All Forum Posts by: Zach Perry

Consider expanding your search to Durham, where there are many more duplexes. A bit more affordable than Raleigh, too. Lots of upside remains too, if you ask me. 

I have been a property manager in the Triangle for about four years, so happy to answer any questions that you might have! Feel free to DM. 

Hey Zach,

It's tough making the numbers work in the Raleigh market.  You're right... duplexes are few and far between and they are overvalued right now.  Sounds like you're looking for a house hack, am I correct? 

What I would do if I were in your shoes is try to be a little more flexible/creative.  There are a lot of split level/split foyer type homes around Raleigh/Cary.  Some need work.  The floor plan usually has an entire lower level with living area, bedroom, bath, etc.  Makes it pretty easy to rent out while you + maybe another roommate or two occupy the main level.

Or you could get a 2-3 bedroom townhome, occupy the primary suite and rent out the additional bedrooms.

No, it's not a duplex but it gets you over the hump of getting started, you can get owner occupied financing, and start building equity.  Rinse and repeat. This is exactly how I started over a decade ago! 

Go to as many live Meetup events as you can I made my best connections at these events, I still go twice a week

@Zach Perry

go to every REIA meeting with a 2 hour radius

Start with locating your local experts!  They can give you specific info about each neighborhood as well as some pointers on what is "normal" for your area.  MY opinion is to start with a realtor.  Find one with good reviews and then ask them if they have experience with investors.  Ask them if they own any investment properties.  Ask them what lenders, contractors, and inspectors they recommend.

I know a few brokers in Raleigh if you would like me to facilitate an introduction.  Just shoot me a message!

@Zach Perry, I wouldn't be too hard on yourself, 22 years old is still young. That being said, the earlier you start taking action and buying properties, the quicker you'll hit financial freedom, retire, accumulate wealth, etc. What does your current position look like at the moment? Are you still in college? Employed? Assuming you're about to finish school, the most boring yet realistic advice I have for you is to obtain W2 employment asap. I'm sure you're well aware, however, most lenders are going to want to see at least two years of W2 tax returns. To be upfront, it's very difficult/nearly impossible to jump into real estate investing full-time. Ok, now assuming that you have been working for the past two years, are you pre-approved, and have you been submitting offers? While thorough analysis and underwriting are important, I see far too many newer investors being too conservative with their numbers. Furthermore, is your investment strategy to house hack the duplex? If so, you have many other house-hacking options that you need to explore. SFH-rent by the room, SFH-in-law suite that can be sourced as an STR or LTR, SFH-basement that can be converted into an additional unit, SFH with an ADU, & duplex (which seems to be your main priority) are all probably viable options in your market. Lastly, and as others have alluded to, your first deal is essentially there to get you on base, you do not need to hit a home run on your first swing. Make sense? Hope this helps!

Hey so to reply to the subject line, the way to get over paralyses is to take action. Literally it is the only way. Anything else is just thinking. Which is fine if you need time, but if ready for change you need action. 

After reading your post, I’m thinking 1. You might not know a lot of other investors in your area? If so, you should double down on your networking. This can count as part of your “action” steps I’m referring to. When young and new it is 100% okay to vicariously live through another investors success, in your case locally. 
2. I am also thinking you are only looking at MLS deals? There are a lot of ways to find better performing deals than what everyone looks to the mls for. Wholesalers or learning to wholesale and get your own motivated seller list, networking with agents and landing on a rockstar agent who can help you find listings pre-market, getting entrenched in your local tax sale or foreclosure auctions, and I can keep going…

it is hard for me to believe there are NO deals in your market. Remember, great deals are not found, they are made. We all make our own luck in REI. good luck.

@Zach Perry Raleigh is a great market. Ask yourself this; "My last post was over 2 years ago" - What REI related things have done during this time? Time is our most important resource.

@Zach Perry
Just take the plunge and buy your first rental. Your first deal is going to be your worst deal. You are not going to be able to learn everything you need to manage and operate that property efficiently till you have run into a problem that has exposed you to it and made you aware for next time. You don't know what you don't know.