Newbie from Queens NY

[Brian Boodoosingh]

Hi All! I'm a new real estate investor based out of Queens NY looking to buy a multifamily home in the Raleigh-Durham area. Being new to REI and also being out of state seems tough, but my fiance and I both have great jobs in NYC with the ability to work remotely and the flexibility to fly down to the area whenever necessary.

Ideally looking for a triplex or 4plex in a nice neighborhood that is cash flow positive. Our plan is to live in a unit to qualify for an FHA loan if the home is nice enough, or rent out all units with a standard mortgage if we're not crazy about living in it.

Looking to build a reliable team. Any advice is appreciated. Really looking forward to networking! 

[Ashton Levarek]

Hey @Brian Boodoosingh

Welcome to NC, there are some great markets there. My Brother and I partnered in 2018 an began buying small multifamily there (duplexs, quads) but quickly graduated to smaller commercial multifamily (13 units, 16 units) due to better economies of scale, loans, etc. 

But building a good team is absolutely crucial, I can recommend a great Property Manager if you need one. Our success in the Raleigh/Durham market (as well as the Fayettveille and more recently Columbus, OH markets) has only been possible through the team we have assembled in those markets, and that team is largely influenced by our PM on the ground. 

Let me know if I can help.