2018 is already shaping up to be a hugely exciting year for Walnut Street Finance, not least of all because we’re expanding our portfolio into new regions! If we’ve said it once, we’ve said it a thousand times, we take our due diligence incredibly seriously when it comes to the types of deals we’re willing to finance and projects that we’ll consider backing. We pride ourselves on knowing our markets backwards and forwards and as a result we’ve financed the majority of our deals in the same geographic areas - however in 2018 we’re spreading our wings and branching out, adding new regions to our portfolio! This means that you - our current and prospective borrowers - can now get all of the benefits of working with Walnut Street Finance outside of the Metro D.C. area.
So, where are we headed this year, and what’s prompted the decision?
Charlotte/Raleigh-Durham (Wake County), North Carolina
We’ve written a bit in the past about our new emphasis on the Raleigh-Durham area, but haven’t fully gone into why it’s such a great move for Walnut Street Finance and our borrowers. And there are a few reasons. For starters, on average approximately 62 people are moving into the area on a daily basis - that’s a huge number for population growth and shows that there’s a lot of potential for creating jobs and sustaining growth. In fact, the Research Triangle is creating jobs almost daily, enticing young professionals to move to the area and purchase property.
- One of the top places for young professionals to live nationally
- One of the top areas to raise a family
- Best places to live
- Best places to retire
- Best big city in the Southeast
North Carolina was also ranked number one in the country as the best place to build a business in 2017. And, of course, with all the talk about Amazon HQ2 finding their location, this area has also made the short list of the top 20 possible destinations.
Southern Virginia/Hampton Roads, Virginia
Another area that we’ve chosen to focus on, and for similar reasons, is Southern Virginia, specifically the Hampton Roads area. By 2020 the region is anticipated to add about 30,000 new jobs which is a clear signal that the area will continue to have well-maintained and sustained economic growth with jobs in high-paying industries including nursing, dental, engineering and technology. Additionally, from a market competitiveness perspective, demand is high for properties in Southern Virginia as a whole, with many multiple offer situations and property sales frequently closing at or above list price.
Are you interested in beginning your fix and flip journey in the Raleigh-Durham or Hampton Roads area, but don’t know where to start? Check out our guide Essential Math for the Fix and Flipper and then get in touch.