Any Raleigh-Durham/Triangle Area Investors attending TREIA meeting this evening?

Question

Hello BP! Just curious if anyone else in the Triangle Area in NC would be attending the monthly TREIA meeting this evening? I am new to the area and figured this would likely be my best option for linking up with established investors and hopefully someone who will further educate me on the local market. If you plan on attending let me know as I would love to meet some fellow BPers.

Lauren Doyle · Answer

@Michael Jobe I really want to attend a meeting, but last night was too short of a notice. Is it weird they meet at Golden Corral? haha Anyways, I do plan on attending one. I had a feeling the inventory was low. @Eric F. I would love a duplex as well, but I don't think this is the right city for that. I agree that the city is just so new, and we have to know this market to understand that. I just wonder if someone would rent a single family home in Cary/Apex/Morrisvlle/Garner or in raleigh? I just need to learn the market more and that takes time. Maybe I even have to switch my goal and flip houses? Ugh, that scares me though…..I will be in touch with you guys! Good luck in the meantime!

Ricky A. · Answer

@Michael Jobe, it's going to be a rental.  It'll cash flow, but it was really a retail purchase.

For the next (which will hopefully be late this year or sometime next year), I  really want to walk in with more equity.  That may simply mean searching longer, or it may mean marketing, purchasing something that needs far more work, or getting farther outside of Durham (like Chatham Co.)

I hear you on the multi's in Durham.  That's what I've seen.

Michael Jobe · Answer

@Ricky A. I was sitting smack dead in the middle front row so close I could have tripped one of the guest speakers. Like you, one of my personal goals has and will always be to stay out of jail! Are you going to be renting the SFH you just closed on in Durham or selling it? I looked into a few multi-family units in Durham that were all in the hood. While I'm not opposed to investing in a lower income area I also don't want to worry about crime potentially affecting my property value so my search for a duplex or better continues.

Ricky A. · Answer

@Michael Jobe, I'm sorry I didn't see your message prior to the meeting.

I was there.  I used to go to the TREIA meetings years ago, but this was my first in a very long time.  I thought both speakers were pretty interesting...especially since one of my personal goals is to stay out of jail (unlike the 2nd speaker for those of you who couldn't make it) :)

What brought me back is that I'm now finally able to start investing.  My focus is buy-and-hold.  My wife and I just closed on a SFH in SW Durham.  I'd love to buy a small multi-family, but in Durham, the only units I know of are in areas that I really don't want to frequent.  It might just be that I need more time to search, or it might be as @Eric F. suggests.

Regarding Golden Corral, I think it makes sense.  I'm a member of a Toastmasters group in Durham, and one of the hardest things for small groups to find is meeting space.  Restaurants have great meeting areas, but they want the attendees to buy food.  The place where my TM group charges us X for the space, but they let us know that if not enough people order food, they would need to raise that amount.  I would assume GC doesn't have to worry about this because I assume they charge everybody to enter.  In fact, their return on meeting goers may be higher than their normal diners!

Andrew S. · Answer

They are smaller, more regional subgroups (North Raleigh, Cary, South Durham).  The main meeting may have 100 people in attendance, the sub-groups are more on the order of 25-35 usually.

All of the subgroups meet once a month and so does the main meeting.  Plus there is an "advance investors' group and a "beginner's" group as well as a "women in real estate" group.  All also meet once a month.  Basically, you can fill your entire month, if you want....

@Lauren Doyle

Lauren Doyle · Answer

@Andrew S. what is the difference between all of these TREIAs?

Andrew S. · Answer

@Michael Jobe

Yes, REIAs get free use of a conference room in exchange for the expectation that all attendees buy food and drink.  Currently, TREIA North subgroup meets at Tribeca Tavern, TREIA South and TREIA West subgroups at (different) Golden Corrals, and the main meeting is at the Hilton (snacks provided).

Michael Jobe · Answer

@Lauren Doyle The other night's meeting was actually in the Hilton. The REIA down in Ft. Lauderdale also met in a Golden Corral and yes I still think that's weird! Maybe the REIA's have some sort of agreement with the Golden Corral people but it wouldn't be my first choice for a gathering of any kind!

Dante Nava · Answer

One thing I have noticed in this area since moving here from Arizona is that there are a lot of people passing through the RTP area. So there are LOTS more apartments here than I had been aware of in other places. That being said, a lot of people are still renting, myself included. Keep in mind there are people that may feel "tied down" to a place if they buy. So rentals are still a possibility. The lack Of inventory in say Cary is what is making me want to focus on it.

Eric F. · Answer

I usually go to the monthly meeting.  However,  I like the North Raleigh one way better.  It is smaller so I seem to do more networking as well as learn more from the presentations.  If I could only go to one I would only go to the North Raleigh meeting.  I imagine the other smaller meetings (south, west, etc) are like this as well.  I wish I had time to go to all of them.

I did not make the monthly meeting this month so I am not sure how it was.

I recommend joining.  I think each meeting is 15 bucks, so if by "a few" you mean 3 or more meetings you already paid more than the quarterly fee.

I looked for a duplex through quad to owner occupy for a while and gave up.  There are some in areas I would not want to live in which will cash flow, but Raleigh does not have many duplexes compared to a lot of older cities.  My personal theory is most of the city was built in the last 50 years, after every family had a car and density was no longer valued.

Any Raleigh-Durham/Triangle Area Investors attending TREIA meeting this evening?

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