All Forum Posts by: JOHN DALEY

I am all for a forum for Western Asheville. It would definitely help because Asheville is an interesting place to invest. I am a new investor and have been looking around the area trying to figure out what the best way to invest is.

@Thomas S. Would doing those two things allow me to increase the rent or is the pallet company across the street going to always bring down the value no matter how nice it looks?

And he reason for the low rents is because of the two issues above. According to the agent, they struggled finding renters at higher rates.

I was searching for my first deal and found what I thought was a steal. It was a 3/1 Duplex with two fenced in yards, remodeled, and nice decks. It was in a good area for demand. It also had a permit to put an additional unit (would I have to be a 1 bedroom) which I thought I could Airbnb. I put in the numbers at the rental rate for the area and turn out, this thing would cash flow like crazy. So I called he real estate agent. Turns out the current tenants are paying four hundred dollars below market rent because across the street is a Pallet Making Company with pallets thrown everywhere and it looks like complete garbage. There was also a church that would use the rather large gravel parking lot of the duplex as an overflow parking lot. So, my question for you experienced investors is if you ever ran into a similar situation and is there anything you can to ensure the pallet business cleans up and the church to stop using the parking lot as heir overflow?

Comps are between 1200 and 1300. I can cashflow if I get the price right for the house (115,00 is the highest I will go and they have it listed at 145,000). It is i a great school district and is in downtown. My biggest worry was getting residents, but judging by comments, that shouldn’t be an issue as long as it is listed right.

@Antoine Martel I personally wouldn’t but after asking several people at work, about half said they would and it wouldn’t bother them. If it was in an area that wasn’t very good, I would steer clear, but it is in a market with plenty of renters and not enough property. @Mike H I was planning and knocking off $200 for rent. Rentometer says average is 1500 and after talking to two coworkers who rent 3/2 in the same area, that seems to be about right, so I was planning on renting for 1300. I just wasn’t sure exactly how much I should take off of rent when I am doing my initial analysis and running the numbers.

I found a great house; move in ready. Just needs some paint and minor landscaping. It is in an amazing area where I know I could get a renter quickly in this area. But there is an active railroad tracks right next to the property. I have no clue how this will affect the house value, rental value, etc. Any help will be great.

@Dave Van Horn thank you for the input! I will definitely look into that.

@Michael Plante If you don’t mind me asking, at what point would you flip a Mobile Home? Would you only flip mobile homes that are in parks?

It does have the deed to the land. It also looks like it is on a foundation in the pictures. I honestly didn’t even know it was it was a manufactured home until it said so in the description. I plan on going out there this weekend. It also has a built screen porch with stairs and a ramp and looks like it has been there for a while.