Getting Out of Paralysis and Searching for a Property

[Zach Perry]

Hello everyone! I'm 22 years old and have been educating myself around REI for the past couple of years with books, this website, and the BiggerPockets podcast. My last post was over 2 years ago with asking about how to learn more! While everyone is always learning no matter what, I wanted to ask for any advice or helpful information regarding searching for duplex properties. Specifically in a market like Raleigh where (in my opinion) not many are available or when analyzing it, it's not worth investing in or it's too expensive when analyzing. Also I'd love for any more helpful tips on education regarding actually interacting with people aside from books and podcasts :)

Thanks everyone!

[Chris Martin]

Quote from @Zach Perry:

Hello everyone! I'm 22 years old and have been educating myself around REI for the past couple of years with books, this website, and the BiggerPockets podcast. My last post was over 2 years ago with asking about how to learn more! While everyone is always learning no matter what, I wanted to ask for any advice or helpful information regarding searching for duplex properties. Specifically in a market like Raleigh where (in my opinion) not many are available or when analyzing it, it's not worth investing in or it's too expensive when analyzing. Also I'd love for any more helpful tips on education regarding actually interacting with people aside from books and podcasts :)

Thanks everyone!

The fundamental problem, as @Tiffany Alexy pointed out and you already opined (although it is fact), is that the number of duplexes in the Raleigh market is small. In the past five years or so the duplex market has been able to command a premium. My view is that 0.2% of residential property is duplex per my analysis from several years ago. I couldn't find substantial duplex infill development recently from 434,294 Wake County records. You are looking for a needle in a haystack. One option (mentioned in other comments) is to try another market. Another is to try alternate investment asset types as Tiffany suggested. 

Seems like a key point: "when analyzing it, it's not worth investing in or it's too expensive..." 

My only other comment, and I will push back a little on some of the other posts, is that when you become a motivated buyer, you put yourself at a disadvantage. Real Estate is a capital-intensive business and buying just to 'do a deal', to me, can be a big mistake. I saw LOTS of 'investors' in 2005-2008 who were (or became) motivated buyers, ultimately face the harsh reality that the market isn't kind to bad financial decisions. As a courthouse buyer, I saw it first-hand. I would recommend not buying expecting to make mistakes just to learn from it. To me, this is bad logic. Investments are meant to contribute to your financial well-being, not detract. You are 22 and I would suggest you buy a primary residence first. Learn RE from taking classes, like the real estate commission teaches. Read and invest your energy in the North Carolina Real Estate for Brokers and Salesmen book that the RE commission used for their classes. Know the fundamentals. It's an investment you won't regret. 

Related

my Feb 22 2018 post in Looking for multifamily duplex/fourplex
my Oct 15 2017 post in Is Raleigh a good cashflow market?
my Aug 12 2017 post in List Source Returning Small Numbers