Hey BP Community!
My name is Clayton and I am currently a financial analyst living in Raleigh, NC. After reading many books, blogs, and listening to almost all of the BP podcasts, I have realized REI is the way I want to build wealth through passive income. What I have learned so far is that there is still SO much out there to learn, but I have developed a vision of what I want to achieve over the next five years. (Long story short: purchase 5 multi-family properties over the next 5 years while working full time)
Currently I am renting an apartment through the end of January. My goal is to purchase my first multi-family property when my lease runs out and "hack my housing" (@Brandon Turner ) by renting out one of my rooms to my current roommate and renting out the other units.
I am looking for an investor friendly real estate agent in my area to sit down and discuss my business plan and financing options (FHA loans in particular). Any advice on how to find the right agent or any referrals?
Any and all advice welcome! I am here to learn!
Thanks everyone for your time!
@Clayton Kelley Welcome, Clatyon.
From my relatively small experience, Multi's in the Raleigh area are tough to come by. Have you considered looking at SFR's? Durham had a few good MF's.
I had the same plan but there are not many duplexes in Raleigh I would have wanted to live in. Have you identified a target area or areas of duplexes?
joco (Johnston county) has some duplex's and areas I would live in. To be honest the rents are close and the cost to acquire is lower. With the 70 bypass you are still with in 20 mins of raliegh.
Hey Clayton welcome to the site! It sounds like you have a pretty good foundation for what you want to accomplish through REI. Do you intend to stay put in Raleigh or are the surrounding areas such as Durham, Apex, Wake Forest an option as well? I know a couple of agents who are investors themselves that will gladly discuss your business plan and FHA loans. You may also want to check out a TREIA meeting where there are numerous investor friendly agents.
Awesome @Clayton Kelley ! Welcome to the site, and let us know if there is anything we can do to help! And hey - did you see this I published last week? http://www.biggerpockets.com/renewsblog/2014/07/19...
Might help ya out some!
Like your goal of 5 multifamilies in 5 years. It is definable possible. One thing I found is the units in Wake County have a lot higher price point that neighboring counties like Durham and Johnston. It might be easier to start there depending on how much starting cash you have.
I also wanted to mention I personally like multifamilies around the NC State area in Raleigh. I have seen several around there that would be easy to live in and rent out at the same time.
Thanks for the help guys!
@Ryan Fitzgerald and @Eric F. Thanks for the input. You are definitely right about there being slim pickings of Multi's in Raleigh. I currently live in Brier Creek so my target area as of now is south Durham, Morrisville, and west Apex. I still might have to consider SFR's depending on the market.
@Michael Jobe I currently live in Brier Creek and my target area as of now is south Durham, Morrisville, and west Apex. I will email you sometime this week with a quick synopsis of what I am looking for, and if you think one of your agents could help, that would be great!
Welcome to BP! I'm a newbie poster here myself, but I've been devouring the podcasts, forums and blogs for the last few months.
I just did a quick search in the MLS of multi-family properties from Chapel Hill to Durham, Raleigh and Wake forest. It returned 61 results listed from 50 - 300k. There were no listings in the southern part of Wake County in that price range. If you'd like to email me a little about exactly what you're looking for, I'd be happy to narrow down the search and send you the listings.
I think you'll find that south Durham is more reasonably priced than Morrisville and Apex. There also seem to be (from my experience) more availability of multi-family properties in Durham than Apex or Morrisville. But yes, definitely shoot me an e-mail or PM whenever and we can chat. I'm actually set to close on a new primary residence this Friday located in Durham in the Grove Park subdivision about 10 mins from Brier Creek so if you wanna meet up for lunch or something like that I'm game.
Welcome. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
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