All Forum Posts by: Chad Gray

Mitch already touched on it but this is a good example of "correlation does not equal causation". The Raleigh market may have increased by 40% after the Apple announcement, but it wasn't because of Apple, at least not solely. A lot of companies are moving to Raleigh and the surrounding areas. Compounding on one another sure that will have a big impact on the market but there are a lot of factors at play. I think smaller markets say sub 50k population would have a larger impact from one big move from a manufacturing facility or something like a Amazon processing center. Depending on the salaries of the new jobs they may also price out the local residents on new home sales which would further drive up the price. Depending on the number of jobs and number of new development going on in the area it may just be simple supply and demand.

Feel free to add me to your list for NC and GA.

Very competitive and very low inventory. I don't know your criteria for a good deal, but if you're strictly looking on market for a quad in Raleigh you likely won't find one in the near future that meets what you're looking for.

You'll have a tough time finding decent cash flow in Raleigh given your numbers if your approach is buying turn-key on market properties. Generally speaking long term rental rate hasn't kept up with price increases. If you're keen on Raleigh I would recommend expanding your search to some of the surrounding markets.

Just curious, if you're assigning the deal, why would you need a lender? I will say be careful when looking for private or hard money lenders on here or social media. There are a whole lot of scammers in that arena. Hard money lenders I would recommend Kiavi or Genesis Capital.

Hello All,

I'm under contract to purchase my first office space in Raleigh NC and was curious if anyone has any commercials properties in the area whose brain I can pick.

I have a few questions on things such as best entity to buy it under, insurance policies, having a cost segregation study completed, etc. We're not anticipating to close until the beginning of November so there is plenty of time for me to figure this all out but I figured it was a good idea to go ahead and post the questions here.

If anyone has any experience with this in the Raleigh area and I could send you a quick message that would be much appreciated.

Depends on your current situation and strategy. If you're looking for your first LTR I wouldn't go out of state, and I certainly wouldn't recommend putting down 50% just to break even. When you say break even, did you take vacancies, capex etc. into account? 

I don't know much about the Texas markets but I assume they would be similar to Atlanta and Raleigh, you're not buying a house in an A-B neighborhood with a 300K budget. If you're looking in Raleigh strictly that would be more of a C-D neighborhood.

My advice would be to look within an hour of where you live and find something off market that you can add value to. If you wait for interest rates to drop, which there is no guarantee that will happen in the immediate future, and if it does in a meaningful way home prices will go up, likely substantially in some areas, so you will be no better off by waiting.

A couple things here. First, most attorneys will be familiar with short sales and working through the purchase of properties where the foreclosure process has been initiated. Google real estate attorneys in Raleigh and start giving them a call. I will say, if you want them to spend time with you walking you through it and answering your questions, you will want to offer to pay them for their time. Unless you have a working relationship with them they likely won't spend that amount of time for free. Offer to pay their hourly rate to sit down to answer your questions. The Taylor Law Firm, Harrison Law Firm, and Gene Davis Law are a few who I have used.

As mentioned by David Ramirez, I would recommend partnering up with someone or identifying and working with a number of cash buyers prior to signing the purchase agreement. Especially when it comes to pre-foreclosures, you should be almost certain that you can assign the contract at the price you have it at, or close on the property yourself if not. Too many people will sign a contract just for the sake of getting one signed, and then when they can't assign it they cancel last second or ghost the sellers. If you don't already have cash buyers in the area (I am one myself) I would recommend joining facebook groups and going to local meetups to start networking with buyers.

@Cory J Thornton Thanks Cory, I'll connect with Adam. I did finally hear back from Durham zoning and they confirmed that with the current zoning it would allow for a triplex or quadplex to be built.

Thanks Both. I have called and emailed the Zoning department a couple of times but they have been pretty slow with responding.