Looking for multifamily duplex/fourplex..

10 Replies

Hi All,

I am from Raleigh, NC area. I'm looking for multifamily unit (duplex/ fourplex) in Raleigh/ Charlotte area. However there are not much to be found. Do you suggest to stay local or go to other parts of the country. Especially I'm eyeing in Dallas, TX suburb or any midwest (Kansas City). Given that it would be hard to manage if it's cross country, any tips on where should i start?

@Maddan Pun   How are you going about finding deals?  I would evaluate the funnel you have created to generate deal flow and see if there is a way to optimize or improve it locally before you head off into an out of state market.

@Maddan Pun Do you own any real estate now? Have you ever worked with or interviewed a property management company?

The fundamental problem Maddan has is that the TAM (Totoal Available Market) for his target acquisition is small. See also this other BP topic where I posted the number of quads and duplexes, based on Wake county (Raleigh area) records.

So my tip on where to start is to know the available market for what you seek. County record ganerally has the most complete 'picture' (with classification of property as duplex or quad, etc.) but an in-the-know broker should be able to provide the same/similar information. Good luck.

@Maddan Pun I agree with others that there's not much of a supply for small multi-families in the Raleigh area. You may want to look in and around the NCSU area, something like this may be an attractive option for you.

https://www.zillow.com/homes/for_sale/132170543_zpid/2-_beds/100000-175000_price/396-693_mp/globalrelevanceex_sort/35.793728,-78.609067,35.680167,-78.76751_rect/12_zm/

@Maddan Pun Dallas has a booming population and job market but it also has very high property taxes and homeowners insurance making cash flow and COC very low. If you're goal is cash flow, I recommend Kansas City. The cash flow is strong and it still has good economic and demographic trends. We've been involved in KC for several years with a lot of success.

Originally posted by @Grant Rothenburger :

@Maddan Pun Do you own any real estate now? Have you ever worked with or interviewed a property management company?

@Grant Rothenburger I do own few here in Triangle area but none are multi-unit (hence, trying to expand to multi-unit residential homes). I have not interviewed property management company as of yet. I found couple here that charge certain percentage. Thanks! I will start interviewing more.

Originally posted by @Nathan McQueen :

@Maddan Pun I agree with others that there's not much of a supply for small multi-families in the Raleigh area. You may want to look in and around the NCSU area, something like this may be an attractive option for you.

https://www.zillow.com/homes/for_sale/132170543_zpid/2-_beds/100000-175000_price/396-693_mp/globalrelevanceex_sort/35.793728,-78.609067,35.680167,-78.76751_rect/12_zm/

 Thank you Nathan! I did look into NCSU area. It looks good but never liked units. I kinda like the whole building (duplex/ fourplex). Are you looking into Raleigh market too?

Originally posted by @Mike D'Arrigo :

@Maddan Pun Dallas has a booming population and job market but it also has very high property taxes and homeowners insurance making cash flow and COC very low. If you're goal is cash flow, I recommend Kansas City. The cash flow is strong and it still has good economic and demographic trends. We've been involved in KC for several years with a lot of success.

 Hello Mike, 
Thank you for the reply. I will DM you directly!

Originally posted by @Ryan Cox :

@Maddan Pun  How are you going about finding deals?  I would evaluate the funnel you have created to generate deal flow and see if there is a way to optimize or improve it locally before you head off into an out of state market.

 Hi Ryan,

I have been lived in the past those out-of-state areas (TX) and hence, named the few places. And I know the places. KC, I have friends/ family there. Over the weekend, I did some research and probably good for me to stay local for time being, given the growth the RTP area is having... Let's see how it goes. Thanks for the reply/ suggestion though..

Originally posted by @Chris Martin :

The fundamental problem Maddan has is that the TAM (Totoal Available Market) for his target acquisition is small. See also this other BP topic where I posted the number of quads and duplexes, based on Wake county (Raleigh area) records.

So my tip on where to start is to know the available market for what you seek. County record ganerally has the most complete 'picture' (with classification of property as duplex or quad, etc.) but an in-the-know broker should be able to provide the same/similar information. Good luck.

 Thank you Chris for the reply and your suggestion. I will definitely look into County records. And also thanks for the attached thread. Was helpful.

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