All Forum Posts by: Phillip Bradrick

@Paul Carrington

Hey Paul, great to connect on BP. I’ve had rental properties for years and have transitioned full time into real estate. Personally, the properties I have are all older homes which traditionally have the ability to create greater cash flow. In the market today though, it is very hard to find an existing home that is being sold at a discount. Now that I’m a licensed real estate agent and work with a firm that manages over 600 properties I’ve seen first hand the difference in managing new construction vs existing construction. Just recently we started managing several rentals for an investor in the new 5401 North Development and the new renaissance town home community in downtown Wake Forest. Although these don’t cash flow as well, if you’re able to put enough down and take advantage of cheap interest rates it makes for a good long term investment. You’ll have almost no repair costs in the first few years and can attract a high quality tenant. At the end of the day, I’d say it boils down to appetite and what return on investment you’re looking for. If you can find a beat up existing house to fix up, you’ll certainly get better cash flow than new construction, but it comes with a lot more effort and risk. Let me know if you’d like to chat further at some point. 

@Patrick O'dowd Great question. There are a few of the larger service companies out there that offer many of the trades under one roof. Typically they are the bigger players in the market and charge a premium. Other than that, you can look at finding a skilled handyman that can cover most things. I’m in property management and we have many contractors that we work with. It is hard to find a one size fits all solution though. If you’re interested in running the numbers on full service management I can certainly help you compare that as an option.

@Cameron Wilson Great to hear your plans to move to the Raleigh triangle area. I’ve lived here for years and we love this area for many reasons. In a uncertain market, I’m grateful to be in a location that is attracting business and people looking for a thriving market in a mild climate. Just in the past few weeks I’ve been amazed to see how many people I’ve connected with transplanting here in the middle of this pandemic.

I’m an investor myself and full time property manager and real estate agent. Our firm manages over 600 properties all across the triangle and beyond. We have a pulse on both the hot, booming areas as well as some of the higher cash flow more rural markets.

I’d love to hear more about your investing history and what sectors and strategy’s interest you. As I’m sure you know from investing up north, you’ll need to have a clear game plan and all the finding and resources lined up to make a fast move when you find that right property.

Because we focus as a firm with investment properties I have some great lending partners that work specifically with seasoned investors. I’d be happy to connect further and help you in any way I can. Feel free to PN me and we can schedule to chat further.

@Jon Allen Jr You won’t regret the decision to move to the Raleigh area. We love it here and it has so many great elements and is still relatively affordable.

I’m an investor and RE agent/ property manager. I’m happy to help you in any way I can. If you need input on the market, locations, rents, or anything else feel free to reach out. And maybe with things opening up we can grab coffee and I can introduce you to the best coffee shop in the Triangle.

@Shamit S. Great question. All the areas you mentioned are good rental areas. It will likely be easier to find an investment property on the south side of town because home prices are not as high. It is a more rural market and has more starter homes that would work well for rentals. Wake Forest has seen the majority of its growth in recent years from higher end custom homes in the 500k + range. Their are pockets of smaller homes and they are usually older stock that is 80s or older. I manage investment properties across the whole market and have rentals of my own in the Wake Forest / Youngsville areas. They are great rentals and attract good quality tenants. If you find a good deal in any of the town you mentioned, it should rent well if it’s not in a rough block/area. If you ever need help determining rental values feel free to pm me. Take care!

@Brandon Belk

Welcome to BP. I am out of the Raleigh / Wake Forest market. From working with many investors and trying to find deal of my own this is a pretty hot market and challenging to find cash-flowing properties at any volume. If you are already in Winston-Salem area I would focus on some of those markets around there. There are opportunities in some of the more rural markets around your area as well. We are working with an investor that just picked up 36 units in Eden, NC that cash flow well. The rural markets have their challenges but you can still find cash-flowing properties more easily.

The more refined you can get your criteria the more effective you'll be in getting friends, agents, and other off market deals to come your way. I hope this is helpful.

@Vic Oyedeji great to hear your interest in real estate investing. I am an investor in the Raleigh/ Durham area as well. “Deals” are harder and harder to find out there but the key is building your network and thinking creatively. As part of the recent housing changes the city of Durham passed a law allowing secondary dwellings on properties with very narrow set back requirements. If you can find a property that would be conducive to build a second dwelling you could increase the cash flow potential.

Here is a link to a summary of the recent changes. https://dsc.durhamnc.gov/DocumentCenter/View/176/EHC-handout_Bulletin (i can get you more info and have some good builders that have great prices.)

I am a broker and do property management as well and finding good investments on the market is rare. I would also recommend you getting involved with the Triangle Real Estate investors association (TREIA). This is a great resource to grow your network.

I’m happy to connect and if you ever want mls searches set up to see what options there are on the market for an area or specific type of property that is an easy thing to do. The great thing about that is it will keep you updated on what’s out there and help give you a benchmark to compare any off market deals you may find.

I also host an investors meet up. We are breaking over the holidays but will start strong next year in January.

Take care.

Phillip

You are invited to join a local landlord and investor meeting. The goal for these meetings is for investors to meet, to share resources, and to receive helpful information.

Feel free to invite other local landlords and investors in your network who you believe would benefit from and contribute to this meet up.

To send an invite, you can simply copy and paste this Evite link in an email or text: http://evite.me/exH3GYmgfD

Youngsville, Wake Forest, Raleigh, Zebulon, Cary, Rolesville, Creedmoor,

@Douglas Middleton @Steve Mcmahel @Robert Wiltshire @Michael Jobe @Tony Caggiano @Peter Filardo @Aloysius Martis @Tracey Callison @Walnar Agenor @Josh R. 

@Griffin Stephens The place I would start would be building relationships. Without a relationship there will be little opportunity to work/ mentor with someone. The local TREIA meetings are a good place to start. Since there are many people in your shoes you’ll have to set yourself apart by consistently attending and developing relationships over time.

I have been investing in real estate for several years and am happy to connect at one of the meetings.

Best wish!

You are invited to join the Wake Forest landlord & Investor meeting. The goal for these meetings is for investors to meet, to discuss and share resources, and to provide helpful information.

Feel free to invite other local landlords and investors in your network who you believe would benefit from and contribute to this meet up. To send an invite, you can simply copy and paste this Evite link in an email or text:

http://evite.me/S5XAymvjb9

... RSVP for this dinner event using the Evite links provided on the website. (Dinner is not provided but reasonably priced.)

We are excited about you joining us for our and hope you will be able to make it!

Key words: Wake Forest, Youngsville, Rolesville, Raleigh, Cary, Morrisville, Zebulon, Creedmoor North Carolina