So i'm looking to make my first move as an out of town investor. I'm looking for steady cash flow on a rental like everyone else, without long vacancies. Some of things I consider besides the analytic part is the number rentals available, rental comps, number of house for sale and date of availability.
I've been looking daily and I'm having a really hard time deciding where, I wonder if people do end up with a duplex in every state, lol. But I'm so ready to jump.
Anyway, i received some listings in Fayetteville, NC today and they look good but it seems like there is an overwhelming amount of rentals and houses for sale in that market, prices are very competitive and some been on the market for almost a year (Zillow).
Do you look at those details? As an out of town investor with so many available options in different markets how do you narrow it down? any apps or websites to answer your questions?
Also how landlord friendly is NC?
North Carolina is a Landlord friendly state. Fayetteville has a large military rental market considering it is home to of one of the largest military base in the US. I'd suggest to contact a successful real estate agent in that market that can help you. I am not bullish on that specific market, not to say there isn't opportunities. In that specific markets its about basis.(purchase price.) If your eager to get into Realestate look into a multifamily apartment buildings that have economies of scale. Partner with people who have experience and learn from their success. The best investors are ones who spend a great deal of time educating themselves. Take your time, do your homework! Best of luck on your journey.
Fayetteville real estate investing is pretty good, though recently it's getting MUCH more competitive than in past years
none of the good deals in Fayetteville stay on market long. your best bet is to talk to realtors and hunt the market often, when a deal comes you need to move lightning quick. Most deals I get never make it to Zillow, most don't stay on market more than ~48 hours.
practice analyzing deals, know what you want, and when you find the right one: shoot to kill.
Our biggest lesson will come from the experiences and will be determined by how prepared we are.
@Joe Graziano I’m definitely a multi unit guy, i can see the scalability and advantages compared to sfh. You’re from New York, where do you invest for b&h?
Malick I am from NY I live on Long Island, but I attend and host multifamily webinars and meet-ups. MY company focuses on acquiring assets in the south east and mid Atlantic regions. 75-200 units per deal in the 3MM-15MM space. We look for an oppourtunity to improve physical, operational, and economical efficiencies. We can change everything about an asset except location, and the purchase price post closing. We conservatively underwrite deals in MSA's that have job growth, population growth, and strong rental demands. We spend considerable amount of time understanding the market/submarkets then we focus on the acquisition of assets within that market. If you have any question feel free to send me a private message. Best of luck.