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Are there any resources geared towards owning a rental property in this area? At first blush it seems like a tough market given the many apartment complexes with great amenities and low price new construction readily available, but I'd like to learn more about the opportunities that do exist to understand if there is investment opportunity in the triangle area.
Are there any resources geared towards owning a rental property in this area? At first blush it seems like a tough market given the many apartment complexes with great amenities and low price new construction readily available, but I'd like to learn more about the opportunities that do exist to understand if there is investment opportunity in the triangle area.
There was a thread within the last 6 months about a person interested in investing in duplexes or 2-family housing. There is only a small number of these properties for sale. It is also possible to invest in condos, townhouses or small SFH's, bu I agree it may be a tough market. Not sure what kind of resource you are looking for-- a training course? A business adviser? A partnership with another investor?
Location: Chapel Hill, NC, formerly NoVA and Phila
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You might not know this, but there is a Real Estate section here on C-D, and there is a sub-forum called renting. People talk about renting out properties on there. It's not specific to the Triangle, but you will still learn quite a bit.
You might not know this, but there is a Real Estate section here on C-D, and there is a sub-forum called renting. People talk about renting out properties on there. It's not specific to the Triangle, but you will still learn quite a bit.
We had a heck of a time finding a rental in an area with good schools so I don't think you'll have problems keeping it rented. Don't expect it to be a cash cow for you though.
Definitely get a whole house home warranty. Just do it.
We had a heck of a time finding a rental in an area with good schools so I don't think you'll have problems keeping it rented. Don't expect it to be a cash cow for you though.
Definitely get a whole house home warranty. Just do it.
Those warrantees are really only good if you run out of toilet paper.
If you can't do a lot of the upkeep yourself, don't be a landlord. One bad tenant will teach you how bad it can get.
Are there any resources geared towards owning a rental property in this area? At first blush it seems like a tough market given the many apartment complexes with great amenities and low price new construction readily available, but I'd like to learn more about the opportunities that do exist to understand if there is investment opportunity in the triangle area.
What sort of resources are you looking for? Real estate brokers who specialize in rental properties? Property management companies? Advice?
I know one guy who specializes in rental property. He looks for run down duplexes, triplexes, fourplexes with little in the way of yards, rehabs them, and primarily rents to people who work in the medical profession.
He has selected an up and coming area of town (in another state), has a crew of friends that he works with in rehabbing places. Could really be on one of those HGTV shows as he adds walk-in closets, high end finishes like granite counter tops and hardwood floors. He is very selective in his tenants and has a handyman on call.
It is a full time business for him. He has the occasional eviction, destructive tenant, and so forth, of course.
Has said that if he didn't want to spend that much time, he would buy apartment buildings and hire management teams.
What sort of resources are you looking for? Real estate brokers who specialize in rental properties? Property management companies? Advice?
I know one guy who specializes in rental property. He looks for run down duplexes, triplexes, fourplexes with little in the way of yards, rehabs them, and primarily rents to people who work in the medical profession.
He has selected an up and coming area of town (in another state), has a crew of friends that he works with in rehabbing places. Could really be on one of those HGTV shows as he adds walk-in closets, high end finishes like granite counter tops and hardwood floors. He is very selective in his tenants and has a handyman on call.
It is a full time business for him. He has the occasional eviction, destructive tenant, and so forth, of course.
Has said that if he didn't want to spend that much time, he would buy apartment buildings and hire management teams.
I guess I'm looking more for advice and personal experience with renting specifically in the triangle. My parents have had great success with duplexes on Long Island, but that is a very different market. There land is a premium as they can't expand into the ocean and there are very few apartment complexes, especially in the nicer towns/school districts. On the surface it seems like a completely different game here in the triangle so I was wondering if any CD members have had first-hand success.
I guess I'm looking more for advice and personal experience with renting specifically in the triangle. My parents have had great success with duplexes on Long Island, but that is a very different market. There land is a premium as they can't expand into the ocean and there are very few apartment complexes, especially in the nicer towns/school districts. On the surface it seems like a completely different game here in the triangle so I was wondering if any CD members have had first-hand success.
You may want to Google rental companies in the area. There's one in Durham that manages townhouses and older homes including those that have been converted into apartments.
A friend rented from one a few years ago. She looked at three one morning and decided on one. However, it had already been rented by a Duke student by then.
Perhaps calling some of these companies would give you an idea of what's what.
I'm just guessing here, but I wonder if those people who are managing rentals are too busy to fuss around on C-D.
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