Raleigh for BRRR, beginner investor
Hi! I was considering a move to Raleigh but was curious about the market for investing. I see it makes all the hot lists but I'm wondering if it's for a more moderate or advanced investor? The price point seems high there and I was curious if it had many distressed properties in the surrounding areas that would work for the BRRR method? To me it looks like the market would do well for appreciation but I'm not sure about cash flow. I'm a beginner investor with not a lot of capital. Any insights would be appreciated.
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@Jennifer Sovia Raleigh is a great place to invest and is one of the hottest markets. Raleigh however, is not a buy anything and make money place though. I don't know of any market that is that way so you will have to do some research so if that is moderate or advanced then I would agree with you. Raleigh has grown a lot in the last few years and had better than average growth even before the shutdowns. Most people agree that the growth will continue as more people, jobs, and companies move in every day. Apple, Facebook, Microsoft and many other companies are moving in and giving people a lot of hope for the future. While prices are high, people out west and northeast still are surprised at how affordable the area still is. Like most things its relative. There are plenty of areas that you can find homes that need repair. Really the further out you go the more you will find. Areas south and south east (Zipcode 27610) of Raleigh have the most left to run but also the least desirable followed by east (Knightdale, Wendell, Zebulon) and north east (Millbrook, and capital area). Areas like Fuquay, Holly Springs, Apex, Garner Clayton are all good areas too but are seeing much more new builds but you will still find properties that need rehabbed. Raleigh is really an appreciation play, especially now that the prices have gone up so I would make sure that aligns with your goals. If you want cashflow the secondary markets outside of raleigh are where you want to look.
Hope this helps.