All Forum Posts by: Matthew Newby

@Joy Elisse Garner

We were able to get a partial lien release from our original bank by submitting a request letter and a plat from our surveyor showing the new property lines. There were a few hoops to jump through, but overall the process was not terribly difficult. After we split off the parcel we then got all of our permits pulled for the duplex on the new parcel and secured private money for the construction phase. The private money lender gave us a 6-month term with fair market rates with the understanding that we could renew if the construction and refinance period went over that timeline (surprise, it did). Construction took 7 months then we refinanced into a DSCR loan.

Walkthrough video of the finished unit. This is the lower level. The upstairs unit is the same layout other than the front door location. 

Getting close to move in day. More details to come.

A lot has in the last 10 months. I will come back and add some details and more photos of the ongoing progress. 

@Derek Robinson I'm curious to hear more about how you manage your hot tub with your STR. Do you have a maintenance agreement with a spa service of some sort?

Our STR in Asheville does very well, similar experience as Derek has explained. Lots of our bookings come in with a 2 to 3 week lead time, nearly every weekend booked, 3 day weekends are our bread and butter reservation.

Welcome to Asheville! Any general idea on what sort of strategy you're looking to pursue? 

@Samantha Cash

We currently have 2 potential sources of funding. First being a private money lender who is interested in the project, second being a small local bank that offers commercial loans. Surprisingly it was easier to find a private money lender than it was to find a willing local bank.

@Nathan G.

Thanks! Glad someone besides myself thought it was clever. 😝

Are short term rentals allowed in your location? That would be one way to make holding it as a rental work out. If not, you're probably better off selling it and putting your equity to work in a better investment.

Definitely sounds interesting. STRs are allowed outside city limits in Asheville, and in some particular circumstances inside the city limits as well.