All Forum Posts by: Ryan Howell

@Claudia Ramirez - Our BP meetup is great!

Great perspectives.  Personally, I also don't think Brevard will crack down like Asheville and STRs in a town like Brevard can add a lot of value and have more of a positive impact...It's a different equation than Asheville in my opinion.  It's great to hear more insight on the city council's perspective.  We all need to consider these issues when we buy.  I think ensuring the numbers work as a furnished 30 day or long term rental is a great way to protect yourself.

Correct me if I misunderstand anything...Your title says "broke" so I'm assuming you don't have a lot of cash to start with.  That said, I would seriously consider house-hacking.  You were approved to buy a permanent residence, so it sounds like you can get a loan.  Why not look for a duplex, reduce your living expenses to free up cash?  You can move every year or so and keep the house as a rental.  In my opinion it is lower risk and much easier and less stressful than wholesaling.  If you still want to wholesale, you can do that as well.  

If you are paying the utilities for the tenants, that is one reason....~$800/mo for taxes is high...any chance that's an annual number input as a monthly number?

https://www.transylvaniatimes....

This happened a few months back.  I'm curious to see everyone's opinion and what they believe the outcome might be.  Personally, I think Brevard is one of the best spots in WNC and personally I don't think we will see the limitations like we do in Asheville, but obviously, this needs to be considered for anyone wanting to invest here.

It sounds like you are trying to purchase as a house hack.  It may be difficult with all three under lease.  I don't know the laws in your state, but in NC you have to honor the existing leases.  I would make my offer contingent on buying someone out of their lease prior to closing with cash for keys.

@Ryan Boltman - I'm in the Asheville area.  Like with anything, I'll say "it depends".  What are your goals and what type of investing?  Asheville is a great appreciation play.  The surrounding areas are great for short term rentals.  Most would say that it is not a cash flow market for long term rentals, but I've had good success with small multi-family in the surrounding towns.  There are a lot of areas with strong population growth.  Asheville & Charlotte are both growing strong, as I'm sure other areas are.

@Malik Jackson - I suggest only using HELOC's for short term investments - i.e. BRRRRs. Utilize the funds for a downpayment, rehab, etc knowing you can refinance when you're done and pay off the HELOC. This way you're minimizing your interest payments compared to a cash out refi. Otherwise, if they funds will stay invested in the property, use cash out from a refinance as you can fix the interest rate, where typically a HELOC is variable.

Allan Styles is great.  They are all backed up right now...I'm typically seeing 8 week lead times.

@Wei Jie Yang - it depends on the location and size of the home. Right now, most investors are typically paying in the mid-300s range for a 3 bedroom STR that gives a "mountain" experience to guests in the surrounding towns of Asheville. There is demand in the higher price points that can accommodate more guests, especially closer to Asheville. It can obviously vary based on the quality of construction, views, square footage, etc.