BiggerPockets

Hi guys, just found this forum and registered. Looks good so far :) I'm in NJ, but planning on relocating to NC to buy via subject-to and resell on lease options and owner financing. I've done the landlord thing, section 8 and all, and it's time to move on, heh

Dan

Hi Eric, there's quite a few reasons, both real estate related, and personal

The cost of living in NJ is getting out of control, high r.e. taxes, high car insurance, high health insurance, and no signs of improvement in the future. NC's cost of living appears to be much more affordable, the climate much more mild, and in general, life seems to be just a bit more laid back.

NC seems to be an excellent position for growth - it appears to be a very desirable destination for retirees coming from the northeast, it appears to have a very diverse economy, and even though I'm sure it's seen its fair share of the building boom, it still looks like a good buy. My favorite thing to do is compare market rents to the cost of ownership. Areas like phoenix that were grossly overbuilt still seem to be upside down, why buy when you can rent for a fraction of the cost? The rents in NC look like they are still in line with home values. Not a steal for an investor to buy rentals, but not inflated either. I'm no pro, so this is just my observation, and I'd love for someone to question my thought logic and keep me on my toes!

Dan

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Jon

We have talked about moving to NC. My family is in NJ. But we really can't afford to live there, which is why we're in PA.
But I have always thought of NC as a great place to at least visit.

Welcome to the forum. I always like going to the outer banks.

Very motivation, thanks guys - I'm looking forward to life in NC just as much as the investing!

Hey Dan, welcome to the group!

Lots of great folks with experience to share here at BP.

Hi Aly, shoot me a PM with any questions that you have and I'd be glad to share all that I know. I had good experiences with section 8, although I know many people in my area have had a very tough time with them. It certainly has its pros and cons.

Here's a piece of information that I found surprising; An experienced real estate attorney recently spoke at my REIA and when the topic of avoiding section 8 tenants arose, he firmly advised us that it is illegal to refuse to accept a tenant because they are receiving section 8 assistance. From what I have heard the penalties can be as high as 5 figures.

I just moved to NC from the Northeast, besides being a great place for opportunity; it is really a great lifestyle choice. You have coastal options, growing cities, or mountain living in Asheville with a three hour drive to Atlanta, 2 hour drive to Charolotte, 3 hours to Research Triangle, 4 hours to Charleston. As the world shrinks why not have a surrounding that is beautiful and affordable.

JPG