Fayetteville, NC

19 Replies

Hello to all! I'm going to be moving back to North Carolina and my wife and I are moving to Fayetteville, NC (my hometown) and and are considering buying a duplex or quad and residing in one for a hopefully short period of time. We will be selling our house here in Colorado Springs. I was hoping to get some input from others who have used their VA loan benefits for this type? Any recommendations? Pitfalls? How long is the "seasoning" period before we could refi and free up the VA loan portion to buy our house we want to live in? Are there any "bird dog" lists you can recommend for the Fayetteville area so I can be aware of what's available before they hit market? I'm sure I'll think of more questions. Thank you in advance to all.

Va loan is great for primaries! and it can be used for duplex/quadplex. I always caution people about those small multi's in this town because there just simply aren't many. It's not that they would be bad investments but because of the military culture and economics you'll find that big apartment complexes to be in abundance and preferred over small multis. I'm not saying don't look, just a heads up. I would prefer to buy multi's but the few I have found have not been worth purchasing.

The VA loan is for primaries only, you will absolutely have to live in the house for 1 (I'm pretty sure) year before you can move. You can refinance that loan at any time though. You can also utilize up to 2 VA loans at the same time.

Fayetteville is a pretty good area to invest. You'll find success here ;)

Welcome back!

@Alexander Felice do you know if you can refinance out of the va loan after the mortgage seasons? I'm in Fayetteville as well. You are right there are not many multi's but if you can find the funding you can get an apartment building for cheap.

You don't have to wait a year to refi a VA loan? That's news to me.

 You can do an immediate refinance.  Ive done it a few times now.  There is no wait period on the property for that.  

@Jeremy Walker :  Now is a GREAT time to invest in Fayetteville.  There was a huge buildling boom and the market was over saturated so prices are starting to fall back down to realistic levels.  There are a lot of multiplexes available.  I would try and find a quad plex personally, and if you have the on hand cash to refinance, then I would do that after you have stabilized your tenants.  Either way best of luck and if I hear of any good multiplexes opening up I will let you know.  

Originally posted by @Abraham Saldana :

 You can do an immediate refinance.  Ive done it a few times now.  There is no wait period on the property for that.  

@Jeremy Walker :  Now is a GREAT time to invest in Fayetteville.  There was a huge buildling boom and the market was over saturated so prices are starting to fall back down to realistic levels.  There are a lot of multiplexes available.  I would try and find a quad plex personally, and if you have the on hand cash to refinance, then I would do that after you have stabilized your tenants.  Either way best of luck and if I hear of any good multiplexes opening up I will let you know.  

 It's weird to hear someone say that. I've been buying here for 5 years and I think the prices are higher than ever lately.....You're right that it's still a great time to invest, but I haven't had the same experience is all. 

Let me know if you need a great Realtor...ME. 

Good advice and on the money. The big duplexes do well around here and more are going up.

Yeah @Jeremy Walker the seasoning period is bank dependent not VA dependent. So there are some banks that don't have the 1 year seasoning period and you can refinance very soon after.

Are you planning on listing your house here in Colorado Springs or have you looked into lease options for it at all? I've done a few lease options here in Colorado Springs and it can definitely get you more money in the long run.

@Jeremy Walker - If you have done significant repair to the property and have receipts to prove it, some lenders will waive the seasoning period and allow the property to re-appraised and thus refinanced. 

Colin,

Great advice I did not know that about the seasoning period, of course it makes perfect sense. It would just be like a BRRR deal.

Jeremy,

Welcome back to Fayetteville! I would say now is a great time. VA appraisers were a little behind but now they seem to be caught up. Here are my two recommendations:

1)Find a good agent
2)Find a good lender

Note:finding a good agent first can knock out 2 birds with 1 stone as they will have lenders they trust and work with.

Anything I can help with, please reach out.

Adam

If anybody else is looking to get connected in Fayetteville, NC...I am a REALTOR here as well. Looking to move into the investor space and get involved myself. Currently representing an investor on an ongoing basis as well as others periodically. Let me know!

nice to have so many fay people around here! 

Hi Jeremy,

Shoot me a PM. I am currently stationed at Bragg and can give you a better option than looking for a duplex.

- Justin

@Jeremy Walker just wanted to follow-up and see how the PCS is going...any luck finding a new place in Fayetteville?  Did you end up purchasing a small multi-family?

Hope all is well and keep us posted on your progress.

Take care.

-Andrew

I bought a duplex that 2 months ago in the Haymount area in Fayetteville and everything is going super smooth! I have tenants on one side and myself in the other which brings my mortgage to a very manageable amount. Currently I'm saving up some cash for a refi and once I do I would like to start my search for another. Definitely got super lucky with this place! Have you found anything yet? 

Any recommendation for a good property manager in Fayettville? 

@Thomas Lorini  

My team and I use Alotta Properties and they've been solid.  I'll message you their contact info since BP won't let me post it here.

Anything else I can help with?

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