All Forum Posts by: Phillip Bradrick

@Tomer Maoz great question. I think you’ve out your finger on the challenge of 1031 exchanges into this market. I agreed that new town homes would be one of the best ways to do that. There are quite a few new developments in south Durham and in Raleigh. You may also look at the Clayton / Garner markets. With Amazon announcing their new distribution center in Smithfield these markets have good upside and aren’t too hot yet. I have investment in Wake Forest and Youngsville but have helped other investors land deals in these markets.

@John Boland so I am a property manager as well as an investor. It sounds to me this PM is a classic old school PM. Good with the job of keeping the property maintained and rented but not good with the reporting / paperwork. My guess is he’s under staffed and feeling the crunch of the spring market. Although good reporting is essential in this business, if he’s not doing already it will take a lot of effort to get him to start. I’d recommend just starting to shop for a new PM. Sounds like there is no major rush as he’s doing the job of caring for the property. Once you’ve found a company that uses a management software and has consistent monthly reporting as well as good management practices you can make a switch.

I hope this helps.

@Klaycon Santos great to see your post. There are several great meetups. The largest one is https://www.treia.com. It is not a BP meetup but a way to connect with others. Feel free to connect and I’m happy to be a resource if you need specific connections in the Raleigh triangle market.

@Ciji Masser congratulations on staring the journey in RE investing. As many have said, it not too late. I’m an investor in Raleigh Durham NC market and things are hot here. The biggest encouragement I’d have is work to build your cash reserves and get a line of credit if possible. In a hot market cash is king and most deals on market are going over appraised value. This means it will take more cash to get started. If you need feedback on where to look for property in NC please feel free to reach out. There is a lot of opportunity here.

@Matt Zothner Great question. I’d also recommend looking at their pricing structure. Most PM’s in the Raleigh triangle area charge an upfront leasing fee which covers their initial cost of marketing the property but starts you off with a large bill. From an owner’s perspective, I much prefer a flat rate pricing model so that both the PM and owner have the same goal. A quality long term tenant. A leasing commission essentially gives an incentive to the PM when the property is turned yet cost the owner even more at that point.

As to your question of how long it takes to fill a property that will be as much dependent on the time of year and the location/condition of the property as the PM. A property listed for rent in Jan vs May will certainly take longer to rent. I’m happy to fill you in on the details of the Property Management company I work with.

@Brett Bowers great to hear about your search for an investment property. Did you grow up in the Wake Forest area? If so I would recommend working all your friends and family connections and let folks know what your looking for. I’m an investor and live in Wake Forest and am also a real estate agent. The market is so hot right now that it’s very hard for a first time home buyer to get an on market deal. If it’s in good condition and area, most properties at drawing multiple cash offers at or above asking price. If there was any way for you to find an off market deal through a friend, famil member or acquaintance that would give you a big leg up. If you hustle and stay focused on your goal you’ll find something. I hope this helps.

@Steve Mcmahel congratulations on the new home and your first rental. I think that is an ideal approach for getting started. You’ll have to keep me posted on how it goes!

@Debbie Good question, I’ll jump in on this because I’ve owned investment properties in the Youngsville area for years. It is a growth market which in the last couple of years has really exploded. Although prices of homes aren’t as high as in Raleigh it’s still a great area for rentals and the long term appreciation potential is there. I would certainly recommend it as an area to focus on.

@Sanders Great questions. In this market it will take creativity and persistence to get into an attractive investment property. Looking in areas on the out skirts of the triangle market that have growth potential would be my recommendation. Youngsville, Knightdale, Clayton and Fuquay Varina are markets where you can still find properties that aren’t at the top of the market. The other thing I would think about is that to start with much of the value of your first rental is that you get in the game and gain credibility. Once you get your first deal the ones to follow will be easier because people will see your track record and know you have experience.

@Jehu Hairston welcome to BP and the Wake Forest / Raleigh area. My wife and I have lived here for the past 12 years and love it. It’s been a great place to live, raise kids and invest in real estate. I’m happy to be a resource in any way I can as you try to land some deals.