New agent/investor in Raleigh, NC with potential deal

New agent/investor in Raleigh, NC with potential deal

Real Estate Agent · Raleigh, NC · Member since 2015 · 52 posts · 28 votes

Hi BP! I'm a real estate agent in Raleigh, NC and I joined BP a few months ago with the idea of learning to better serve my investor clients. Little did I expect to catch the investing bug myself!

After listening to the first few podcasts, I was hooked. I just finished @Brandon Turner's Book on Investing in Real Estate with No (and Low) Money Down a few days ago, and J. Scott's Book on Flipping Houses should be arriving in my mailbox any day now. I can't get enough!

I've been nervous to introduce myself on here for a while--no idea why, everyone is great--but now that I have a potential deal, I figured I didn't have any more excuses.

I've been watching this one particular duplex in Wake Forest, NC that's been on the MLS for a few weeks now. It's listed for $120,000 and they say each side rents for $625/month. It was initially listed for $150,000 but has been rapidly reduced, so the seller seems ready to move it. Not to mention, the MLS remarks have been updated to say "Bring all offers! Seller is motivated!" Pretty straightforward.

Although I've done countless Comparative Market Analyses (CMAs) for my retail buyer clients, I've never done an investment analysis. Should I post it over in Deal Analysis?

I'm still getting my creative financing figured out, so even if I can't act quickly enough to move on this one--I don't want to rush anything--I thought this potential deal might be good for someone else to take a look at! And if anyone is local or wants to come out, I'm glad to connect with you to go see the property if you're interested.

Looking forward to interacting on here and learning from everyone. Cheers!

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Investor · New York, NY · Member since 2008 · 169 posts · 73 votes
10y

@Patrick Madigan

Sure, post your deal and thoughts in Deal Analysis and I'm sure you'll get some feedback. In addition, there are a good number of members here focused in or around Wake County, so you're in the right place.

Have you tried using the Calculator feature under Tools?

Best of luck!

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  • Investor · New York, NY · Member since 2008 · 169 posts · 73 votes
    10y

    @Patrick Madigan

    Sure, post your deal and thoughts in Deal Analysis and I'm sure you'll get some feedback. In addition, there are a good number of members here focused in or around Wake County, so you're in the right place.

    Have you tried using the Calculator feature under Tools?

    Best of luck!

  • Real Estate Agent · Raleigh, NC · Member since 2015 · 52 posts · 28 votes
    10y

    Hi, Betty!

    Thanks for the input. I haven't used the calculator before, though I've heard it mentioned many times on the podcast. I'll go check it out!

    All the best to you, as well!

  • Uriah D.Pro Member
    Investor · Apex, NC · Member since 2014 · 340 posts · 188 votes
    10y
    Hey Patrick Madigan definitely run the numbers. Sellers does seem motivated with comments like that! I doubt many people will touch it with the numbers you just provided considering it's a duplex. If it was an sfr it may peak someone's interest. Is it in a great area of wake forest? I could probably locate in MLS, but not currently looking for MLS rentals. If you ever need anything let me know. I've bought so many rentals for investors in wake county it isn't even funny.
  • Investor · Jacksonville , NC · Member since 2015 · 143 posts · 54 votes
    10y
    Numbers quoted don't seem to be a good investment. There is an NC forum as well (look under the Local Deals And Discussions category...or something like that. Ben
  • Real Estate Agent · Raleigh, NC · Member since 2015 · 52 posts · 28 votes
    10y

    @Account Closed -

    Thanks again for the input! I checked out the calculator and quickly became pretty intimidated by how many numbers I didn't know how to estimate. I went ahead and did some rough estimations and came up with a monthly cash flow of $4.16. Hah! 

    I'm sure there were a bunch of errors, but it was really eye-opening and confidence-boosting to go through the exercise. My plan is to keep analyzing deals and get more comfortable with it. I'm sure it will come easier with time and repetition.

    I appreciate you all pointing me in the right direction!

  • Uriah D.Pro Member
    Investor · Apex, NC · Member since 2014 · 340 posts · 188 votes
    10y
    Patrick Madigan No problem. Glad you checked it out
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