Out of state investor help. What do I do? Durham area

Raleigh, North Carolina
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Out of state investor help. What do I do? Durham area

Greg Z.
Member since 2020 · 9 posts · 8 votes

Hi all,

I live in New York and and I cannot afford my first REI multifamily home here.

I went on a trip to Pittsburgh and the Triangle to see where I would like to invest in. I loved both, but, I ended up thinking Durham long term would be the better location than Pittsburgh. 

my question is, as someone who is out of state how do I get my feet with with the right and trusted people I'd need to at least with 1 home purchase and hopefully work my way up(long term) and potentially work my way into other areas. 

I have a general idea, but I just haven't broken that barrier. 

I am looking forward to hearing back what has worked from other on here. 

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Mel Adams
Investor · San Diego · Member since 2021 · 86 posts · 91 votes
4y

You’re already in the right place! Look for contacts here in the Raleigh forum and reach out to others who invest in Durham. Different state, but I found my agent in the BP forums. Plenty of people on here who already have contacts most are willing to share. 

If it doesn't work here, start googling, or join Raleigh/Durham REI FB groups. Just start looking and reaching out, don't overthink it. Chances are it won't be perfect your first time anyway. Just go!

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  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    4y

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit

    3Reply
  • Mel Adams
    Investor · San Diego · Member since 2021 · 86 posts · 91 votes
    4y

    You’re already in the right place! Look for contacts here in the Raleigh forum and reach out to others who invest in Durham. Different state, but I found my agent in the BP forums. Plenty of people on here who already have contacts most are willing to share. 

    If it doesn't work here, start googling, or join Raleigh/Durham REI FB groups. Just start looking and reaching out, don't overthink it. Chances are it won't be perfect your first time anyway. Just go!

    4Reply
  • Chad Gray
    Raleigh, NC · Member since 2019 · 57 posts · 54 votes
    4y

    Hey Greg,

    I live and invest in the RDU area. If you have any area specific questions feel free to shoot me a message.

    0Reply
  • Joe StoutPro Member
    Investor · Catonsville, MD · Member since 2020 · 81 posts · 41 votes
    4y

    Hey Greg, maybe you can explore subletting in NY a.k.a. Rental arbitrage where you rent and then list the home on airbnb. I just had some friends stay in an airbnb in NY... it was $600 per night for a studio! But in terms of your long distance investing wish, I would definitely join facebook groups in Durham and try to network with investors. They will take you around, show you their properties, explain how they did things, etc. I think what you're doing is going to be great! I just bought my first long distance investment as well. Let me know what you end up doing!

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Greg Z.:

    You can start by reading "Long-Distance Real Estate Investing" by David Greene. Lots of practical advice for finding a market, building a team, and more.

    The DIY Landlord Book4.7247 Reviews
    WebsiteView Page
    2Reply
  • Becca Lavin
    Real Estate Broker · Member since 2022 · 20 posts · 8 votes
    4y

    Greg,

    Raleigh/Durham is a popular area for out of state investors to focus on! After all, it is one of the top ranked areas to live. 

    I'm a licensed broker in the area that specializes in investment real estate as well. I'd love to help or answer any questions you may have. 

    2Reply
  • Greg Z.
    OP
    Member since 2020 · 9 posts · 8 votes
    4y
    Quote from @Becca Lavin:

    Greg,

    Raleigh/Durham is a popular area for out of state investors to focus on! After all, it is one of the top ranked areas to live. 

    I'm a licensed broker in the area that specializes in investment real estate as well. I'd love to help or answer any questions you may have. 

    Thank you, I will reach out!

    Greg
    0Reply
  • Tim McGarvey
    Rental Property Investor · Napa, CA · Member since 2016 · 68 posts · 57 votes
    4y

    @Greg Z. you're in the right place! The RDU area has a great investor community on BP. I'd start by connecting with brokers, property managers, and other investors in the area and sharing your investment goals. Be specific - there are tons of strategies at play here. From there you'll be able to be feedback and narrow down some price points/neighborhoods that will work for your goals.

