All Forum Posts by: Keegan Fraker

@Kurt K. I have recently begun to look into that as well. I also found a number of properties with SFH structures that were zoned for an additional building (could be good for a granny flat/rental cottage). I have a friend who turned his finished room over the garage into a separate apartment with separate entrance and is renting that and living in the main house. Either way it seems like these could alternatives to a duplex in an area (like here) where duplexes seem hard to come by.

@Chris Puckett Most of the available duplexes I have found for sale in the Wilmington area are in our downtown area, which is an old district - the "newest" one I found down there was built in 1923! The initial reason I began researching building was due to the potential maintenance/repair costs of these older buildings. There are newer multi-family homes as you begin looking further outside of town, but the further you move away from town/the local university, the higher the potential vacancy rate and the lower the return on the investment (downtown = roughly $140/square foot with rents averaging $1800, outside downtown = roughly $130/square foot with rent averaging $1100, so a duplex of equal size might cost 20k-30k more in town, nets more per month on rent but may have need of extensive maintenance/repair). 

@Kevin Breed I am still in the process of looking at both existing duplexes and raw land, if I decide to build I will definitely be in contact! I requested to connect so that we can keep in touch should I go with land/building.

@Chris Martin Just doing preliminary research right now, and as a first-time investor my initial short term goal is to buy/build a duplex as a primary residence, living in one half and renting the other (ideally). That does sound like a great spot (I'm thinking if you're on 214 in Hallsboro you are near Lake Waccamaw?), but you are likely looking for someone with far more experience than I!

Thank you so much for the replies!

@Russ Draper, this is my first attempt at looking into an investment, so your comments are exactly what I was looking for regarding what I need to consider - I was not sure where I needed to begin, but this has given me a great list of things to research. Based on what you posted, I did some research and found that new homes in the area average $133 per square foot, putting the total cost somewhere between 200k-250k, depending on size of course. That doesn't include land, and that is already nearing my price cap. Existing multi-family homes range anywhere from approximately 180k-400k in the area, depending on age and proximity to the heart of downtown.

@Brent Coombs, preliminary research (above) definitely appears to show that it is cheaper to buy and older, similarly-sized multifamily. My worries were rehab, repairs, and lack of options in the area. You mentioned the best way to scale quicker is looking for under-valued bargains - any advice on how to look for these? Should I have a real estate agent working on that as well, or would it be prudent to forge my own path? Thanks!

Thank you both so much for taking the time to check out my (beginner) question!

Hello all,

Within the next year, I am looking to invest in a multi-family home (duplex) in Wilmington, NC. Ideally, I plan on living in one unit, and renting the other; after 1-2 years living in-unit I would move and rent out both units for a long-term hold. From my research, there are not many reasonable options in the area or close by. Is it feasible to buy raw land and build a duplex (thinking approximately 900-1000 square feet/unit, possibly less), or is it safer/wiser to wait and buy, with possible renovations? If there is any other information I can provide, please let me know - any input is GREATLY appreciated!

Cordially,

Keegan