Hello everyone!! My name is James Crosby and I live near Raleigh NC and I'm a buy and hold investor. I have a few single family residences and have quite a few mobile homes that I rent out. Being a landlord is my full time job but there is always more to learn!!

Welcome James! I'm in the Raleigh area as well (Apex, specifically) and am looking to buy and hold myself. Where are the single family residences you own? What markets do you target, and how have you been finding them?

Welcome James to BP. I am also a full time buy and hold investor in Raleigh, mainly on the East side of Raleigh.

Thanks Curtis I have a rental on the east side of Raleigh as well. Have you had any luck finding deals in Raleigh? They seem to be getting harder to find!

Alex, I have one on the east side of Raleigh and couple on the north side. Right now I am targeting a good deal!! They are getting harder to find I out area.

Welcome, @James Crosby ! I'm also a buy and hold investor in the Raleigh area (mostly west/nw/cary). I agree that good deals are few and far between lately. I haven't tried wholesalers yet though...

Gabe,

Are you investing in Raleigh long distance? If so what made you choose Raleigh? Especially Cary! It's  not a cheap market. 

It's hard to get deals in Raleigh unless you want to do a lot of rehab. If buying anything in good condition under 200k, it becomes a bidding war. I am looking for my next purchase.

Welcome to BP James Crosby and Congratulations for taking action. 

@Mark Shafer It's a bidding war even if the home is a total disaster under 200k!

@James Crosby yeah, I'm investing from San Francisco. The prices here are ridonkulous, and I'm from the Raleigh/Cary area, so I know it well. Property tax on a normal house near me is $20k a year. In Raleigh, that's practically a down payment on another property. I also have people I can trust in the area.

@Mark Shafer  @Dawn Brenengen  I'm curious what other investors in the area consider a deal. What is a reasonable expectation for cash flow on a unit in the mentioned sub $200k range, for instance?

Ditto what others are saying regarding finding a deal. I buy in the $150k range and rent for $1,300. I can not say that I have found a "deal" in my purchases. But, I can find nice 3bd/2bath for $150k which need\ little to no work. I can turn around the home and have it ready to rent in a week. I calculate a cash flow of about $750 for a $1,300 gross (not including any mortgage payments).

@Curtis Mears That sounds like a good ROI to me. Can you be a little bit more specific on the zip code you are finding these houses? Are you finding them through MLS or wholesale?

@Gabe Cinquepalmi I think in good neighborhood(good schools) 8%+ cap rate on a single family can be considered a good rate. What's your take?

I agree that you can find around 150k around Raleigh that can rent in the 1300 range. I have also seen a lot of town houses around for around 130k that rent around 1300. I kinda like townhouses for them being simple but always worried about the HOA.

@Gabe Cinquepalmi It depends on the area, of course.  If you are in Cary/Apex, I would expect a $200k home to rent for $1400.  In the NCSU area, I would expect around $1500, but there is a tipping point where if you spend $230k and get a four bedroom home, you can rent it for $2000.  In SE Raleigh, you can buy a home for $150k that rents for $1300. None of these are "deals," but this is what I would expect to get to get me interested at all.

I am in the 27604 zip code and find them via mls. The nicer homes well have multiple offers within days of hitting the Market.

Are there any good meetup groups for real estate in or near Raleigh? Would love to find a group to grab a cup of coffee or a cold beer and trade real estate stories and ideas with.

@James Crosby You are in luck! There is one this week

https://www.biggerpockets.com/forums/521/topics/301675-april-raleigh-nc-meetup

Originally posted by @Curtis Mears :

Ditto what others are saying regarding finding a deal. I buy in the $150k range and rent for $1,300. I can not say that I have found a "deal" in my purchases. But, I can find nice 3bd/2bath for $150k which need\ little to no work. I can turn around the home and have it ready to rent in a week. I calculate a cash flow of about $750 for a $1,300 gross (not including any mortgage payments).

Curtis, you are my hero. I'm transitioning from house hacking with Airbnb to buying rentals. I see all of this stuff about 70% rule and finding super good deals via bandit signs, yellow letters, driving for dollars and talking to owners.... ugh! It's refreshing to hear of someone making reasonable profit off of just buying what is on the MLS. Thank you. Maybe some of that other stuff after I acquire a few more houses, but for my next step, MLS just sounds the easiest for now.

Originally posted by @Michael Douglas :

Originally posted by @Curtis Mears:

Ditto what others are saying regarding finding a deal. I buy in the $150k range and rent for $1,300. I can not say that I have found a "deal" in my purchases. But, I can find nice 3bd/2bath for $150k which need\ little to no work. I can turn around the home and have it ready to rent in a week. I calculate a cash flow of about $750 for a $1,300 gross (not including any mortgage payments).

Curtis, you are my hero. I'm transitioning from house hacking with Airbnb to buying rentals. I see all of this stuff about 70% rule and finding super good deals via bandit signs, yellow letters, driving for dollars and talking to owners.... ugh! It's refreshing to hear of someone making reasonable profit off of just buying what is on the MLS. Thank you. Maybe some of that other stuff after I acquire a few more houses, but for my next step, MLS just sounds the easiest for now.

 

Michael, Yes, I have bought many properties off MLS (using agent) and have done well. They cash flow and have had great appreciation over the last few years. I have stopped looking to buy ion Raleigh area as the prices have gotten out of hand. I am waiting now to see what the next few years bring.