New investor looking to build a team

[Cesar Villeda]

Hey Folks,

2023 is the year we finally want to buy our 1st door (possibly 2). I've read and read and honestly at some point we just have to go out and do it. I work in tech sales so I understand analysis paralysis very well.

Although we are new to investing, we aren't new to buying... We've bought twice and sold once (which I regret). Unfortunately, we live in NOVA so our area is out of the question (I think) for our first investment. We're thinking of something around $100-$200k. Based on my research, areas we'd be interested in are Dayton, Cincy, Detroit, High Point (have family there), Durham, etc. I lived in TX for 20ish years so wouldn't be oppose to that area either.

Current Financials: $100k cash, $250k equity in our some so can HELOC, ~800 credit score

Thank you!

[Pat Lulewicz]

Realtor and Investor in Central NC area. Durham at that price point won't get you very far, and you probably don't want that SFH inventory for a long term hold. Would require significant value add and still have a little while for the upswing to go in your favor. You'll be teased in by townhomes or condos, but the HOAs usually make it prohibitive to cash flow. Plus at that size and rent price, tenants would just go to an apartment complex and get a gym/pool.

High Point, plus don't forget Greensboro and Winston-Salem (considered the Triad), is a fantastic cash flow market. The tenant base is hungry for good product, and rent growth and appreciation are tracking with the Raleighs and Charlottes of the area. We also have a very strong Housing Voucher program with all 3 cities, so you have the ability to go down the "guaranteed rent" path if you're open to it. Having family in the area would be extremely helpful on the $ side and could avoid needing a PM, saving you $60-$100/m and assisting you with the 4-5 calls you'll get during a year for maintenance or otherwise. At the very least, they would give you an unbiased opinion on a property when they walk it with your Realtor.

Let me know if I can help you in any way and provide you some examples of investment properties we've recently looked at