Getting over 1% in NC - Doing it and seeking more.

[Ben Kirchner]

I figure this can be a good post for those succeeding with rental property in NC to share their success and how they are achieving it.  Let's spark some new ideas within one another.

First, I'll share my rental portfolio:

- Got my 1st rental in 2017,off the MLS, in Garner, NC.$89,500 purchase, relatively turn key. Now rents for $1150/mo.

- Got my 2nd rental off the MLS in Garner, NC, $89,000 purchase, needed some work, but not a ton. Now rents for $1200/mo.

- Got my 3rd rental off the owner of my 2nd rental purchase, in Garner, NC, $70,000 purchase, rehabbed for $20k. Refinanced at $137k ARV. Now rents for $1250. *Perfect BRRRR!*

- I began renting my previous home in Durham, NC that I originally purchased for $140k, and rents for $1350.  Basically breaks even, while appreciation increases dramatically each year.

- I've purchased some multiple family properties in St. Louis, MO because the cash flow is great, and deals seem much more plentiful than here in North Carolina.  The appreciation and ease of management is not as good as NC, which leads me looking to invest closer to home.  

So I've had some success investing here in NC.  Living in Durham, investing in Garner (35-40min drive) has me renting for 1.25-1.35%, with very good appreciation.  How did I do it?  Analyzing houses daily, touring plenty, submitting plenty of offers, likely wearing my realtor's patience thin until finally finding the 1st deal.  The 2nd deal came a bit easier, and the 3rd deal came easier than that, as I simply explored what the seller of the previous house was also looking to unload in their rental portfolio.  I believe I got kind of lucky.  To be fair, as the old saying goes, "the harder I work, the luckier I get" as I was analyzing and touring A LOT of properties.

Now, I'm looking to invest more "close to my back yard" but am struggling to find good deals. Looking out for the best funnel for deals that could get me that 1% + rent to purchase price, while not wasting my realtor's time is what I'm seeking to sharpen up on. I'm curious to what others in the area are doing to find good deals in NC, where these deals and located, and what kind of returns they are seeing. Ideally, I'm able to find more BRRRR deals, or fix and flips.

Thanks for any sharing and insight.

[Alfred Uda]

So glad to come across this post, good to see lots of people are making it work in Raleigh NC area. I moved to this area earlier this year, hoping to find multifamily to house hack. To my surprise, I have not seen one that the number makes sense to go for. This post is encouraging me to keep looking. 

Like @Ben Kirchner i analyze properties dealy, started doing it last month, doing a 90 days challenges property analysis.

I am hoping to have a juicy story before the end of this year.