r2i forum

raj_2001_2001;84219Iam planning to invest in a multi unit property with positive cashflow. After my brief research Iam finding Raleigh or RTP area, NC to be very attractive. Please note that Iam NOT looking for my primary residence.

I have following questions, Real Estate guru's and people living in Raleighplease advice


1. Do you think Raleigh is a good choice for long term investment property or any other city?

2. What are good neighborhoods in Raleigh/RTP area which have strong rental markets?

3. Expenses (Assuming I buy a property for 300K) like Taxes, Insurance and general maintenance expenses in Raleigh.

4. Iam planning to maintain/rent this property using a local Property Management company. How much do they charge and what are the issues?

Thanks
Raj[/quote]

I live in RTP area. I am happy to answer your questions. I think it will help me to better answer your questions if you can elaborate more on 'multiunit property'. What is your thinking? How many units you have in your mind? How much you want to invest (this is key factor to suggest neighbourhood)? Want to go for old or new? What do you mean by longterm? 5 years? How much returns are you expecting at the end of 5 years?

PB

Patnababu;84228I live in RTP area. I am happy to answer your questions. I think it will help me to better answer your questions if you can elaborate more on 'multiunit property'. What is your thinking? How many units you have in your mind? How much you want to invest (this is key factor to suggest neighbourhood)? Want to go for old or new? What do you mean by longterm? 5 years? How much returns are you expecting at the end of 5 years?

PB[/quote]

Thanks PB,

Here are my preferences,

* Two to four units (I found some listings in Realtor.com but not sure if they are in good area, rental market etc)

* I want to invest between 250k - 350K including closing costs

* Iam planning to keep the property for 15 - 20 years (or more), so a newer property of less than 20 years would be better. Iam planning to R2I much before this time frame and planning to use a property management company.

* More than appreciation Iam looking for good rental income

priceline;86957Patnababu , can u give more information on this property? You mentioned tenants are in 2 years contract, how much time left on that? What are the additional expenses to maintain the property? How difficult is to find tenants if needed. Is it maintainable from different location? [/quote]

Priceline, This property is taken.

Generally, tenants are responsible for all maintenance expenses except repairs. I buy AHS warranty on rental property to minimize repair costs if any. Finding tenants depends on location, rent, and nature of property itself. When I posted rental ad on craigslist for this property, I received at least 40-50 calls in a day. I think my asking rent was little bit lower than market price. But it gave me an opportuity to select the right people as tenant.

priceline;86957
BTW, I am also looking to buy an investment property with my friend. We are looking for around 500-600k with positive cash flow or in upcoming markets. I am primarily looking at Seattle area. Please suggest any -ves with joint property and other opportunities. Thanks,[/quote]

As long as your friendship alive and kicking, I do not see any particular negatives but you should think about ways to share profit, loss, expenses etc... for tax purposes. It's just logistics in my opinion.