Starting out in Raleigh/Durham, NC

[Albert Simeone]

Hello all,

Before I get started, I’d like to thank the BP community for the help you provide, content you create, and welcoming environment you encourage. Without all that, people like me wouldn’t stand a chance in this industry.

I’m new to real estate investing and am looking to break into the commercial multifamily space. I currently live in Raleigh, NC however have lived for several years in Durham and have spent much time in Charlotte as well as Greensboro. I’m most interested in 5-20-ish unit apartment complexes in these MSA’s, likely C+ to B class assets with value add potential (doesn’t everyone?) although I’m open to suggestion regarding best initial approach given my limited experience. I’d like to keep this post as concise as possible so would love to discuss more in-depth investment criteria and strategy one-on-one.

My wife and I both work in medicine and have strong W-2 income and excellent credit although don’t currently own any property (have been renting due to work constraints). We are finally at a point where we have enough saved for a meaningful down payment on an investment asset. I also have a wide network of colleagues and friends who would be willing partners. My biggest barrier to entry at this point is my lack of connections with commercial realtors, lenders, contractors, and property managers. I feel the commercial space allows me a better opportunity to scale with similar effort required to that of residential assets however my lack of track record would make it difficult to find a willing commercial lender. Basically, I can bring the drive and the capital, but need help with the rest of the heavy lifting. Another issue is that I travel a lot for work and would need to establish a team that I can trust even if I can’t be on-site everyday.

I have been looking to join local REIA's or masterminds/meetups and appreciate anyone with contact info for something along those lines. My number one goal is to secure our first asset before the end of the year 2022 to get the "snowball" rolling down hill. I also want to be able to add as much value as I can in the process and am committed to putting in the effort to make working with me worthwhile.

I look forward to your responses and to hopefully meeting up and working together in the future!

-Albert