All Forum Posts by: Gil Happy

Thanks!

@Kyle H. Fantastic info!  I think you are 100% right about septic and set-backs from the creek.  For the mobile homes, you are thinking that we buy them, do a 'rent to own' on the trailer to the renter, all the while renting the pad to the buyer?

@Michael C. Very interesting... thanks so much for this info.  I will refer back to this once we get a little closer to moving forward with our plans one way or the other.

Hello,

In the future, we will be inheriting a plot of 5 acres in the mountains (Smoky Mountains) of Bryson City, NC (Swain County). Currently on the property, sits a single trailer (mobile home). We are trying to determine the best method to generate real estate income for this land in the future. We haven't checked with the county yet with regards to zoning, etc, but are thinking there are 3 or 4 possible options (but are open to hearing any other suggestions).

Assuming the property can be subdivided into smaller plots, e.g. 1 acre, etc:

- Build 5 small VRBO / Airbnb homes to rent out to tourists (I would need to check on short term rental ordinances before going down this path).

- Build 5 small single family homes to use as long term rentals.

- Purchase and install 4 more mobile homes (for a total of 5) and rent out all 5 units for passive income.

- Create a small mobile home park, i.e. create / install 4 additional pads or spots for mobile homes and allow tenants to BYOT (bring your own trailer) 😊

This property sits about a 13 minute drive from downtown Bryson City and has a river / creek flowing through it. Also, this area where the property sits is not a wealthy area in terms of income and has other mobile homes in the area. Here are some demographics for Bryson City which is small tourist town:

- https://bit.ly/3vNmKY7

Any suggestions as to what to do with the property is greatly appreciated.

Thanks in advance!

Hello,

I currently own 4 properties of which 3 of them are rented in some capacity (one is rented as an AirBnB / VRBO rental with all furnishings and the other 2 are long term, unfurnished rentals) and I'm trying to figure out what is the best method for tax benefits, personal liability, etc - hold all properties in a real estate trust, or an LLC?

I have contacted my insurance agency and they are aware of use for each property as a rental, and as such, I do have an umbrella policy that covers me for an additional 1.5 million dollars of all of the properties.

Are there any suggestions or recommendations as to which might be best, and why?

Thanks in advance!

Very interesting @Caroline Gerardo.  Based upon what I'm reading in other forums, it sounds like I need to pass and avoid this home.  I think you are right that it is probably on the radar of the planning department.

Yes, thanks so much... a lot to digest, but I think I get what you are saying.  The owner financing sounds like a scary proposition (with regards to title, etc), but is something that could be done if one was not in a hurry and consulted with a real estate attorney (which I have).

Thanks for this @Kevin Romines.  But how about if I plan to purchase this home as an investment property with 20% down? 

Hi, thanks for all of this info @Kevin Romines.... so it looks like you need to live in your primary residence for 1 year before you can move into your 'next primary residence'?

Does it change anything if I have a HELOC on one of my other properties? So if I plan to put 20% down payment on the property in question from out of pocket, and then have access to my HELOC, does that change anything?

@Caroline Gerardo To explain, the current owner has completed the plumbing, electrical work, flooring, and needs the cabinets installed, new windows installed, new roof possibly), etc.  I would say the cost to cure is 'maybe' 40k, but possibly less.  Yes, this property is in the city which I work.  As well, the value is higher than my current home.

Thx