Written by Lori Valenti Webb owner and broker of Property Specific Realty
I try to buy a new investment property every year. Single family homes, that are in decent shape, that are in strong rental growth areas. The last home I purchased as an investment was in Youngsville, close to downtown. Since buying this cute 3 bedroom home, my business partner and I have cash-flowed approximately $500 per month and could likely sell for about $85k higher than we paid for the property.
Another business partner and I just made a new purchase. We went for downtown Franklinton, across from the Carolina Manor House. I love what the town of Franklinton is doing, and I believe their downtown is one of the most eclectic, interesting, and growing areas and more keeps being proposed. This investment will likely only break us even, right now, in monthly cash flow, but the tenants will pay down the mortgage and I believe Franklinton downtown will have a steady 8-10% gain year over year, maybe more. However, do not forget the tax benefits. The fact that this property is brand new and so walkable to such cool places like Franko’s, Curtsy’s Café & Burger Bar, plus other boutiques and even a speakeasy, is amazing.
I’m always keeping my eyes out for anything in these 2 areas and of course, if I can find a deal in Wake Forest. With the $500million dollar UNC hospital coming in to Wake Forest with 50 beds, acute care and operating rooms, this will bring so many more jobs into the area and continue to allow growth.
The next area I hope to pick up a property is Zebulon. There are some sweet niches in Zebulon and a lot of potential and prices are very cheap right now. I continue to watch this area to follow the infrastructure- but it will likely start to perform in a way that Wendell is performing,
I host monthly investment seminars and you can follow my facebook group @movingtoraleigh to continue to learn more. Or reach out to me directly at [email protected] or 781.454.7514
