All Forum Posts by: Keith N.

Hi all,

I've been looking to find a Duplex in my area that I could owner occupy and rent out the other half, as this would be a great way to begin my real estate investing career. However, cashflowing residential multi-units listed on the MLS are super tough to find in my area unless they're in the hood.

I had the idea of running low cost/free (besides my own time that I don't mind putting in) marketing campaigns to try and target owners of Duplex/Triplex/4plex's.  

Ideas of the top of my head include:

- Email campaigns targeting "for rent" properties on Craigslist

- Bandit signs in areas which I know have lots of multi-units

- Cheap direct mail like post cards to owners addresses

All of these ideas would be cheap or free, and I feel would be relatively easy to implement.  Does anyone have experience or advice for someone like me trying to find better deals via finding sellers of off-market units?

@Emmy K. Just wanted to say congrats on the purchase! good luck!

@Chris Martin

Thanks.  Do you know which areas of Raleigh residential investors tend to look into from a purely cash-flow standpoint?

@Steve Combs

Thanks. I'll probably be speaking with some banks tomorrow.

@Henry Moore

Thanks Henry!

@Steve Combs

Yes, I have been using various listing sites to comb through properties for the last couple weeks, and at this point I need to start actually talking to other investors in the area as opposed to falling deeper into the rabbit hole of obsessively searching online. I have viewed lots of single-family and multi-unit properties in Durham, and some of these properties appear to be much less expensive than Raleigh.  However, I am unfamiliar as to which parts of Durham are deemed "decent" and which areas are war-zones.  I assume anything in close proximity to Duke University/Hospital is an okay area and has lots of potential renters? Maybe NCCU as well?

Regarding lenders, I have not spoken to any yet and to be honest I'm not sure where to begin. My apologies for being a complete noob, but which exact "lenders" would you recommend I contact and what types of questions should I be asking? Will any bank suffice? I'm aware that in the current market, lower down payments via conventional loans are commonly accepted (5-10%) as well as the 3.5% FHA loan which I may qualify for. Beyond that, I have limited knowledge.

@Steve Combs

Hi Steve,

Since this would be my primary residence, I would like to find something within 10-20 minutes of downtown Raleigh. I'd be primarily looking for Raleigh homes however close-by areas of surrounding towns would also suffice. From the research I've done, it seems like most areas of Raleigh would suit me fine excluding South Raleigh and Southeast Raleigh (from what I understand, these are higher crime areas).

I know finding a home on a 100K budget might be somewhat tough, but I have seen some decent looking detached single-family properties for sale/sold in Northeast Raleigh as well as other parts of Raleigh for 100K and even below. I have no problem looking into homes with some cosmetic issues (paint, carpet, etc.), as I'd have over a year to fix these problems on my own time.

For reference, these listings below appear to be within my price range and in a relatively safe area of town:

http://www.realtor.com/realestateandhomes-detail/4...

http://www.realtor.com/realestateandhomes-detail/4...

In your opinion, is it really too much of a stretch to find a liveable home in a decent area of Raleigh given my price range?

Hi Steve,

Since this would be my primary residence, I would like to find something within 10-20 minutes of downtown Raleigh.  I'd be primarily looking for Raleigh homes however close-by areas of surrounding towns would also suffice.  From the research I've done, it seems like most areas of Raleigh would suit me fine excluding South Raleigh and Southeast Raleigh (from what I understand, these are higher crime areas).

I know finding a home on a 100K budget might be somewhat tough, but I have seen some decent looking detached single-family properties for sale/sold in Northeast Raleigh as well as other parts of Raleigh for 100K and even below.  I have no problem looking into homes with some cosmetic issues (paint, carpet, etc.), as I'd have over a year to fix these problems on my own time.  

In your opinion, is it really too much of a stretch to find a liveable home in a decent area of Raleigh given my price range?

Hello BP Community,

Longtime triangle area resident here who is planning on purchasing his first property very soon.  I am plan to purchase either a single-family or multi-unit home (although multi-units seem to be scarce in Raleigh).  I will owner occupy this house for about a year, until I've saved enough to purchase another property, at which time I will turn the original into a cash flowing rental unit.  My budget is ~ 100K for a single-family and ~ 160K for a multi-family (assuming I can expect to have tenants in place in the additional units to cover the mortgage).

Basically, I have been reading up on investing in real estate as a form of passive income, and I have become hooked to the idea!  If anyone has any useful tips specifically for investing in Raleigh and surrounding areas, please shoot them at me!  Specifically, I am interested in getting opinions on agents who may be best suited to work with someone in my position.

Thanks in Advance!

- Keith