All Forum Posts by: Henry Van Eijk

Hi Everyone,

I want to learn more about how East Durham is changing. By driving through parts, I can tell that there are lots of houses being rehabbed/built. Will this area continue to improve over the next 5 to 10 years and why? Are business moving to this area? Lots of people say it’s not safe however I have seen some good and bad areas. Thank you

Hi All,

I've been looking at real estate in Durham and I have some questions on the neighborhoods. I am curious to learn more about East Durham, Fayetteville, and Braggtown. I've been trying to find solid information, however, there are a lot of mixed opinions on them especially East Durham. Please let me know what Class Areas they are (A, A-. B+, B, B-, C+, C, etc). Assuming those 3 areas are towards the lower sections of classes (because they seem to have the lowest prices), what class would Trinity Park, Old West, and South Durham be? 

Thank you. 

Hi everyone,

I am looking to buy my first property in the Raleigh Durham area later this year. My question is how do people find a real estate mentor? I am a 21 year old college student graduating this May. I start my job working in tech at a big investment bank in the beginning of July. Thanks.

Hi,

I am new here and learning but my question is how do people typically come up with a down payment. If you need 20% down for an investment property, that can be a lot of money. Do people typically use equity (HELOC) from other homes they own if the value has gone up a lot. What percent increase would a home have to go up in value for someone to do this? Or how much equity would someone have to have in a home to do this? That seems like it can be risky but is this common? If people decide to save for a down payment, do they keep money in a savings account or do people typically invest that money. If you need a 100k down payment on a 500k house, and it takes you multiple years to save up for that and you put your money in a savings account, your money will not grow (think of inflation) so would it technically be better to invest it in stocks or bonds in a non retirement account (something that you can liquidate very easily). It baffles me that some people are able to buy so many investment properties if you need around 20-25% for every down payment on every house. How do people acquire so many homes so quickly? Thank you.

Hi, 

I am new here but just have a quick question. Let's say I buy my first home with a FHA mortgage, which is ideal because I only have to put 3.5% down as a first time buyer. If I want to buy a second home as my primary residence and keep the first and rent it out, can you use an FHA mortgage on the second one? I know you can only have one FHA mortgage at a time, but is it common to refinance the first house with a non-FHA mortgage then buy the second one with an FHA. How do people typically approach buying a second home like this if they want to keep the first one and rent it out. Coughing up 20% of a down payment for a second house can be a lot which is why I thought the FHA mortgage would be ideal.

Thank you.

Hi Everyone,

I will be graduating college this May and I have secured a well paying tech job in the Raleigh/Durham area starting this summer. I would like to buy a property as soon as I can. My plan was to buy a property in this area and try to rent out the other bedroom(s) to friends or medical/graduate students in the area. This would be easy as there are so many well respected colleges in the area. I have been thinking about a new construction apartment specifically in the Raleigh area (2 bedroom, 2 bathroom). I would look for something close to a college campus. New construction apartments typically go for around 300-400k in this area. I've been told to go for a 30 year FHA mortgage. My goal would be to start off by living here for at least two years for tax-free benefits (if I sell) and then go from there. If I were to move, I would most likely keep the property and then just rent it out for the future. What are people's suggestions on this? I was thinking about maybe buying a multi-family home but not much is on the market. I have had family members tell me that a new construction apartment would be a good way to start especially if I can rent out another bedroom. People have also told me that if I were to buy new construction, the builder might give me a stipend or something to help out for the down payment. I am new to this community so any advice would be very helpful. Thank you!

If anyone has any books or other resources that they recommend, please let me know also!