Looking for a realtor with STR experience in western NC

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Looking for a realtor with STR experience in western NC

Pete Morgan
Member since 2024 · 6 posts · 2 votes

My wife, child and I will be in western NC mid Feb. We are experienced in long-term rentals, but are considering a mountain vacation home which we could also recoup some money via STR. I should preface with, we are not familiar with the western NC area, but have heard is it nice and seems somewhat affordable. Our preference would be a location that could be fun in the summer (mountains/trails) and winter (snowboarding). This way we can get the most use out of it.

We are located in TX.

If you have any recommendations on realtors or have experience to share, let me know.

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Lauren Miller
Member since 2024 · 3 posts · 3 votes
2y

@Pete Morgan If you need a realtor for Morganton, Marion, Nebo, Hickory or Lenoir, I would love to help. Thank you, Lauren Miller NC Broker

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  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 652 posts · 314 votes
    2y

    @Pete Morgan

    Its a great idea, and a great way to go about it. I think you will find that the process for STRs is pretty similar as the LTR space, but the underwriting on getting financing for them can get a little tricky. 

    Are you planning on hiring PMs and everything as well? 

    [email protected]417-427-2612
    0Reply
  • Pete Morgan
    OP
    Member since 2024 · 6 posts · 2 votes
    2y
    Quote from @AJ Exner:

    @Pete Morgan

    Its a great idea, and a great way to go about it. I think you will find that the process for STRs is pretty similar as the LTR space, but the underwriting on getting financing for them can get a little tricky. 

    Are you planning on hiring PMs and everything as well? 

    I'll be hiring a pm to take care of it.   

    Why would financing be tricky.   Can't it just be treated as a vacation home and get normal financing?
    0Reply
  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 652 posts · 314 votes
    2y
    Quote from @Pete Morgan:
    Quote from @AJ Exner:

    @Pete Morgan

    Its a great idea, and a great way to go about it. I think you will find that the process for STRs is pretty similar as the LTR space, but the underwriting on getting financing for them can get a little tricky. 

    Are you planning on hiring PMs and everything as well? 

    I'll be hiring a pm to take care of it.   

    Why would financing be tricky.   Can't it just be treated as a vacation home and get normal financing?
    Pending on the lender you use, it could be straightforward. If you have some other LTRs that are on your credit/in your name you might get some pushback on DTI. If you have your LTRs in an entity of some kind, you should be good.
    [email protected]417-427-2612
    0Reply
  • Pete Morgan
    OP
    Member since 2024 · 6 posts · 2 votes
    2y
    Quote from @AJ Exner:
    Quote from @Pete Morgan:
    Quote from @AJ Exner:

    @Pete Morgan

    Its a great idea, and a great way to go about it. I think you will find that the process for STRs is pretty similar as the LTR space, but the underwriting on getting financing for them can get a little tricky. 

    Are you planning on hiring PMs and everything as well? 

    I'll be hiring a pm to take care of it.   

    Why would financing be tricky.   Can't it just be treated as a vacation home and get normal financing?
    Pending on the lender you use, it could be straightforward. If you have some other LTRs that are on your credit/in your name you might get some pushback on DTI. If you have your LTRs in an entity of some kind, you should be good.
    Thanks
    0Reply
  • AJ ExnerPro Member
    Lender · Springfield, MO · Member since 2023 · 652 posts · 314 votes
    2y

    Of course,

    If you run into any issues or hurdles on it, let me know and I would be happy to recommend some options for you.

    [email protected]417-427-2612
    0Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    Reach out to The Bright House PM. Not only would they be a great company to look after your property, but they can probably help you find a STR realtor in the area as well!

    [email protected]330-557-3021
    0Reply
  • Collin HaysBusiness Member
    Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
    2y

    Western NC is great! Have you thought about near the Smokies, such as Bryson City or Maggie Valley?  If you find a prospect, shoot it to me.  I've got a nifty internal calculator that is pretty accurate on income potential.  Not profit potential - strictly income.  

    [email protected]806-672-7102
    SMOKY MOUNTAIN FALLS INC.51 Review
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  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    2y

    What area are you looking at in WNC? I spent most of my career working in Asheville and I know a few good realtors, but if that's not where you want to concentrate it would be a waste of your time. You're from Texas, so you should get this concept, but WNC encompasses a pretty big area, bigger than some small states. You can go all the way from Jefferson at the top of the state to Murphy at the bottom, which is over 200 miles from each other. So you kind of need to narrow it down a little further. The only winter sporting left around here more or less is going to be in the Beech Mountain area, as hardly anything else gets enough snow to be viable as far as winter sports. Summer is a whole different story, you can be anywhere. The Appalachian Trail travels almost the entirety of WNC from Fontana all the way up until it bails into TN not too far from my house in ETN. 

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  • Loriel Keaton
    Property Manager · Maggie Valley, NC · Member since 2021 · 16 posts · 12 votes
    2y

    Hi,

    I’m a property manager in western NC and work with an excellent real estate agent for acquisition. Happy to help!

    Loriel 

    0Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    2y

    @Pete Morgan. I can give you insights on our towns and markets here, as well as intro's to great agents and other resources. I have an STR in Bryson City and an MTR in Asheville myself, have studied and shopped other markets, and have helped people buy many STR's here. Also, we have a casual BP meetup here on February 17 and 24 if you're interested. And there's another great, free REI meetup (AVL Meetup) on February 6.

