Currently live in Raleigh, looking to invest 20-30k locally and get the most cashflow possible. What would you do to accomplish this?
Hey @Tom Keller That amount is going to be tough to squeeze out much cash flow here in Raleigh unless you are getting into a partnership deal. If you are open to a little further out that amount could find you a nice SFR in Burlington/ Graham area West of the Triangle or down in Fayetteville. There is plenty of supply in Fayetteville for SFRs all in cost around $100-110k and rent for $1000/mo+. If you are looking for cash flow above all else I would recommend looking in another nearby market. The Triangle has turned into a much more appreciation market vs cash flow. Hope that helps!
How involved do you want to be? The more time you put in to finding deals the better returns you'll get but most folks don't want to put the time in upfront with their own marketing.
- Find a solid agent and get familiar with the areas you want to invest.
- Go to a few meetups and find contractors and handymen that come recommended.
- Speak with a few local banks and credit unions to setup your financing.
You're ready to rock and roll!
Thanks for the feedback. Additional background..
We already have 1 SFR in east raleigh (27601) that we are holding for appreciation. I'm a member of TREIA and have a good agent, mortgage broker, handyman etc.
Mainly just looking to hear specifically what for and where other active investors would look to find cash flow with this amount of $$.
@John Blanton - times have changed. Inventory in Fayetteville is really tight (especially sub 110k homes).
@Tony Small , I'm always interested to hear opportunities, send me some info.
with only 20-30k I would be looking at how I can put that back into the business to increase revenue. 10x that into $200-300k then you can get some impact-full cash flow.
@Tom Keller Buy a 4 unit multifamily property.
Find a fourplex and house-hack it for a year while renting out your current home. You get cash flow from your current place and from the other 3 units in the fourplex.
Not exactly what you asked about but I would pay off any consumer debt if I had any. Then invest.
If you are looking to leverage that 20-30k you can maybe get something West of Durham, but otherwise you may be stuck in areas like Rocky Mount or Wilson. They will cash flow well, and they are super cheap, but further out and the tenants are not as stable. Reach out if you want some more info or opportunities in those areas.