All Forum Posts by: Sophia Griffies

Hey Chow, It’s a crazy seller’s market right now with multiple offers and homes selling over listing price with high non refundable due diligence deposits. However, most housing experts don’t believe we’ll ever have a recession like 2008 because people generally have more equity in their homes and there are much tighter lending standards. Banks were giving loans to people without even verifying their income. So right now may not be a good time to buy, but I wouldn’t sit out for several years waiting for the bottom to fall. You may want to use this time to increase your savings so you can make a larger down payment and have reserves on hand.

That’s good advice from Becky Lai. The market in Austin sounds like the Triangle....homes selling over listing price, multiple offers etc. I would start by talking to a realtor in Austin to get a better understanding of the market there. If needed, you could possibly rent in Austin while you look for a home if the numbers and effort make sense for you. If so, you should also ask the realtor about rental options (Are there short-term rentals available, etc). 

I have a CPA who is knowledgeable about real estate if you’d like to talk with another. PM me if you’d like his information. However, I agree it’s best to have a good financial advisor on your team as well.  

My mother-in-law in Southern Pines needs a contractor to replace a rotten piece of wood on the roof.  I know people don't like to give out their contractor names, but I can promise this won't take up a bunch of time.  Please PM me if you can recommend anyone.  Thank you!

Hey Jason, 

I agree with Adam. You have to choose the strategy that works for you, and I am seeing some investors considering new construction because the low maintenance works for them. I have a client buying in one of the communities you mentioned with the plan to live in it for a few years and then rent. A couple of townhomes in the community recently rented for $1700. I own a couple of townhome rentals (not new construction) in Raleigh, and they've appreciated, just not as much as my SFH.

The Triangle Business Journal is the best source for the Raleigh/Triangle area. You’ll have to pay for a subscription, but there may be a free trial. 

Good morning Biren, I think getting out of California and buying in one of those 3 areas with the 1031 is a good plan. We’re seeing a lot of investors from California, and I currently have clients who are selling all their property there and doing a 1031 exchange buying in the Triangle and other areas nearby. Nadia’s correct that cash flow can be hard to get in Raleigh, but homes have been appreciating like crazy, and we have low property taxes and a landlord friendly state. The area will continue to grow with our diverse economy, Research Triangle Park and universities. 

My family and I moved to Raleigh from New Orleans 6 years ago and love it! We looked at a few places in North Carolina and chose Raleigh because it's a larger city that still has a small town feel.  The area is booming, and our rental properties here have appreciated significantly.  In addition to living in a great town, we've got beach and mountains within driving distance for easy getaways, and are close to other growing areas where you we may invest in the future (Garner, Youngsville, etc).  Please feel free to reach out if you have any questions.  

Hi Brian,

Congratulations on your rental! I always use the maintenance and pet (if appropriate) addenda and agree that 5 days is a good time frame. I would walk through the home with the tenant and take pictures.

Good luck!

Sophia
 

Hey Carlos, Welcome to BP! I have rentals in Raleigh and am also a realtor. I’d  be glad to talk with you about investing in the Triangle and share my experiences. Just let me know! Sophia