Investor · Palmyra, NY · Member since 2015 · 98 posts · 29 votes
hey everybody, My parents live in the Fayetteville NC area and Id love to start investing here. Anybody have any advice on a course of action to begin.
I'm looking to learn about your market, I have single family and multifamily property in upstate NY where taxes are high and property value is low but rents are $600-$1200. I'm working on my first flip in hopes of giving myself the needed cash for future down payments. I really need to know comps and area and a general market analyses
I'm looking for multi family as my first choice but single family would be ok depending on price and location. Id really like to use the BRRRR to build stability and growth.
@Jean Claude I invest mostly on wayne county my but I’m familiar and open to investing in ROCHESTER because that’s the nearest city to me. When I get home from NC I’d be glad to chat.
I do BRRRR in Fayetteville, just moved away actually but still buy homes there remotely.
Pretty easy to do actually. Great deals right on the MLS, lots of equity to buy and cashflow comes easy as well. I have zero problems with keeping units filled, usually less than 2 weeks turnover between tenants. Purchase-to-rent ratios are high as well.
@Alexander Felice Do you know any HML in Fayetteville that you could recommend contacting?
I don't' know of any HML in Fay, but there are lots of nationwide asset based lenders (which are similar) that have lucrative and useful programs and are pretty easy to underwrite.
That said, what Fayetteville does have is lots of private money. It's cheaper, more flexible, and adds to building long term relationships. Requires a bit more effort and talent on the borrower side to create this opportunity, but not too hard and well worth it.
So if I’m investing from out of state how do I build a relationship with a private money lenders.,I invest with private money her in my as well
Making friends isn't too much harder to do long distance than it is online. Just takes effort and persistence.
I just borrowed some money from someone I met on BP. They weren't advertising this when we first spoke, we just both invest in Fayetteville. The loan happened through creating a friendship, aligning goals, building trust, ASKING for the money. If you have a private money lender already locally you might be good. There are no restrictions on geography. In fact the last money I raised the lender and the house was in Fayetteville, but I live in Las Vegas. I've (still) never seen the house and our loan was all done through email. EASY
I really appreciate the input and I hope to mature in my investing knowledge to invest out of state within this next year. I think I just need to follow someone who’s done it once or twice long distance.