All Forum Posts by: Henri Meli

Welcome aboard. @Carolina.  This is a great place to learn and share with others. I'm looking to expand into the Florida market. 

I have used Thomas Earls in Cary. 

I don't know why people call this "Mistakes". I call them learning opportunities. Not every situation will work out perfectly as you planned. That's just the reality of our business. You need to learn to be flexible. And every situation is unique for every investor. You made a quick decision, you moved on. That's actually good. I know investors who would have sat on this property for 6 months , losing money and blaming the market or the economy or something else.

Welcome and good luck.

I live and purchase properties in the Raleigh area (Cary, Morrisville, Apex, ...etc) which I would classified as Class-A locations. I have done many deals in this area in the last 10 years. I have never seen such numbers on the market for SFRs. I don't say they don't exist. I just have never seen them on the market. 

I would agree with most of what @Derek B. said. 

I live in NC and have done similar deals for SFR here. I is not a great deal, but it decent enough to give you little bit of cash flow. Make sure properties in that area appreciate really well. Appreciation potential has been the key reason I have pulled the trigger on such deals.

If I were you, I would put down 20-25% and finance the rest. Then with the remaining, I would find other deals similar or better. If you are going to be in this business for a while, you should make as many deals as possible to gain on experience and build your credentials. With $150k cash, I would look at multi-family, multi-units ... but that's just me.

I live in the Triangle and I have owned property in the area for the last 10 years. The numbers you are getting are very close to the same numbers I'm getting. My properties are in Morrisville, Cary and Holly Springs. And for the most part, I use a property management company. I also do 20-25% down payment. I have done some 15 year financing and sometimes 30 year. On the 15 year, I have been able to do excellent cash-out refinancing, since property values have skyrocket in the area.  

Yes, your numbers are similar to mine. When you add the refinance or resale, I think those numbers then look great. If you are in for the long term, I think those should matter. 

I have never looked to invest in Durham or Chapel Hill. I see many challenges in those markets, which can hurt overall profit.

I'm looking to graduate to multi-family. But the Triangle market has been so inflated and saturated, I'm looking very closely at Greensboro/Greenville areas. But, there are opportunities. One just needs to be willing to pay high premium to get in.

Purchase price looks good. Any expenses after purchase to make the house rent-ready, besides the new floor? Make sure you know all your after purchase expenses. Will you be managing the property yourself?

Use Zillow or others to see how much comparable go for rent in the same neighborhood. When it comes to SFR, I always prefer to purchase in good neighborhoods. If the house has to sit for a bit, you loose quite a bit very fast.

Good luck.

Welcome to the Triangle. This is a very dynamic region and a great place to invest in Real Estate. You have definitely made the right move. Biggerpockets is definitely the place to learn, improve and challenge yourself to get better at making real estate deals.

Look out for the monthly Raleigh Biggerpockets meetup .

Welcome to BP @Keith N.. Our market is RTP is pretty solid and lots of out of state investors are coming in to invest.

There are plenty of areas to invest. Inside the 440 Beltline, around campus of NC State is your best bet.Most of the houses there are your price range are older, but affordable. Most of the homes are student housing. You need to drive around and visit places to see for yourself. Greensboro/Winston Salem have a lot more rentals than the Triangle, so if you want to invest there, there are plenty of opportunities there as well. I have been lurking there for a bit now myself. 

 Most counties have a website, where you can actually find the prices of sold homes. You should always use that as a starting point. When you decide to invest (research real estate in a particular zip code), this should one of the first things (websites) you need to locate.

You can find accurate tax information, sold information of neighboring homes, tax assessed values of homes, actually owners, ... etc. 

Always make sure to compare apples to apples ... or as close as possible.