New to Real Estate · Raleigh NC · Member since 2021 · 4 posts · 3 votes
Hello Great People,
I am looking to purchase my first investment property in the Novemberish time frame. I am looking to house hack a 2-4 unit multi-family property, ideally near NC State as I will be going for my Masters and would like to be close, but definitely open to other areas close by. I have identified 10s and 10s of properties I would like to be in in the area by driving around on scouting. I am looking for guidance on house hacking in this area and the entire process in general. I have done extensive research on it but want to speak with someone with experience in the area house-hacking or purchasing small multi-family in the NC state/Raleigh area. I am looking to understand things like financing options(best banks to use), handling off market deals , using renovation loans etc. I know the market is crazy and I will most likely have to find an off market property that is a fixer upper and I am 100% willing to do that and work hard to find a deal. Really looking for guidance and would be thrilled to take you out for lunch , my treat, to learn from you. Really looking forward to talking with all of you.
New to Real Estate · Greater Raleigh · Member since 2021 · 26 posts · 21 votes
5y
@Christopher Allen Love the enthusiasm. Very smart move to make. I don't want to be the "debby downer", but there is currently one(1) multi-family for sale in Wake County, currently on the market.
My point... research off market properties, which it sounds like who have some, and study up on strategies to make offers on these properties, off-market. I definitely recommend a realtor who knows the area and investing. I am also getting my masters at State right now, so reach out whenever. Go Pack!
Lender · Member since 2021 · 277 posts · 150 votes
5y
Hi @Christopher Allen! I would be happy to answer any questions on financing. For 2-4 units, your best bet is an FHA loan. The approval will be based off of your income, credit and assets (3.5% down-payment needed).
You can get up to 6% back for closing costs in the form of a closing cost credit.
There is a loan called the FHA 203(k) loan that allows you to finance repairs into the loan as well.
Contrarian Investor · Greensboro, NC · Member since 2016 · 219 posts · 174 votes
5y
Chris, you will certainly learn a lot on your first deal. And at a young age, I’m assuming being you're just starting college, you have many years of opportunity to continue learning and growing in your investments. Keep in mind, there is still an eviction moratorium in place, so be extra careful selecting your tenant(s). If there’s anything else you want to ask feel free to contact me. Best of luck!
Contractor · Raleigh, NC · Member since 2021 · 15 posts · 6 votes
5y
Hey Christopher,
Good luck on your upcoming purchase. I am local to Raleigh and very familiar with the NC State area. I can certainly help you learn more about the market here. I manage a remodeling company and am a licensed broker so I can give you a fairly good idea of what your costs will be here. Feel free to reach out anytime and Go Pack!
New to Real Estate · Greater Raleigh · Member since 2021 · 26 posts · 21 votes
5y
@Christopher Allen Love the enthusiasm. Very smart move to make. I don't want to be the "debby downer", but there is currently one(1) multi-family for sale in Wake County, currently on the market.
My point... research off market properties, which it sounds like who have some, and study up on strategies to make offers on these properties, off-market. I definitely recommend a realtor who knows the area and investing. I am also getting my masters at State right now, so reach out whenever. Go Pack!
Real Estate Broker · Raleigh, NC · Member since 2017 · 174 posts · 69 votes
5y
@christopher Allen
I did exactly the same thing as you while getting my Masters at NC State. Multi-families in the area are rare (and quite frankly OLD homes), you can also look into house-hacking with townhomes/condos as another option, which is more affordable. Reach out to me and we can talk more.