Newbie investor in Raleigh NC
Hey everyone, I just wanted to introduce myself.. Adam Frank. I am brand new to North Carolina and to real estate investing.
I am currently working over at Camp Lejeune as a military dentist. My plan is to start investing in Raleigh. Since I am active duty military, I plan on utilizing the VA loan to purchase my initial property. I am looking into small multifamily properties (hopefully a 4 unit) so that I can occupy one of the units to abide by VA loan requirements.
What I have done so far:
1. Educating myself through BP podcasts and real estate books.
2. Analyzing small multifamily property deals in the Raleigh area. Evaluating GRM and Market rental rates. In comparison to the 1% rule it seems as though values range from .07-1% . I cannot eval Cap rates because I do not have NOI values.
3. Contacted a few buyers agents to set me up with the MLS.
4. Pre-approved to utilize the VA loan for a property in Raleigh (even though I am 2 hours away).
5. Purchased a list of small multifamily properties through ListSource to initiate direct mail marketing.
My short term goals:
1. Purchase at least 1 buy and hold property per year while in the military (I have 3.5 more years of commitment). I have not decided if I want to use property management or not for my first property.
2. Network with others in the Raleigh area in order to start building a team (such as investors, agents, accountants, lawyers and loan officers).
3. Continue my real estate education.
Long Term goals:
1. Build a portfolio of buy and hold properties to provide me with a source of passive income. I will build on my long term goals as I continue.
Thanks BP for all the info so far.