Looking for realtors who know NC

[Karen Wu]

Hi all,

I just started learning real estate investment. My goal is to buy and hold for cash flow. And hopefully one day I will be able to achieve financial independence.

I'm currently living in Raleigh. I found it's pretty hard to achieve even 1% rule of rental properties. Because of that, I started looking into flips as well.I'm looking for realtors who know NC well and I also want to know more investors who have already done what I want to do.

Thank you so much.

[Chris Martin]

Welcome to BP Karen and Mark.

It's hard to find property following the 2% rule in Cary. In a seller's market like we are in, it is a lot harder. I've been at 1.5% with condos... but I would generally not recommend that kind of investment as B/H.

You can find 2% rule properties here in Wake county, but it is a lot more difficult now that a few years ago. Example: purchase 3/1.5 SFR for $37K, add $8K in repairs/improvements (~$45K basis), and rent for $850-$900. That was in 2011 on a property off Sanderford Rd in SE Raleigh. Most will have some impairment that needs to be corrected (e.g. new kitchen in the above case.)

A broker will feed you MLS listings and that (IMO) is not where you find >>1% deals in a seller's market. If you get sucked in to their 'gotta buy now before prices go up' you will become a motivated buyer and your RE career will end before it gets started.