Need advice on 1st rental investment in Raleigh-Durham, NC
I'm a newly licensed real estate agent and investor here in the triangle with access to the MLS looking to network with a team of local investors, wholesalers, contractors, and inspectors to get the best advice on what's realistically possible in this market.
I switched jobs about two and a half years ago, and was fortunate to accumulate a modest sum in my prior 401k (now converted to an IRA) that I plan on cashing out. I have accept the 10% penalty and tax implications of this decision. That said, I'm looking to make my first rental investment utilizing the BRRRR method. I'm using the rental calculator to run some numbers on deals and could use some local market feedback.
I’ve narrowed my focus to either a single family or multi-family home, under $200,000, located in Durham or Raleigh, in fairly good shape with minimal repairs/rehab needed (<$30k), primarily for a self-managed rental property investment. I’ve been pre-approved for the investment mortgage and I’m ready to make a decision if it makes sense but in no rush.
I'm looking to get advice and local contacts that can help. What numbers are realistically possible? cash flow? Cash on cash ROI? Inspection costs (before purchase)? Etc.