Patience in finding the right property

[Eric Pink]

Rookie here. I am about a month or two away from shopping for mortgages and I check the typical MLS sites and a few other local real estate sites daily looking for deals. My wife and I want to purchase a multi-family to live in and rehab for our first property. The problem seems to be that there are few quality multi-families in decent neighborhoods in the Durham area that we would consider living in. We are also open to purchasing a single family home and house hacking it, but I really like the idea of tenants paying the mortgage in the multi-family situation while you save money (from other job) and rehab. My question is how long should one wait to find their ideal property? I want to take action and not sit on the sidelines, but I also hear that you need to find your niche and stick to it. Any opinions? Thanks in advance.

[Randy E.]

@Eric Pink, though the pickings are slim, there are some properties that occasionally pop up.  For instance, here's one that sold recently:

http://www.realtor.com/realestateandhomes-detail/1...

Brick duplex with 2BR/1BA on each side.  The pics are not up any more, but I looked at them a few times when the property was available.  Not updated to this morning's standards, but certainly move-in ready.  Close to Duke Univ, Trinity Park, and other desirable neighborhoods, nice sized lot.  My guess is the rent from the second unit would pay your mortgage, leaving you the opportunity to save for your next investment.

Unfortunately, it sold on April 23.  But, if you are vigilant in your hunt and are ready to put an offer in quickly, you should be able to find something.  Maybe not this month, maybe not next, but patience and persistence should pay off.  This is not an impossible market.

This is probably outside of your budget, but ...

http://www.realtor.com/realestateandhomes-detail/8...

It's even closer to Duke Univ -- right across the street actually.

Good luck in your search,