Foundational Strategy for Getting Started in my Local Market

[Coty Vann]

Hey all,

My name is Coty and I've lived in Raleigh for 2 years now. I'm originally from upstate NY, and this type of living is very new to me. I've always had the goal of getting into real estate investing. It's clear that Raleigh and the surrounding area is primed for a portfolio...That is if you know what you're doing. I'll lay out my current situation and let me know what you guys think. Also to note: I'm constantly doing research and am extremely hungry to learn more, hence why I'm here.

So I currently rent a 2 bedroom apartment. One room for sleeping (obviously) and another was an office. My cousin came to visit late last year and loved the area. I let him move into my office so we now split the rent. My lease is up in early January and I've been looking at my options. Option 1- Resign my lease and look for an investment that I can quickly start to cash flow. Option 2- Buy a house that I can put some sweat equity into fixing up. Live in it for a year or two and then sell or rent out. 

My overall goal is to eventually have a mixed portfolio or longer-term and short-term rentals. I would also like to make a hobby out of flipping houses. I really enjoy the sweat equity part of flipping and feel like I have a creative mind for it. I see a key market locally in the travel medical industry, as well as the growth of new companies coming to the triangle. 

I have a great job working from home and am making lower-mid 6 figures. I don't have a ton saved up as I've been paying off some debt that I acquired through a loss of work from Covid. Come the beginning of 2023, the only debt I'll be liable for is a $500/m car payment. I have great credit and have access to a VA loan as I was a drone pilot for the military.

I hope that lays out my current situation and goals enough. Would really love any feedback and advice. I have a large network of professionals in the drone industry and have an SME level of knowledge of that market. I want to start on my foundation for the same type of knowledge and network in real estate.

Best,

Coty