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Updated about 4 years ago on . Most recent reply

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34
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Michael Douglas
  • Rental Property Investor
  • Portland - Raleigh
24
Votes |
34
Posts

Moving to Raleigh-Durham area

Michael Douglas
  • Rental Property Investor
  • Portland - Raleigh
Posted

Hey everyone. I'm new to BP and really love all that I'm learning from the site and this forum.

My wife and I are planning a move to the Raleigh-Durham area by summer of 2021 at the latest. We plan to keep our current home and rent in here in Portland OR. We'll have a management company take care of it for us.

We have had good success with Airbnb and want to buy something in the Raleigh area that we can use for Airbnb. We've been just listing 2 of our 4 bedrooms and want to do the same there.

We're thinking to buy a 4/2 or 3/2 that we can use for Airbnb now and then later use that house as a rental once we move on to buy another home a year or so later...BRRRR.

We could try to buy it remotely as a "rental" at the higher down payment and interest while we are still employed here in Portland. We could also move into something temporary in Raleigh while we search for the right deal there. If we did the latter we could buy it as as our primary dwelling and get better financing for it.

We're still trying to figure things out on that. We're also still researching WHERE to buy. Due to the Airbnb consideration, we want to buy near attractions for travelers....Airport, Universities, Business districts, Tourist areas. Still trying to study the city and learn all of that stuff.

Any thoughts you can share on the buy pre-move vs post-move question or on recommended areas for Airbnb, etc would be appreciated.

And a happy holiday season to everyone.

Most Popular Reply

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37
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37
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Evan W.
  • Developer
  • Asheville, NC
37
Votes |
37
Posts
Evan W.
  • Developer
  • Asheville, NC
Replied

Michael, welcome! That is awesome to hear man! It takes some strength to make these changes. I actually recently moved back to Raleigh from Columbus and got a SFH under contract in Garner (13min south of downtown Raleigh). I run a short term rental/Airbnb management business, and can tell you that you are definitely in the right place for your strategy!

I would suggest buying post-move if you are serious about getting here. It is going to make the process a lot easier and less time-consuming for you. I was shopping and analyzing deals for over a month, but as soon as I physically moved myself to the area and started touring in-person, I had a property under contract in 4 days. Granted, I am a bit of a minimalist as compared with others so it was fairly easy for me to pack up and leave, but being here gave me a sense of urgency and ripped me right out of "analysis paralysis."

As far as where to look for STR success, there are lots of awesome places to be in Raleigh and I think you will likely succeed regardless of what neighborhood you're in. It will largely depend on your budget and personal needs, but within the belt-line, Cary as long as you're reasonably close to I-40, Southwest Raleigh, anywhere West Raleigh between downtown and the airport, will serve you best.

The main reason I ended up in Garner is because of my budget. It's definitely not the hottest place to be for STR, but it's a up-and-coming town just a short drive from most places. I'm going to be renting by the bedroom for my house hack in Garner - essentially what you already do except long-term stays. If you want to discuss further, shoot me a profile message. I'm here to help. Good luck man!

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