    0Reply
  • Zachary Cain Humphrey
    Investor · KY · Member since 2022 · 204 posts · 77 votes
    2y

    Tyler Coon - Savvy Realty Group

    1Reply
  • Brian G.
    Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
    2y

    @Collin H. How do those areas you mentioned compare (gross revenue wise) with the E TN Smoky’s (ie Gat, PF & Sev)? I think I have a good feel for the TN side but not for WNC.

    0Reply
  • Pete Morgan
    OP
    Member since 2024 · 6 posts · 2 votes
    2y

    Thanks for an the great comments.  Sorry I've been slow to respond I was out of town for work all week and am just now getting caught up. 

    I'd say the point of our trip is to try to narrow it. Currently we're looking from nitrogen all the way to east of Ashville.  I think we're going to stay a day west,  north and east of Ashville.  Hopefully we'll be able to find someone to show us a few houses in each and check out the towns.

    0Reply
  • Pete Morgan
    OP
    Member since 2024 · 6 posts · 2 votes
    2y
    Quote from @Collin Hays:

    Western NC is great! Have you thought about near the Smokies, such as Bryson City or Maggie Valley?  If you find a prospect, shoot it to me.  I've got a nifty internal calculator that is pretty accurate on income potential.  Not profit potential - strictly income.  

    Do you manage properties in wnc or only etn?
    0Reply
  • Danielle Moore
    Real Estate Agent · Blowing Rock, NC · Member since 2016 · 14 posts · 12 votes
    2y

    Hi Pete! Im a local realtor in the Blowing  Rock, Banner  Elk, Boone area and would be happy to assist you here if you decide to search here. My area also includes the ski mountains, Sugar and Beech. We are a popular vacation rental spot due to our 4 seasons, winter activities, cool summer weather, small-town feel, and proximity to the Blue Ridge Parkway. The brokerage I work for also manages short term rentals if you are needing a property manager as well. I have a great contact for a local realtor in Asheville as well if you are still looking for some assistance in that area. 

    Good luck with your search!

    1Reply
  • Zachary Cain Humphrey
    Investor · KY · Member since 2022 · 204 posts · 77 votes
    2y

    Tyler Coon - Savvy Realty Group

    1Reply
  • Erik Dofelmier
    Member since 2023 · 42 posts · 17 votes
    2y

    Kind of a pile-on, any lenders that ya’ll recommend for STRs/vacation homes in Western NC? I am interested in learning more on the 10% down for vacation homes/STRs. 

    0Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    2y
    Quote from @Erik Dofelmier:

    Kind of a pile-on, any lenders that ya’ll recommend for STRs/vacation homes in Western NC? I am interested in learning more on the 10% down for vacation homes/STRs. 

    Happy to help you with that. And I have such loan for one of my properties here in WNC as well. I'll message you.

    0Reply
  • Lauren Miller
    Member since 2024 · 3 posts · 3 votes
    2y

    @Pete Morgan If you need a realtor for Morganton, Marion, Nebo, Hickory or Lenoir, I would love to help. Thank you, Lauren Miller NC Broker

    2Reply
  • Lauren Miller
    Member since 2024 · 3 posts · 3 votes
    2y
    Quote from @Mitch Davidson:
    Quote from @Erik Dofelmier:

    Kind of a pile-on, any lenders that ya’ll recommend for STRs/vacation homes in Western NC? I am interested in learning more on the 10% down for vacation homes/STRs. 

    Happy to help you with that. And I have such loan for one of my properties here in WNC as well. I'll message you.


     Hey Mitch, I would also like to connect and know more about this. I'm an agent in Morganton. Do you have a website?

    1Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    2y
    Quote from @Lauren Miller:
    Quote from @Mitch Davidson:
    Quote from @Erik Dofelmier:

    Kind of a pile-on, any lenders that ya’ll recommend for STRs/vacation homes in Western NC? I am interested in learning more on the 10% down for vacation homes/STRs. 

    Happy to help you with that. And I have such loan for one of my properties here in WNC as well. I'll message you.


     Hey Mitch, I would also like to connect and know more about this. I'm an agent in Morganton. Do you have a website?


     Hi Lauren. I'll message you. BP won't let me share contact info in a forum.

    0Reply
  • Carmen Veurink
    Real Estate Agent · Member since 2022 · 11 posts · 8 votes
    2y

    @Pete Morgan I see I'm a little late to comment, but haven't missed your trip. I live in Michigan and purchased property in Bryson City last year. I've done a lot of research and we landed there. We're building new construction and will STR. I would consider that area - slow in January and February but they get a lot of traffic through fall and Christmas, and of course summer. Maggie Valley would be an area to consider if you wanted to be close to Smokies and skiing - we just didn't care for that area as much. Lytisha Shuler was our realtor and I'd highly recommend her if you choose that area. I'd be happy to connect you if you're still looking for someone.

    1Reply
  • Carrie Matuga
    Lender · Riverside, CA · Member since 2017 · 248 posts · 98 votes
    2y

    @Pete Morgan Vacation home and STR financing landscape has changed pretty significantly over the past 18 months. It used to be hard to find options for this using DSCR type loans, and now it's really not. Lenders have gotten a lot more comfortable using a combination of past rental history and AirDNA data which makes things easier. On the vacation home front with conventional financing, Fannie and Freddie made some changes that hurt the pocket book: Second home loan upfront fees increased between 1.125% and 3.875% depending on the loan-to-value (LTV) starting in April 2022.

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