New to RE Investing $ Raleigh.Buying 1st property within 30 days.

[Account Closed]

Hello BP,

So i moved to Raleigh about 5 months ago and have decided that I'm going to invest in real estate. I've done a great amount of Due Diligence and research, I have a great agent as well. I plan on buying my first investment property within 30 days. One of the main problems I have is, is that I have no income. I have an Excellent credit score, no mortgage, paid off college loans, nice amount of liquid assets, as well as non liquid assets. So the only type of loan I can qualify for is asset based-and that requires a 40% down payment. The one good thing I see about putting down such a large DP, is I have less money to pay off and a lower mortgage payment. But 40% is a lot. Can anybody give me some advice, insight or personal experience. My goal is rent out while the property appreciates. Thanks in advance!  Also I'd like to hear your opinions on what are the best areas in Raleigh to buy a rental property. 

[Matt Rothwell]

I don't want to come off as snarky, but if you've been doing your research and due diligence, shouldn't you know where to invest? There's not a whole lot of great deals coming on the market right now, the Raleigh market is hot. Have you consulted your Realtor? He or she might have a good idea of where to look. We have a variety of properties here in Raleigh, just like any city, and your risk tolerance is going to play a large role in what you end up getting. 

Are you looking high-end? Low-end? Turn-Key? Fixer-upper? (It doesn't sound like you've got a 9-5, that might be a good option). 

Anyways, I'm thinking a 30-day timeline might be a little tight for this project. Take some time driving around the city, ITB, SE Raleigh, Cary, etc, and see what you're comfortable with.