements that may impact your investment.
Future Potential
Consider the future prospects of the area. Are there upcoming developments or infrastructure projects that could positively impact property values?
Risk Assessment
Assess the risks involved with the investment, such as potential market downturns, unexpected expenses, or changes in rental demand.
Third, identify your target investments.
Investment is like many other aspects of life – the people who are the most focused often succeed the most. You have to find your niche. Some people make millions just in parking garages or storage units.
Others specialize in residential apartments, while others deal strictly with retail. If you take the time to do your homework, you can analyze the different segments of the market to see which opportunities are truly the best for you – and not just the best marketed. Once you find exactly what you want to own, you can create a plan to find out who owns it and make sure that they know to call you when they want to sell that property.
This takes a lot of work, but it’s a tried-and-true method for creating long-term wealth.
Finally – use technology.
Sign up for our list of exclusive properties, and we’ll notify you instantly when we find a great investment.
We frequently source properties for deep discounts, secure them and then sell them for a discounted rate to the people on our list who are ready, willing and able to invest. There are other ways to get notified about properties on the open market – you should get familiar with searching the multiple listing services with the rest of the herd because every once in a blue moon a great deal shows up.
We don’t deal with average deals – we only pass along great deals to our partner investors. We’re not real estate brokers, and our business is a niche within .
Remember, finding a good investment property takes time and research. It’s essential to analyze various options thoroughly before making a decision. Consider consulting with professionals like real estate agents, financial advisors, or property managers for guidance.
If you’re looking to seriously invest in , we’d love to chat with you to learn your wants, wishes, and objectives.
So hopefully you now know how to find great investment properties in . If you have questions give us a call or join our buyer’s list below!