New Member Intro | Raleigh, NC | Rental Properties

New Member Intro | Raleigh, NC | Rental Properties

Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
Hello BP community. I'm Steven Moody. I live in Raleigh, NC with my wife and three kids. I have been serving active duty in the Army for 13 years. With the seven years I have left until retirement I want to build up a real estate portfolio. I have been doing my own research, about two hours a day, for a few weeks now (reading books, listening to podcasts, and reading the BP forums). I recently started analyzing one property per day in order to practice. I have even joined my local RE group, Triangle Real Estate Investors Association. Because I don't want to move my family anymore than necessary, my plan is to focus on rental properties with single family and small multifamily through use of the BRRRR strategy. I would love to gain experience in any portion of the process before I make the first move on my own. From having bought my own house already, I have basic knowledge in the VA loan process (including working with real estate agents, loan officers, and inspectors), some rehabs (putting up drywall, patching up concrete foundations, installing blinds, etc...) and regular maintenance. So if you are in the Raleigh area and would like any free assistance, please consider me.
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Real Estate Syndicator · Phoenix, AZ · Member since 2018 · 903 posts · 1k+ votes
6y

@Steven Moody Welcome! Curious are you recruiting or do you make that commute to Fayetteville aka. Ft. Bragg? In any case, we've been investing in RDU since 2018, great area with great economic indicators for investing. We, our company which is veteran owned/operated, also have some property in Fayetteville and connect with many like-minded veterans/military in the NC area. 

With 4 BRRRR under the belt in Durham, feel free to reach out if you need any recommendations or have any questions...although the David Greene book is a solid resource as recommended.

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  • Investor · Apex, NC · Member since 2018 · 253 posts · 215 votes
    6y

    @Steven Moody welcome to the group! If you're looking at residential real estate I'd definitely recommend attending the regular Bigger Pockets meetup the 2nd Wednesday of every month. That's the most active meetup I've found.

    It's going to be tough to find BRRRR style homes here in the area due to the recent appreciation, but I'm not going to say it's impossible. Good luck!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    6y

    @Steven Moody

    Welcome to the BP family! Good to have you here! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

  • Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
    6y
    @Ryan Daigle, I'll definitely come to some meetups! Thank you for the advice.
  • Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
    6y

    @Dmitriy Fomichenko Thank you so much!

  • Whitney HuttenPro Member
    Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Steven Moody Welcome! If BRRRR is it for you, start with David Greene's BRRRR book. That will give you a very focused background without all of the shiny objects of the forums :)

  • Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
    6y

    @Whitney Hutten What a coincidence that you mention that book. I just started listening to it on audio book today! Thank you so much!

  • Real Estate Broker · Durham, NC · Member since 2014 · 236 posts · 168 votes
    6y

    @Steven Moody,

    Welcome!! And thank you for your service.  

  • Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
    6y

    @Tiffany Alexy Thank you very much.

  • Real Estate Syndicator · Phoenix, AZ · Member since 2018 · 903 posts · 1k+ votes
    6y

    @Steven Moody Welcome! Curious are you recruiting or do you make that commute to Fayetteville aka. Ft. Bragg? In any case, we've been investing in RDU since 2018, great area with great economic indicators for investing. We, our company which is veteran owned/operated, also have some property in Fayetteville and connect with many like-minded veterans/military in the NC area. 

    With 4 BRRRR under the belt in Durham, feel free to reach out if you need any recommendations or have any questions...although the David Greene book is a solid resource as recommended.

  • Dawn BrenengenBusiness Member
    Moderator
    Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
    6y

    @Steven Moody Welcome to BP! BRRRR can be a great strategy, but it is tough to pull off here. Do you have enough cash to fund a purchase and rehab? If not, do you have a home equity line, access to private lenders or hard money lenders to fund it?

  • Rental Property Investor · Raleigh, NC · Member since 2020 · 6 posts · 3 votes
    6y

    @Dawn Brenengen My initial idea is to use my own money and hard money to fund the purchase and rehab costs. I met a lender at my REIA who offers 8% and 1.5 points. I thought that with all that I could find success in a small rental in southeast Raleigh. I'm familiar with that area and have noticed a very small vacancy rate.

    I've been hearing BRRRR is difficult around hear from several people. Would a better option be housing hacking?

  • Dawn BrenengenBusiness Member
    Moderator
    Real Estate Broker · Raleigh, NC · Member since 2014 · 2k+ posts · 1k+ votes
    6y

    @Steven Moody  Do you own your home here in Raleigh already?  My favorite way to collect property is to buy as an owner occupant and then move a year later and do it again.  You could house hack a duplex-quad, but they are hard to come by, and I'm not convinced the numbers in our area are any better for multifamily than they are single family.  

    BRRRR is definitely possible, but I would not necessarily expect to find a deal good enough to get ALL of my cash back out.

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