Intro: Newbie from Durham, NC

11 Replies

Hi,

This place is great!  I've enjoyed reading the forums and guides and listening to the podcasts.  My family and I live in Durham, NC where we've resided since the late nineties (including stints in Chapel Hill and Raleigh, maybe one day we'll make it to Cary!).  

We have always been aggressive savers using a prudent but not risk averse investment strategy in the markets. I'm a working professional (ok wage slave) but my wife runs an unrelated business. We've always wanted to add REI to our portfolio (for returns, diversification and entrepreneurial pursuits).

We have specific objectives:

1. Cashflow before taxes high enough to amortize loans in 10-15 years.

2. Build a portfolio that yields inflation adjusted income of ~ $8k per month AFTER mortgages are paid off.

These objectives will help us identify potential properties.  Of course the expectation is that some properties will under perform, others may over perform (just like any other diversified portfolio).

Looking forward to chatting with you!

Thanks!

@Greg P.  

Welcome. Build the legacy. Fill in the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

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 Costs http://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

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Welcome to BP community @Greg P.   It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Wishing you the best! 

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@Greg P.  Congratulations on finding the best website out there for real estate related education and networking!

It sounds like you've got a pretty good foundation built but definitely take Paul & Dmitriy's advice and set up your keyword alerts, read the free e-books, and link up with some other local real estate people. And if there's ever anything I can help you with feel free to call me, text me, email me, PM me, mail me a letter, or any other form of communication that floats your boat!

Welcome to Biggerpocket!

We are also buy and hold investors with full time jobs. We buy both locally and pure out of state. We buy class A properties for long term cash flow. Our goal is to live off of our income in 15 years with about 8k in cash flow net after all expenses. Our key has been finding properties while not making fantastic returns now will continue to appreciate higher than inflation.

Definitely check out the blogs, podcast and forums. Another great source of information is individual blogs found in peoples signatures. Many of us including myself write about our niche. The only thing we all agree about is investing in Real Estate. Beyond that there are many different style and types of investing. My blog/website is about long distance self management, landlording, investing in class A investments, investing in a transient lifestyle, etc.

Good Luck ! Look forward to seeing you around!

Hi @Greg P. ,

I'm also here in Durham getting started in the REI world.

I'd suggest attending the TREIA (www.treia.com) main meeting (3rd Tuesdays in Raleigh) and TREIA West meeting (4th Mondays in Durham) to meet other investors.

(Granted, I feel a little hypocritical suggesting that since I've only been able to make it to a couple of meetings this year due to new baby...However, I'm planning on attending this month)

I'm a little late to the party, but I'm also looking to get started with some properties in the Triangle.  Like Ricky, I live near Southpoint, but I'm willing to branch out anywhere in the Triangle.  I've also been contemplating starting out with maybe a 2/2 near Duke or NCSU in order to attract student rentals, but I'm still not sure if that's the best way to go.

I haven't been to any meetings yet (new baby, work evenings), but I might start this month.  It can't hurt to spend a few hours there and maybe learn a thing or two.

Hello all.  Greg, Durham is the right place.  I'm doing now what you're planning.  Durham Durham Durham is all I can say... nothing else nearby will yield as much as investment there does.  Property is still cheap, and rents are relatively high.

Let me encourage all those local the the NC Triangle area to come to both TREIA and the RTP REIA meetings, they are both worthwhile.

@Greg P.

Welcome to the community! Now get active. Read blogs, ask questions, join meetups, and I always suggest a podcast marathon. Good luck!

Hey @Greg P. welcome to the site! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.

Also - here's a couple articles you might enjoy:

The 21 Best Real Estate Investing Books Ever

How to Rent Your House: The Definitive Step by Step Guide

How to Be a Landlord: Ten Tips for Success

Finally -be sure to setup some keyword alerts - especially for "Durham" so you can jump into local conversations.

See you around the forums!

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