Durham, NC · Member since 2016 · 5 posts · 6 votes
I'm just starting out in REI, living in Durham, NC. I'm still looking for my first deal, and I'm interested in buying a duplex/multifamily home to "house hack" as an owner-occupant with an FHA loan.
I'm having a hard time finding duplexes/multi family homes in the Triangle area (Durham, Raleigh, Chapel Hill)--there are very few listed on the MLS, and I only see a handful when I drive around looking for properties.
Does anyone else invest in Triangle area duplexes or multifamily homes? What success have you had? Could you give advice on other steps to take to find leads? Thanks!
Raleigh, NC · Member since 2016 · 24 posts · 10 votes
10y
I have a large multi family portfolio and I am an agent in Raleigh. Loopnet and city feet are not as strong in Raleigh as in other areas. What are you looking what class, size and location. There are pockets and small multi family spread out throughout the triangle. Sometimes they are hard to locate. PM me and we can discuss further.
Arlington, VA · Member since 2013 · 115 posts · 40 votes
10y
Denise - The North Carolina Triangle is a really good place to be for economic growth and long-term real estate investment. Definitely take advantage of it while you can!
Raleigh, NC · Member since 2016 · 24 posts · 10 votes
10y
I have a large multi family portfolio and I am an agent in Raleigh. Loopnet and city feet are not as strong in Raleigh as in other areas. What are you looking what class, size and location. There are pockets and small multi family spread out throughout the triangle. Sometimes they are hard to locate. PM me and we can discuss further.
Investor · Raleigh, NC · Member since 2015 · 189 posts · 102 votes
10y
@denise you're right that their are only a handful of multi-family properties on the MLS in Raleigh and Durham at any given time. However, there are certainly a lot of multi-family's to be found in Raleigh if you drive around and know where to look. There are even some streets/neighborhoods that are comprised almost entirely of duplexes/quads. The thing is, these properties tend to get more cash flow and they aren't sold as often. And when they are sold, it's likely an off market sale to another investor.
Morrisville, NC · Member since 2016 · 2 posts · 2 votes
10y
Denise, I am also in the same situation as you. I'm looking for a Duplex to live in and rent in the triangle area but haven't seen too many available. If anyone is interested in working with me please message me. I am leaning towards the Raleigh area.
Durham, NC · Member since 2016 · 5 posts · 6 votes
10y
@Jack I will definitely send you a message about what I'm looking for. Thanks for the tip on loopnet and city feet.
@Keith I will definitely do more driving around. I've seen some triplexes and quads especially around NC state so I might need to take a closer look in those neighborhoods.
Rental Property Investor · Raleigh, NC · Member since 2016 · 49 posts · 15 votes
10y
Welcome @Denise Mitchell and @Kathleen Horvath. I am in a similar situation. I'd be glad to share what I know so far. I'm hoping to drive around Raleigh and check out a few neighborhoods to get an understanding of the areas and then go from there. If you have some areas that you recommend please let me know. I am new to the area. :)
Real Estate Agent · Raleigh, NC · Member since 2016 · 34 posts · 10 votes
10y
Welcome guys! Have you considered SHF that can be converted to MF? If the zoning and covenants permit it, you may be able to find properties that can be converted easily.
Real Estate Agent · Durham, NC · Member since 2013 · 81 posts · 39 votes
10y
I have been looking for small multifamily properties in the Raleigh/Durham area for several years now. The options are fairly limited, but good buys come up here and there. Right now on the MLS I'm seeing 52 properties listed between Raleigh and Durham. Only 10 of these are listed as triplex/quad. If you have any questions, feel free to contact me.
Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
6y
@KeithNelson could you recommend any good sites on which to search for multifamilies in the Raleigh or Triangle area? Prefer 5+ family but flexible. Looking to hold for long term (10 year + ideally) appreciation but should have good cash flow. I'd like to play around with the numbers before I decide on an area to focus on (I'm not in N.C.)
@KeithNelson could you recommend any good sites on which to search for multifamilies in the Raleigh or Triangle area? Prefer 5+ family but flexible. Looking to hold for long term (10 year + ideally) appreciation but should have good cash flow. I'd like to play around with the numbers before I decide on an area to focus on (I'm not in N.C.)
Attorney · New York City / Long Island, NY · Member since 2020 · 597 posts · 248 votes
6y
Hi @ChrisMartin
Yes, I know - I've been asking questions on old posts b/c I just googled the topics I was interested in along with the words "BiggerPockets" and the other people posting might have the alert come through automatically when someone adds a new post. Also, it could be a good way to find people who have experience in a particular area for the past few years.
I recently tried creating a new thread & asking for broker recommendations/referrals on the forums - but Bigger Pockets told me my post was deleted because it asked for an endorsement, which is too commercial, or something to that effect. Bottom line was, it didn't fit the forum rules so I had to reword it. I've found general googling gets me nowhere. It's not a recommendation from an investor who's worked with the particular broker. So I thought I would ask the forums what the best sites for searching are (like in my area there are lots but not all are the same). Once I have more specifics on what I"m looking for, I can start contacting brokers, knowing I'm not wasting anyone's time. But if you know any good property managers, attorneys, and/or real estate agents in the Triangle Area I would definitely appreciate a recommendation.
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
6y
So does that mean you did what I posted and you found the apartment listings (e.g. 16 and 24 unit apartments in Raleigh area) and they were not what you are looking for?
When we sold our 96 unit Raleigh apartment three years ago, the broker had vetted buyers 'in hand' as we negotiated listing details. That's the way the apartment business works. Generally, you won't see apartments listed on MLS or LoopNet, unless they didn't get traction. That's not always the case. 200 E Edenton, an 11 unit that sold in November, was on LoopNet. But my point is the apartment brokers know what is around and what may be soon on the block (for sale), advertised or not.
Indianapolis, IN · Member since 2021 · 193 posts · 150 votes
5y
@Denise Mitchell that research triangle is a great market especially with UNC, NC State and Duke in those markets. Have you considered looking into Cary, NC as well? Economic and long term growth in that market has been solid. Have you ever thought about syndication as well? Good luck!
Investor · Durham, NC · Member since 2020 · 1k+ posts · 691 votes
5y
I agree with @William Costello. I am in the Durham/Raleigh area, and we've experienced a lot of growth and development around us. The Triangle has booming pharmaceutical and bio-tech industries. Duke and UNC are some of the top universities in the nation as well.
@Denise Mitchell I'd love to connect with you and see how I can bring you value. Feel free to PM me.