    0Reply
  • Graham Storey
    Real Estate Broker · Durham, NC · Member since 2020 · 49 posts · 42 votes
    4y

    Greg,

    Is a great place to invest. I was born and raised in the Bull City (Durham) and its changed tremendously over the years. I know the market very well so please feel free to reach out if you have any questions I'd be happy to help.

    Also as an FYI, this is not to discourage you, but I am a commercial broker and specialize in multifamily. Durham is incredibly popular with out of state investors and extremely competitive. We get calls all the time from New Yorkers and people from California. They have been scooping up properties like crazy over the last few years.

    2Reply
  • Taylor Bennett
    Real Estate Agent · Fayetteville, NC · Member since 2022 · 34 posts · 13 votes
    4y

    https://money.com/best-places-...


    Durham is a great area to grow investment properties in! With BIG names coming to the area very soon, this is one of those areas with the better prices entering and long term will help give you the end game you are after. Raleigh is one of the best places to live and Durham is close behind. 

    2Reply
  • Sean H.
    Developer · NC · Member since 2019 · 211 posts · 112 votes
    4y

    I do my own flips and builds, but ive been taking on a few side jobs since the market has been slowing. Im licensed GC, but i only do work in durham (not south durham). I prefer big stuff - gut remodels, additions, or building ADUs. 

    0Reply
  • Christian EhlersBusiness Member
    Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
    4y

    Find agents and investor mentors on BP. From there many of them will be able to let you leverage their team! My agent out of state for my STR connected me with cleaners, Lenders, handymen, inspectors, photographers, landscapers and more. 1 solid connection can bring you a whole team!

    [email protected]978-396-9939
    1Reply
  • Devanand Ramachandran
    Member since 2021 · 8 posts · 2 votes
    4y
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


     Hi Ruchit,

    I am a new Out of state investor from PA. Would love to connect with you to understand the Raleigh Market.

    Thanks

    Devanand

    0Reply
  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    4y
    Quote from @Devanand Ramachandran:
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


     Hi Ruchit,

    I am a new Out of state investor from PA. Would love to connect with you to understand the Raleigh Market.

    Thanks

    Devanand


     Feel free to message me and happy to answer your questions. 

    0Reply
  • Sam Bhattacharya
    Rental Property Investor · Damascus, MD · Member since 2018 · 50 posts · 31 votes
    3y
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


    Hi Ruchit, I am in the DC area and looking to do the same as you're doing.

    I didn't consider the Raleigh-Durham area.  But if you're doing long-distance investing, I guess the world is your oyster.

    1Reply
  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    3y
    Quote from @Sam Bhattacharya:
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


    Hi Ruchit, I am in the DC area and looking to do the same as you're doing.

    I didn't consider the Raleigh-Durham area.  But if you're doing long-distance investing, I guess the world is your oyster.

    Exactly! 

    Let's connect. I will message you with my contact info as it's not allowed to share on forums. 

    1Reply
  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    3y
    Quote from @Sam Bhattacharya:
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


    Hi Ruchit, I am in the DC area and looking to do the same as you're doing.

    I didn't consider the Raleigh-Durham area.  But if you're doing long-distance investing, I guess the world is your oyster.


     Send me your email ID using the message portal or check my message in your inbox. (bell icon at top)

    0Reply
  • Tamera White
    Rental Property Investor · Raleigh, NC · Member since 2022 · 33 posts · 23 votes
    3y

    Hi Greg, 

    I am happy to answer any questions. Please message me or view my profile for my contact information. My focus is Raleigh Durham. I live in the San Francisco Bay Area.

    0Reply
  • Tamera White
    Rental Property Investor · Raleigh, NC · Member since 2022 · 33 posts · 23 votes
    3y
    Quote from @Ruchit Patel:

    Hello Greg,

    It's common for people in big cities to invest out of state. I am from the bay area California, and I have been doing that for the last two years. 

    You are in the right mindset that first finding the right people is more important than a deal. 

    Let's connect and I will share my experience.

    Thank you,

    Ruchit


    Hi Ruchit, 

    I am in Oakland and focusing on Raleigh Durham and two other areas. I will message you. Would definitely like to connect if you don't mind. 

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Make sure it's at least manageable to drive to if you need to be there. your team will consist of these key players 

    1. Property manager 

    2. Realtor 

    3. Contractor 

    0Reply
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