Newbie from Raleigh, NC looking to move into Durham, NC Market

[Matthew Hux]

Hello, my name is Matthew Hux. I am an mechanical engineering graduate from NC State who just left a job in the machining field. I look forward to becoming a larger part of this community and have already benefited tremendously from the articles and posts on this site. This site a tremendous resource and the community has a fantastic mentality.

I currently renting Raleigh but am looking to buy my first (of many) property in the Durham, NC area. I have enough cash built up to purchase a fixer upper or make a down payment on a larger property. I am currently looking to find a primary residence to eliminate my rent. My future goals are to own single family homes or multi-family homes and rent them out. I hope to get to the point where these will be primarily hassle free, managed by property managers providing me with passive income. However I feel that from the beginning I should be proficient in every aspect of the business so that I can evaluate any future hires. This is a daunting task and I would love the chance to apprentice under someone or work for a property management company to learn the ropes. I know I have a problem with delegating my work to other people so I also need to develop good contacts with construction, electricians, handymen, and property managers. Once I have a core group I trust, I will be much more comfortable transitioning to a more hands off role.

I am currently in the process of changing careers. I am currently planning to go back to a full time job that will allow me to get conventional funding. Then I can get my primary residence without much outlay and use the rest of my money to purchase a rental property. If I can get the rental to get a positive cashflow I will probably be content with that for a while as I learn the ropes. While I am at work I also plan to take afternoon real estate agent classes to enable me become an agent. This will enable me to be a better investor as well as open up other potential job opportunities. I will continue to leverage my conventional funding and extra cash potentials from my job until I start having trouble with banking financing (usually around 4 houses). Then I may look into becoming an investor full time.

This is a very loose and rough sketch of my life and I welcome any feedback. I am also on the lookout for any part/full time job in the investment field. Particularly ones that will work with me as I get my real estate agent license.

I would also be happy to help anyone who is looking to invest in the Raleigh market. I have lived here eight years and would be a great benefit for anyone looking to buy properties that appeal to students or recent graduates of NC State.