All Forum Posts by: Eric Nelson

As others have said, the Raleigh market is going to be tougher for investing. Having lived in both the Raleigh and Charlotte markets, I consider Raleigh and the surrounding areas a much better place to LIVE.

If you are concerned about capital, you may want to consider owner occupying and house hacking a property. I was able to get a 3% down conventional loan with the lender covering all closing costs. To get such a low rate on a conventional loan, you have to intend on living in the house for 1 year (owner occupying). I am a recent college graduate and rent out my other 3 rooms to students in grad school. Once I have lived at my property for a year I plan on moving out, renting the fourth bedroom out, and repeating the process. 

Like others have said, you will need to have employment history and have a debt to income ratio that they will accept. This could be tough if you do not have a full-time job and have student loans in your name.

I would suggest calling a lender and explaining your situation. They can pretty much immediately give you an idea of what they can do for you/tell you what you need to do to qualify. 

@Patrick Crehan Many people start out just like this, myself included. It’s only been a few months for me, but the money I would be paying for my mortgage is now going straight to my savings. This allows me to save $1350 EXTRA per month. Paired with my regular savings rate, I will have no problem acquiring a second property after I have lived here for a year.

My brother also started out like this and has acquired ~1 property per year since beginning. Buy property> house hack> save> repeat. After a while this won’t be the most efficient way to scale up, but it’s one of the easiest ways to get started without a lot of cash.

I just moved to the Charlotte, NC area. I already have a great mortgage lender that I have worked with before, but I am seeking a real estate agent that has experience with investments and is capable of working with me to find good cash-flowing properties for buy and hold. 

I would love to get recommendations from local investors and hear about your experiences in the Charlotte market. 

My brother's realtor sends all of his clients a new air conditioning filter every couple of months.  Although it's not necessarily a closing gift, it fits your description of making you more memorable after the transaction ends.  I like the idea because it's a functional gift that would otherwise be a pain in the neck to go out and buy. 

Hello,

My name is Eric Nelson and I'm currently enrolled at Appalachian State University earning a degree in Marketing.  Over the past couple of months I've taken up an intense interest in the real estate investing world.  I'm currently interested in learning about both the house-hacking and buy-and-hold techniques.  Although I've been reading BiggerPockets and other online forums over the past few months, I decided it was time to make an introduction and start participating within the community here. 

My short term goals include constantly gaining as much knowledge as possible about real estate investment, and working/interning for a local real estate company in the high country to gain hands-on and networking experience. In the long run I have a goal to work in a marketing position while saving up enough money to purchase my first rental property by the age of 25 as a source of supplemental income. 

Thanks!