Triangle NC newbie to real estate and Airbnb

7 Replies

I'm a physician who is fairly new to investing in real estate in the Raleigh Durham area.  Like many in my profession, investing and finance were not specifically addressed in my career path.  
Does anyone have experience with this location? 
Specifically, looking to buy a property for the purpose of using it as an Airbnb?

I'm also trying to figure out what would work "time" wise since my wife and I are both have careers in health care and we have small children. Does anyone use a company to manage these properties? May not make sense financially.  

Thanks!

Hi @Samuel Huang . Congratulations on pursuing REI! I used to live in that area, but @Dawn Brenengen still does and is a very knowledgeable investor agent. Connect with her and she can help out. I suspect there are a number of areas near downtown, near the universities, and near RTP that would be great STR options.

Good luck!

Just be aware of the heavy hand of local government. Examples abound, but WRAL did a quick summary recently. there will be a legal challenge at some point, but just go in with the understanding that code enforcement will be watching your Airbnb and STR business.

I am not in the STR business but am aware of Raleigh ordinances and state statutes are in conflict. You definitely want to get a full understanding from someone (or an attorney) well versed in this (STR) market. BTW, Raleigh has regulated boarding houses for decades. Having lived through the rental registration mess and the drive-by condemnations, I've learned there are places (cities) to avoid. But these are my choices. Make your own based on your needs, goals, risk tolerance, etc.

Hi @Samuel Huang - I don't have any personal experience with STRs in the Durham area, but looked into it briefly and decided not to pursue it after receiving some advice that the demand is not quite high enough to make it a worthwhile investment, at least not yet.  Don't know much about Raleigh but I imagine it's probably somewhat better.  If you haven't come across AirDNA (www.airdna.co) yet, I'd recommend checking it out - seems like a very well-designed tool for evaluating STR markets. I think you have to subscribe to see vacancy rates, but even with the free version you can get lots of helpful details on existing available rentals. Best of luck with your investing ventures!

@Samuel Huang I manage Airbnbs in NC but don't pursue the Triangle area because of the strong enforcement there. Might change with the recent laws passed by the NC General Assembly but for now it is a no-go for us.

Would you be interested in investing outside of the Triangle?

Originally posted by @Samuel Huang :

I'm a physician who is fairly new to investing in real estate in the Raleigh Durham area.  Like many in my profession, investing and finance were not specifically addressed in my career path.  
Does anyone have experience with this location? 
Specifically, looking to buy a property for the purpose of using it as an Airbnb?

I'm also trying to figure out what would work "time" wise since my wife and I are both have careers in health care and we have small children. Does anyone use a company to manage these properties? May not make sense financially.  

Thanks!

 Welcome aboard Sam.

@Poem Turner Thanks for tagging me in!  @Samuel Huang , Chris Martin is right about the regulations being a bit unfavorable in our area for STR. I know plenty of people who do it successfully, but the enforcement of these regulations could make it a losing proposition. I wouldn't buy something without an exit strategy. So, if you do a STR, make sure it also makes sense as a long term rental or buy something that will be easy to sell if you need to.

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