All Forum Posts by: Marcelle Abel

Hey all! Newbie here! We are looking to finance our second STR and as we all know the rates are not great. We have the option to go with 20% down and a higher rate or 25% down with a lower rate. Would you experts choose the higher down to get the better rate or keep more cash in your pocket but pay a higher rate??

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I may be a newbie but yes, that seems very high. I am working on financing our second STR and the lowest I got was 5.625 with 2 points and 25% down and the highest was 7.125% with 2 points and 20% down so it can very lender by lender for sure. Keep shopping around! I don't know if they work in NY but talk to @Mitch Davidson 704-756-7828 or Ty Coutts 719-641-5169

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Upstate New York, New York

I am quickly narrowing my focus for a second vacation rental in the Asheville, NC area and would love to find a lender. I have identified one so far but would love more suggestions to compare rates. Thank you!

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Quote from @Luke Carl:

One Property and switching strategy? I think I'd try to get to 10 first.

Our switching strategy potentially has nothing to do with how our current property is doing, it’s more about hearing the chatter around the industry as a whole being saturated.

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Portland, Oregon

Hi all! We own one STR on the West Coast (just listed) and our strategy so far has been to acquire more STR's specifically on the East Coast since the buy in is a lot cheaper but I'm hearing conflicting opinions about the STR world and am considering switching strategies. Id love to get some thoughts….Do you feel that the STR industry is saturated? Should we keep moving forward or start to look at other investment strategies?? Newbie here getting a little nervous but still excited to create our investment portfolio somehow. Thank you!!

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Portland, Oregon

Quote from @Mitch Davidson:

Hi @Marcelle Abel. Black Mountain is one of our best spots here regarding nightly rates. It's just 20 minutes from downtown Asheville, yet it has its own really great small downtown. And it offers many great, free outdoor activities nearby. I live 10 minutes from Black Mountain myself, have a mid-tern nearby (inside Asheville city limits) and an STR about 1.5 hours away.

I'm happy to connect you with the help you'll need, including a great agent.

Regarding getting contractor help and such, it's near enough to Asheville. You'll have plenty of options. Finding a good STR property manager, however, may be tough.

Happy to discuss more if you like, and to provide thoughts on finance plans too.

Thank you so much! I would love to connect soon!

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Quote from @Jon Martin:

There was a Bigger Pockets Personal Finance episode from about 9-12 months ago where someone had an STR there that did pretty well.

However the general consensus seems to be that mountain/remote properties are tough to rehab and set up remotely because of tight local labor markets, so you may want to choose something closer to a city center if you are not going to be there in person during that process. Just a thought.

But it seems to be fairly close enough to Asheville that its not really remote from what I see. We plan on using a PM and they are already established in the area so hopefully its not as challenging as a real remote location. Thank you!

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Quote from @Christian Ehlers:

If you don't have one already I'd try the bigger pockets agent finder tool for that area and interview the agents that pop up. If they already invest there themselves they should be able to tell you everything they need to know. And may also have recommendations for contractors, handymen, cleaners etc that you will need.

Thank you for the tip!

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Quote from @Dorothy Bland:

Black Mountain is adorable. I have an agent I can recommend who lives in that area. Feel free to contact me directly for her name and number.

That would be great! Thank you!!

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Hi all! We are onto our second STR (wahoo!) and are interested in the Asheville area. We live on the West Coast but have heard that Asheville is a growing market. Knowing STR regulations are very strict in Asheville, we are looking at Black Mountain. Does anyone have STR experience in this area? Thank you!!

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All Forum Posts by: Marcelle Abel

Marcelle Abel has started 11 posts and replied 43 times.

Post: The best strategy for financing - 20% or 25%?

Post: Interest rate on duplex

Post: STR Lender in Asheville, NC

Post: STR saturated? Changing strategy?

Post: STR saturated? Changing strategy?

Post: Black Mountain NC STR

Post: Black Mountain NC STR

Post: Black Mountain NC STR

Post: Black Mountain NC STR

Post: Black Mountain NC STR