Soon to be investor from Raleigh, NC

[Eric F.]

Hi Everyone,

First post here. I just turned 30 and have been passively interested in real estate for about a year now. I have yet to do a deal and would say I only became seriously interested a couple months ago. I have not done anything yet except read some Gary Keller books and go to a few REI club meetings as well as some websites. I live in Raleigh, North Carolina and plan on staying here.

My long term goal is to own rental properties with enough income I can choose to work rather than have to work. I love to travel and being able to do so for extended periods would be my dream. I like my current job but even so I just know I cannot be in an office for the next 30 years.

Anyway, I do not even own my personal residence now. I am thinking about buying a duplex for my first house and renting out half, except I have a dog and want to keep a fenced in backyard for her since she is accustomed to a dog door, and it is hard to find a duplex like that.

Basically, I am open to any advice on how I can achieve my goals as quickly as possible. I do not have much money I can invest now, 10k cash (and 30k in an IRA). I spent a few months overseas when between jobs traveling which depleted the savings somewhat, but some experiences money cannot buy. One important thing: If my first couple deals result in good cash flow I can probably get money for a few down payments fairly easily.

I am open and would greatly appreciate any advice on what I should do.

Things I have considered.
I have read a lot of John Fredo's stuff on here and his website and there are a lot of mobile home parks around me so that may be a good opportunity to get some short term cash flow going.
The duplex I mentioned above.
Figuring out how to get a few rental properties without using much cash out of pocket.
I am open to learning alternative ways to buy Single and Multi (2-4) family rentals outside of traditional mortgages.

I'd like to thank everyone for the great content I have read here already.

[Lynn McGeein]

Eric, Welcome! You will find this to be an invaluable resource. We love Raleigh for investment property and hope to buy more there in the future, so at least you already live in a great city worth investing in. Check out special first-time home-buyer deals that are offered through housing programs that help you buy with little or no down payment. My son used one of these in Virginia, and was shocked to find how high the income limits were, so even if you make decent money, these could be a great option for low down options. Also make sure you check out Homepath homes. Your duplex idea is sound, and you can always build a fence between them if one does not exist already.