All Forum Posts by: Garrett Andersson

(336) 909-0529, Greyson

@Luke Carl is absolutely right here. @Brad S. nailed it too.

One thing to consider is what market you're looking in. If a market is 99% owned by short term investors, the properties will transitively be valued by the rents. Sure, single family homes are based on sales comps but if all the transactions are investors theoretically, then the prices will move based on how investors value them. 

If you're in an area where people buy primary homes too, and investors aren't the main source of the demand, then prices won't be as directly related. At the end of the day, residential property is valued by what someone will pay for the house next door. But to really break it down, you have to look at who makes up the demand of each individual market. In my area, (Boone, NC), short term rentals are incredibly popular. But so is moving to the area to work remote. Or being a celebrity and buying a monster 2nd, 3rd, 4th home and caring zero about the rental income. Or working at a super fast growing university. 
 

Let’s chat!

Love it! Would love to see some pics and progress! I sell STRs up here and also do some new builds!

@Troy Harris, @Chris T. is right. Here is a link to that map. That being said, there are tons of areas up here with a Blowing Rock address, less than 5 minutes from downtown and aren't affiliated with the town at all. Just county. I've helped tons of buyer's buy in that sweet spot area.

https://www.townofblowingrockn...

Troy... Lots of good stuff here. You're looking at the right stuff. I'll be honest. Part of the reason you still see those suckers go in a day is a few things.. The supply is still low. When something comes on that doesn't look like a 70's time capsule, it gets eaten up. As far as the demand, this area isn't just an "investor only" destination. You're a perfect example of that. People want to have 2nd homes here, or even spend half the year up here. For that reason, someone might pay $1m for a house that will only do $50k in gross revenue during the time they aren't there. Some simple back-of-the-napkin calculations show that is far from a cash flowing investment. And people are cool with it. The rental income offsets their 2nd home and makes it a little LESS of a liability. As much as that can be a buzz kill for investors moving into the area, I think it speaks for the growing area as a whole and why so many people want to spend time here. There's a lot of reasons to suggest that appreciation will continue to shoot through the roof up here like the rest of NC. It's not always the first thing people think about when talking STRs, but Blowing Rock and surrounding areas are similar to the Triangle in it's explosive growth and appreciation. (and this has been going on like you know way before COVID started)

@Elyse Lonberger would love to connect!!

@Kao Lor,

I own several MTRs in Winston area. No STR regulations. Great area. All about location and proximity to the hospitals when you're looking at MTRs here.

Any wholesalers out in the Lawrence/Topeka, Kansas area?!

Hey Michael. I went to school up here, live in Banner Elk and invest in short term rentals as well. I’ve seen first hand the enormous amount of development in the area over the past decade. I know the complications of building as well up here that make things take a little longer than in some more urban areas. Take a drive up Beech next Saturday you’re up here and the enormous amounts of people will speak for how great the demand still is here. As far as handyman/cleaning crew, it’s all specific to where and what you’re buying. If you’re buying a condo, there might even be an onsite handymen that works for the complex that you could hire to do specific things. Asking neighbors in a complex is another great way. Local FB groups are a great resource as well. And I have some contacts that could be helpful as well!