The best way to build wealth is to buy properties,
pay down debt, build equity and create cash flow.
What makes me different than most investment real estate agents?
I offer a hands-on approach:
- Carefully check each property and the surrounding area to judge many aspects (i.e. safety, owner occupied vs. rental units nearby, area appreciation, condition of the area, traffic, availability of shopping, access to major highways).
- Before buying, I meet with all the tenants to find out what they like and dislike about the dwelling/area. This provides insights about how the property has been kept up and whether the tenants are stable and want to continue living there. Frequent turnover is bad for property values and upkeep.
- I meet with property managers.
- I assess and advise according to your plans.
I work with local banks and lenders who know the values in various areas.
For investments, I focus on areas that I know well, in this case, Orange, Durham, Alamance, and Chatham counties, plus certain areas of Hillsborough. I specialize in Durham because of its potential for growth.
Here are some important things to remember.
- 50% of Durham rents; the rents range from $275/mo to $2000/mo, depending on the rental unit, location, # of renters, etc.
- Durham values are rising.
- The city is going through a renaissance, and some areas are changing block by block. In the transitional areas that are changing quickly, prices are jumping and houses move quickly.
- The areas with gangs have low rents and difficulty finding property managers. These areas have some amazing homes, but the rents are low. So are the prices.
- The City of Durham, along with Self Help Credit Union and other investors, is putting money into Durham. The Police Dept is actively reducing crime, neighborhood by neighborhood.
- Every area has people who rent and there will always be renters.
- The key is finding a location and/or house that is desirable enough to keep a tenant.
Why not Chapel Hill or Carrboro?
I would never rule out either location, but prices may have peaked and properties won’t appreciate that much in the next few years. Again, location is key, and getting in at a good price is essential. If you know where UNC is expanding or any type of commercial growth, it helps when choosing where to invest. See my most recent investment purchase under Viv's Investments.
Work with a Realtor who is also an investor when buying or selling your properites. My own portfolio consists of a mixture of long and short term properties. The “flip” is an effective tool for a few properties but for the most part we suggest a more prudent and long term approach to your real estate investments.
