We need more information to answer that. Are you paying cash, because then it is a great place to cash flow. If you are financing all of it, it is more difficult. Overall, the market in Raleigh is very hot and nice houses go within a week. Houses that need work, are priced as if they were pristine. You can work the price down, but still, finding a great deal is really tough. On the flip side, houses rarely stay vacant for more a than a week or 2, and rents have been going up.
We need more information to answer that. Are you paying cash, because then it is a great place to cash flow. If you are financing all of it, it is more difficult. Overall, the market in Raleigh is very hot and nice houses go within a week. Houses that need work, are priced as if they were pristine. You can work the price down, but still, finding a great deal is really tough. On the flip side, houses rarely stay vacant for more a than a week or 2, and rents have been going up.
I think there’s potential for cash flowing properties. Where in Raleigh are you looking and what types of homes are you looking for
Thanks for your response! I'm looking for small multifamily units. I don't have a preference for where in Raleigh exactly as long as its not a war zone.
We need more information to answer that. Are you paying cash, because then it is a great place to cash flow. If you are financing all of it, it is more difficult. Overall, the market in Raleigh is very hot and nice houses go within a week. Houses that need work, are priced as if they were pristine. You can work the price down, but still, finding a great deal is really tough. On the flip side, houses rarely stay vacant for more a than a week or 2, and rents have been going up.
Sorry about that. I'm trying to figure out which areas provide a good balance of tech jobs and cashflowing real estate and I've heard conflicting opinions about the cashflow potential of Raleigh. Are there good areas close to Raleigh for a good return on small multifamily units?
I am not the best resource for multis as I am only in SFH. I have looked at multis, but they do not meet my requirements for surrounding area. /The few I have researched have been in B-/C+ neighborhoods. Also, I think the supply of multis in Raleigh are pretty tight. I may be wrong on this, but that is what I observe and have heard from others more involved in them.
@Account Closed, I don't mean to be rude, but if you have to ask, you're probably not going to do very well in REI. I suggest you look at the inventory and comp numbers (rent/buy prices), then you can tell us if you think its a good market.
Regarding "I'm looking for small multifamily units." There are very few 5-50 unit opportunities in Raleigh. The Triad or Greenville NC (where my company owns an 18 unit) are better bets.
If you call a duplex (2 unit) or a quad (4 unit) a 'small multifamily', then realize 1) these are financed as single family (1-4 family) through all lenders, and 2) Raleigh area has very few of these as well. The total Wake county count of quads (almost all in the city of Raleigh) is about 600 or so. That's out of 388,413 property records as of my last Wake county snapshot... or less than 0.2%. Good luck. See also this that is related, or for quads in a good location (but I and many others pass on because of other issues), or where I post the TAM numbers for 1-4 family.