All Forum Posts by: Joseph Bafia

I've got property in Western NC, but its closer to Asheville markets.  I can share referrals for that area.  HAppy to answer any questions and would love guidance to get involved on the coast!

@Olesea A.

Will depend on size, location , amenities and purchase price. I think many homes would do well as STRs but doesn’t necessarily mean it will make money.

Happy to help answer any questions about western NC.

@Jillian Ez

I actually live in Raleigh and have rentals in western NC, but since my son moved out to LA, I’m pursuing property in CA.

Anything I can help with in Raleigh let me know.

I have all my properties in my own name (except 1 that I co-own).

@Olesea A.

I hear it’s a solid market. I’m in western NC but not in Hot Springs.

Why and how did you choose that area?

@Alexandria Nicole Salgado

I’ve borrowed against my 401k. The deal I did provided a much better return than the return on my 401k. Definitely involves risk, but I felt it’s my money to begin with and I’m paying myself back.

Can be a good strategy to leverage your own assets.

@Kaitlyn Castillo

I run 3 STRs and 2 LTRs. Although we self manage all of them, the STRs are much more “active” than the LTRs.

Are you currently a LTR investor and now looking to get into the STR game? Happy to answer any questions.

I’ve done some partnership deals and have structured various ways.  Of the $107k , how much would you be putting in of yours or are you looking for all $107k with none of your money.  (Not that it’s a bad thing, just curious).  Best way is to approach a few investors (or even BP members ) and ask what they would want in terms of return or equity for a deal if they were investing.  Happy to pitch you through a PM as to what I’d want once I had more details.  
then you have a starting point.

Welcome to NC!
I am also from Chicago and own a house in south suburbs and now live In Raleigh but I invest just north of Asheville so I’m out there quite a bit.  Would love to connect ....but only if you’re a White Sox fan (Cub fans need not apply ! )

Don’t be discouraged and keep looking.  @Chris Cook said it well with checking Airbnb and VRBO listings in an area and you'll get an idea of where or what buildings allow it. Don't let that be the end all since people may be doing it against their HOA/POA.
The other thing is to find a good investment minded realtor as they have likely found other properties in the past for other investors that meet your criteria.  

...and laws do change so be mindful.

As you have read all the responses to your post, you will see that there is a wide range of opinions. Most are answering your exact question of "Do YOU avoid HOA properties?" What others do is a matter of personal preference and I believe each situation and scenario is unique, so just do our research and if the numbers work for you and you are comfortable with the HOA, then do it!

I see you are from Durham and you've likely seen the crazy appreciation and price growth. Maybe if your HOA goes bad, then what's the worst case....exit strategy of selling it for more than you paid?

I'm not a big believer in the word "NEVER", as I look to see what it takes to make it work, but I also have a high risk tolerance.
(full disclosure: I own properties with and without HOAs....no issues up to this point)

Best of luck and always looking to connect with others in Raleigh/Durham area!