New to REI, Would Love Advice On Next Steps

[Brian Siedenburg]

Hi guys!

New here! I live in Greensboro, NC. I bought a primary residence last October that I planned on renting out come this October (next month) and would love some advice from more experienced folks on my next steps, because I came up with a few options. 

Im in a bit of a situation where my mother needs some care and she lives ~40 minutes from me. So my immediate plan was to try to rent this house as a medium-term, furnished rental (basically leaving all my stuff here, taking a few select things) and moving in with her for a few months to kill a few birds with one stone - MTR income, not having to pay for a storage unit for my stuff, saving up more money for a down payment, and caring for my mother. I reached out to ~15 people in my area on furnished finder asking for their occupancy rates and a couple responded saying they have 92-97% occupancy rates. I live about 3 minutes from a hospital. 

While I did that, I planned on searching for my next place. My initial plan was to do a house hack in whatever market I find appealing. My job is remote so I can move anywhere, and my sister and I have plans in the works for care for my mother so that won't be a factor staying local. Multi-family is a rarity where I live. Any advice on markets? Ideally I wouldnt want to live in a hugely rural area, but dont need to be in a big city either. I was looking at Columbus, GA, Cincinatti, OH, Akron, OH, and a few others.

I should also mention that my main goal right now is cash flow rather than appreciation, because while I love my job, it doesn't pay me the income Id like. I have around ~35-40k as of right now that I could invest. Id rather not touch my IRA or do a HELOC right now if I don't need to, but Im open to it.

But then I get shiny object syndrome and start looking at STR potential in different markets, or maybe trying a BRRRR around here. Just looking for some direction on what YOU would do given my situation.

Thanks so much everyone! 

[Jayme Currie]

Hi Brian,

Fellow Triad investor here

You're right that multifamily inventory in this area is lacking.However, I think there are plenty of non-multifamily properties in the Triad that are conducive to house hacking. I've been house hacking the past 2 years in a SFH. We bought the house because it has a finished walk out basement that we converted into a separate apartment that is furnished and rented as an MTR.

Greensboro also recently approved some new ADU friendly zoning rules to encourage denser housing. Have you considered using a HELOC on your current home to build an ADU on the same property?

Do you know anyone in Ohio? Do you like the cold? Maybe I’m biased, but I think you’d be crazy to leave Greensboro for Ohio. I see a lot more people doing the opposite.