All Forum Posts by: Nadia Bareisha

Raleigh-Durham, NC area is experiencing similar situation in the last 4 weeks. Multiple offers on basically any home in the desirable suburbs of Cary, Apex, NC. Higher due diligence deposit and going over asking price to win the offer is back.... 

Hi Filipp! I am a local real estate agent, I have helped lots of investor clients and have some insight into our market having lived in the Triangle for 17 years.

Wake Forest is a great area, with lots of good school options, and lots of growth happening, just like the entire Triangle area. If your time horizon is 3-5 years, I would consider buying your primary property in an area and with features you prefer for yourself, rather than a less desirable home in hopes to STR it. My reasoning is - buying two homes in the scope of several years will have additional closing costs you might not be thinking about as a new buyer (you will essentially pay around 8-10K each time you buy a home). Plus, if you plan to leave the country in 3-5 years, managing STR as a business model becomes complicated and/or expensive (STR property managers charge 20% fee or so on the properties they manage).

In your shoes, I would also try to buy now, before the buyers we have sitting on the sidelines due to high interest rate emerge in droves once the rate falls, and bid up prices. I would also do my research into how much LTR could bring for a home you will buy as a primary for the time being. Depending on your preferences and tolerance, you can rent a room/bathroom in your home temporarily to bring some income to help with the mortgage.

If you have a desirable newer home in the area people like with good schools, you will have no problem renting it in the future.

Some more thoughts on STR possibilities - most properties in our area, that are not in HOA and have no restrictive covenants, will be older homes, thus potentially requiring more repairs and capital for large ticket items. Are you handy? Can you renovate, and do cosmetic improvements yourself?

I'd be happy to grab coffee and discuss in more detail!

Hey Sonia!

I'd be happy to help. I work with investors and home buyers in the Raleigh/Durham area. Will PM you. 

I recommend Jim Bean (919-278-8046 Cell) with Triangle Lending Group https://trianglelendinggroup.c...

He has helped a lot of my clients secure loans, and he is also very responsive and communicative. It helps to have a local mortgage broker who can solve any problems if any arise.

Chapel Hill used to be very lax with STR - but that changed in 2021. Now, they are very strict and prohibit operating a non-owner occupied STR.

Raleigh/Durham doesn't prohibit STR, and it can be a stand alone property, however, a lot of neigborhoods in Raleigh/Durham and surrounding areas are within HOA, so those covenants rule.

Real estate agent from Raleigh, NC here. I work with investors a lot. Right now Raleigh and Triangle market has shifted. We see a lot of properties sitting past one weekend of listing (unheard of in the last few years:). Due diligence is not as bad as it used to be, owners are willing to negotiate. Depending on where you would like to concentrate on, you can offer under asking price. That being said, we had such a rapid price hike in the last few years, that the prices are still hovering at their peak. But IMHO it will start changing toward fall, especially if the higher interest rates spook more buyers. 

I'd be happy to discuss in more detail with you if you would like to PM me.

Hello Sindy,

I am a real estate agent in Raleigh, NC and surrounding areas. It's a great choice for a place to call home. I have worked with both investors and people relocating to the area and have extensive knowledge not only of the area, but also what investors are looking for. In general, multifamily in Raleigh/Durham area are few and far in between, due to zoning regulations from the 80s-90s. Currently there are only about 30-50 in our MLS at any given time. They are typically older and require TLC. The zoning just changed again to allow for duplex/multifamily development in the area, so I expect we will get pockets with duplexes on them soon. I will PM you with my contact details, should you choose to reach out for more info!

Hello Caleb, just sent you PM!

Real estate agent here working with investors in the Triangle (Raleigh,Durham, Cary, Apex, Wake Forest, Rolesville etc). SFH in a class A-B areas (good schools, decent commute location) are going for closer to $400K and renting around $2000. Very minimal cashflow left in Raleigh and surrounding towns. Townhomes are your only option under $300K, but take into consideration HOA fees and lower rental rates on those. Please feel free to reach out, I connect and work with out of state investors all the time.

I am an investor friendly real estate agent in Wake County. For the past year, the prices have gone up tremendously, effectively erasing any meaningful cashflow. But I believe we still have appreciation going for this area of NC. If you are willing to forgo cashflow and bank on appreciation, Wake County is for you. Otherwise, I can put you in touch with agents in the nearby towns, where decent cashflow can be had still. Please feel free to contact me.