The Orange County Sheriff's Office said the shooting happened shortly after 4:30 a.m. in the 2900 block of Neville Road.
Neighbors told ABC11 the victim's name is Willie, and he owns several cars on the property as well as the trailer that was broken into.
Thomas Gates told ABC11 he is the land owner where Willie's trailer sits.
"I'd have thought it was somebody else they shot. I didn't think it was Willie! He's a good man, I'll tell ya, a good fella,"Gates said.
The victim was taken to UNC Hospital to be treated for the gunshot wound. There is no word yet on the man's condition.
Police said they do not have a suspect in custody and are still without a description. It is not known if the victim knew the alleged masked gunman.