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Planning on buying a townhome or a condominium to rent out in Morrisville, Cary or Durham regions that are close to RTP. How is the renting market out there? is it easy to rent? Understand that there is not much scope for cash flow, but if I dont end up spending from my pocket I am willing to do this as a long term thing. Any advise?
Do you live in the area? It sounds like you don't. I'd certainly stay away from investing if you're not able to keep an eye on the property.
There are tons of investment properties in Durham, especially near Duke. There's a healthy supply of folks in town for a short period for undergrad or grad school (undergrads can only rent for their senior year), so the rental market is strong. I've owned and flipped a few rentals now. It is quite lucrative, but don't do it if you can't be here to manage it. You can never be certain that your management company is doing a good job if you don't at least drive by once a month.
Thanks for the response, we do live in the area and plan to manage it myself. But we moved here recently about 2 years now. How is the area near T.W.Alexander and Morrisville near 54? are the rentals good?
I think it would be best if you joined TREIA to learn about the local real estate investment market and what deals might make financial sense. TREIA.com
You must make cash flow on the rentals. Holding to break even and cash out at resale is a very tenuous business plan.
I would be looking in Breckenridge and Twin Lakes, particularly at townhomes and the semi-detached in Breckenridge.
Condos? Not so much, unless something really appealing hit. Can be too hard to resell due to financing issues for too many complexes.
You want cheap houses that people will rent for the location and square footage.
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