All Forum Posts by: Robert Ombres

@Robin Waters Asheville is a great place to look, still, in my opinion. As the others have mentioned, there are many things to consider. I tend to believe we are isolated from drastic "corrections" because of the many things that make Asheville so appealing. Too many agents are throwing around the "shift" language and I tend to believe most of that is hype for sales, marketing, ego, traffic, whatever...

You've gotten some really great responses here already. Reach out to any of us locals if you have more specific questions.  We can't solicit on here and often times stuff we mention gets deleted because it may come across as solicitation (and sometimes is).

What part of Florida are you from? I grew up in Hobe Sound and Jupiter then moved here in '96. I love living (and investing) here and visiting my family at the beach.

Great questions. There are many factors involved with closing costs and often times the can be covered as part of negotiations. It would be helpful to know more about the relocation package to get a full picture and how to best leverage your benefits, the lender, and the market conditions.

Are you here in Asheville now?

Hi @Rebecca Clements I highly recommend Family Building Company. Their website is: www.familybuildingco.com Connect with Matthew and I trust he'll be a great fit for you. If his schedule doesn't match yours he may be able to refer you to another great choice.

If you're only allowed two income producing units (I've never heard of this and would love to see more information on such a restriction), subdivide the land after you have your max up and going. Rinse and repeat.

As a local who got burned by this prior to becoming a real estate agent, I'd recommend looking elsewhere. Plenty of great opportunity outside AVL city limits and people still consistently book outside city limits.

Homestays, in my experience and from those who discuss them with me, are difficult to aquire at this point. Those who are involved with the process of allowing the permits are horrible with communication, not responsive, terribly inefficient, and seemingly do everything possible to deny or delay.

In the meantime, there are more attractive places outside AVL city limits, in my opinion. 

Best of luck with your search and purchase. Pop in here for help. Lots of successful people here who are willing to help and give advice. 

@Nick Mehl I'm less familiar with the long term rental scene, mainly because I don't do any for myself or clients. I do know that rental rates in the area are "high" but as always, you need to find a good buy to make your desired ROI. I think most of the money from LTRs come through unlocking the equity after tenants have paid towards it after some time.

"Quaint Cabins"- I tend to see these on land that doesn't have the amazing mountain views. They may have decent or good views and typically not the ones tenants take pictures of. Typically, someone who splurged for the property with those views spent the money to build a larger home.  Of course, this isn't a hard rule and you can find quaint cabins with panoramic mountain views- just have to be patient and keep looking.

I'm happy to help. The forum has rules about soliciting so I'm not sure what I can post in here and not. Shoot me a PM and we can talk privately so they don't delete the posts.

Welcome, @Kent Caldwell!

Asheville is a great place to invest in my opinion- and I may be biased.

Our tourist economy doesn't seem to slow down and is year round. People are attracted to the area during every season and there are a few large festivals that bring large crowds.

The restaurant and brewery industry have a solid foundation here which attract people. We're the location for the upcoming World Equestrian Games, being held at the Tryon International Equestrian Center.

You can find great artists in the River Arts District using many different mediums for their expression.

We have mountain views, hikes, state/national parks, the French Broad River, Kayaking, Fly Fishing, Mountain Biking, good food, beer, and wine. 

Asheville has a well connected regional airport and two international airports ~1-2 hours away.

@Nick Mehl Mountain Cabins outside of town can be very lucrative. Actually, I believe they're the better bet with Asheville's prices being inflated by demand and their ban on STRs. There are several local management companies in the area- two that I could recommend through personal experience. You could of course create your own team/staff to manage the property for you if you want to reduce the expense, but in my opinion this creates more effort for one or a couple properties. I tend to recommend people leverage the great companies in place until they have several properties in the area and it makes sense for them to form their exclusive (or shared) team/management company.

As far as areas to look in- Marshall has become a favorite of mine because of the amazing mountain views easily found there. Leicester, Mars Hill, Barnardsville, Black Mountain, Candler, Brevard, and Fletcher/Fairview are all areas I'd look in as well.

Most of my clients are out of state buyers- many looking for second-home/vacation or investment properties.

Let me know if I can be any more help.

@Justin Hamilton at The Federal Savings Bank is my go to lender partner. He has several investor friendly loan packages available. Shoot me a message and I can connect you two.

As I'm sure you're well aware at this point, Asheville city limits is mostly a no-go when it comes to STR. You'll want to look outside the city limits to avoid their restrictions.

Some areas of note: Marshall, Black Mountain, Hendersonville, Brevard, Connestee Falls, Canton, and Mills River. Lake Toxaway, Cashiers, and Sapphire are nice as well.

There are some "condotel" listings in Asheville, though that is very limited.

You said you already had someone working with you in Asheville area. If you ever need someone else in this area let me know.