Moving to Wilmington, NC and looking for my first home

[Majahzi Jacque]

Hello, My second post on this site. I am being relocated to work in Wilmington. I have already set myself up in an apartment with a year lease but I am very interested in buying property to rent. My current plan is to get a mortgage on a multiple-bedroom home and rent out the other room(s) and eventually buy a second property to live in, while continuing to rent out the first space. My question is: where do I start?! Seems like a dumb question but I am only 22 and have almost no background or learning on the subject of mortgages. Any tips on sites or even businesses in the Wilmington, NC area that would be of help? Thanks, Majahzi

[Zachary C.]

@Majahzi Jacque,

I used to live very close to Wilmington and it is a nice town. There is a decent market for students because of the university there as well. I am sure if you buy a single family house and it's a decent distance from the university, which isn't hard in Wilmington, then you could rent out your extra rooms to college students. I think the issue you will run into later is when you move out and aren't able to manage from inside the house, at that point it might make more sense to rent it out to a single person or family to cut down on issues. Another option that you might like better is to get a multi-family and rent out the other units instead of other rooms, this mortgage will be the same as a single family house as long as it is 2-4 units. Now, if you have 2 bedrooms or whatever per unit you can still get a roommate for your unit and keep your cash flow as high as possible. Now when you move out you can rent out that other unit and have multiple units in your portfolio. As far as learning about mortgages one of the quickest things you can do is get an agent that will help you find what you are looking for and they will take you through the steps of the mortgage and getting qualified. You can ask if they have creative methods/alternatives besides traditional mortgages, but I wouldn't bother with those other options if you can get a regular mortgage, they are typically a good option. @Allison Cole you got anything to add from the agents perspective?