All Forum Posts by: Chris Noles

I was where you were back in 2019.  I wanted to get started, but I didn't have much money saved up. I found out that I needed around $45,000 to get a down payment even on the smallest condo. The only other thing you might be able to do is find a partner who will put in the cash and you put in the sweat equity.  

Flipping land is a good way to start out building capital if you have at least $10,000. You can DM me if you want more info.

Good Luck!

@Bill Regan how about southwest fla like englewood or north port?

@Bobby Paquette oceanfront property in Arizona.

@Richard Elvin I live in north GA, and we have a condo at Myrtle Beach that we picked up last year. I highly recommend a condo there as long as you only expect steady bookings from about May thru September with a chance of snowbirds. However, you do earn enough to cover the low season if you buy the right place. I live close to Blue Ridge, but there isn’t a lot going on in that town compared to gatlinburg or banner elk. We were thinking about a mountain condo to offset the slow beach season, but we are still researching the market. Good luck!

I have been looking ino this market, and would love to get feedback from anyone who owns a 1 or 2 bedroom condo in Banner Elk, especially at Sugartop or Ski Sugar Country Club.  What kind of occupancy rates are you seeing, and what are your annual rents?  The numbers coming from Rabbu don't look great even though I hear a lot of good things about the area.

Thanks!

@Jim Bob I just sent a connect request here, then we should be able to message.

@Jim Bob If this home is still avail, please PM me

Congratulations on number 2!  That's a big deal!  I hope you can celebrate in it before the peak season. :)

I have the same struggle. Most highrise condos are non-warrantable meaning they want 20% to 25% down, and with today's interest rates, that is painful. You might want to do some house or land flipping to earn some quick cash to build up more money for a down payment. You could use other people's money for those projects as a joint venture (JV) and not have the headaches of a long term partnership. For example, you find a deal and have a friend or family fund it, when it sells you split it 50/50 or 70/30, etc. Good luck!

@John Underwood do you have any coastal STRs on any coast?