All Forum Posts by: Ryan M.

Many thanks to @John Mocker, @Paul Chapey, and @Joseph Firmin for their input.  Executrix has found a policy with Liberty Mutual at 1/4 the price of our realtor's insurance agent, with terms as short as 1 month, so we've got what we need now.  Thanks again for everyone's help.

Hi everyone, I've been combing through this particular forum, looking for suggestions.  We're selling my father's home in Belmont, NC, just west of Charlotte, NC.  Executrix for the Estate lives in Longmont, CO.  Home is under contract, closing Dec 16.  Our insurance runs out Nov 8, and our realtor says the only policy they can find for full replacement cost is for 3 months, with no pro-rating.  We expected the higher vacant home rate, but obviously would like a shorter term, or pro-rating, or both. 

I've come across Foremost and All Risks, along with the suggestion to source these or others through an Independent Agents' office.  I didn't know if there was another company we should try, as well, or any others to avoid.  Without looking for a pile-on, it sounds like there's been some recent less favorable opinions regarding National Real Estate Insurance Group, don't know if that was an isolated incident or two, or something bigger. 

Our coverage stops November 8, next week, so any opinions are welcome.  Thanks so much in advance.

Hi @Robert Ombres, I'm still looking, definitely haven't given up.  The CREIA in Asheville is a good group, an excellent resource and very active.  I'd recommend checking out the next meeting, and I may see you there!

@Chris Harjes, nice work on your finds and buys.  I just sent you a PM.

@Account Closed, I like your idea of Hickory, the valuations there make a lot more sense.  And if you've got support in the area, that could be a slam dunk for you!  Best of luck in your search.

Hi @Nicholas Meeker, wish I had something more concrete to share with you, but I'm still putting together a plan of action myself. Over the last 2 months, I've joined the local REIA ("CREIA"), and spoken w/ members there. I've taken a couple of people out for a meal/coffee, and they have been helpful, sharing a few different ideas of what has been working for them recently.

The ideas I've heard include attending an upcoming Note School for investors in Asheville, talking with hard money lenders to pick their brains, checking into tax lien/tax deed sales, and finding experienced partners that may be willing to let you "look over their shoulder" while they're going through a fix and flip, so you can learn, as a silent financial partner. 

The experienced investors I've spoken with so far seem to agree that it's not a buyer's market right now, but there are deals to be found if you look hard enough.  Translated, a straight buy and hold will take some work to find and negotiate.  I'm keeping my eyes open here. 

I'm intrigued by your RTP area, but it's a 3.5hr drive for me, so I'm hoping to find some opportunities closer to home for my first foray.  Best of luck to you in your search!  Keep us all posted!

Thanks, Ryan 

Hi @Dolly Caswell, thanks so much for your input.  You raise some very good points to remember.  I'll need to find not just an agent for any area in which I'm interested, but ideally an attorney, a GC, and other team members.  Easier when you're closer than when you're further away.  Any of the areas that interest me are 1hr to 2.5hrs away, so it could be much worse.  Making money on the buy, and doing so with the ability to have financial reserves to withstand inevitable setbacks both make a lot of sense for me to keep in mind as well.  

Best regards!

@Account Closed - I'm jealous you've found a deal!  Nice work, and best of luck going forward!

@Ben H. - thanks for the tip on the NC local forum, I wasn't aware that existed.  I've taken your advice and re-posted there.

@Chris Harjes - if you've got seven deals under your belt, you're doing something right in the area!  I really appreciate your perspective, and ideas.  I hadn't even gotten as far as vetting local contractors to do any necessary work, but that's big part of the team I'll need to assemble.  Thanks again for that important consideration.

Thanks to @Ben H., re-posting in this area from Buying and Selling Discussions, as its more local.  Sorry in advance for two posts compiled to one!

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Hi folks, I'm Ryan, first time poster, new to real estate investing. I found BP a few months ago, after looking for avenues of passive income. I live with my family in the Asheville, NC area.

Here in the forums, I've seen folks like @Alex Franks counsel others to start locally, if they're new. Makes sense. I'm just wondering how local we're talking. I've met with the Asheville REIA a couple of times, talked with agents there about an affordable (sub-$80k?) buy and hold 3/2 that would rent well. They said, "Well…, it's not impossible, but..." Another local investor told me he hasn't bought anything here in the last year, and doesn't see that changing anytime soon. Not the encouragement I'm seeking, but it looks like that's the reality of the AVL market at this time.

I grew up in the Charlotte Metro area, so I like and am familiar with CLT. I also like the Greenville/Spartanburg area, for its proximity to me and its relatively lower housing costs, compared to AVL's.

So, I suppose I'm asking if you think I should also look at other regional areas, GSP, CLT, maybe Raleigh/RTP, or Knoxville/Johnson City, or do you think it's better to continue saving, continue learning about my local Asheville market, and see what comes up? Maybe I should look into other short term avenues of passive income in real estate while I wait? I would value anyone’s opinion if you have the time to respond. Thanks very much in advance.

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@Alex Franks suggested I clarify my first remarks, so I did with:

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Alex, thanks for your response.

To clarify, the goal is (relatively) passive income, to build wealth now with current cash flow going towards purchasing more property or more debt, and then to supplement my income later (10yrs+). With that end in mind, my options could be:

1. BRRRR a SFR – either locally, or regionally. Steeper learning curve, more time intensive first (second, third,…) time out. Theoretically, I should have some equity by the time I’m done. The idea is of course to cash flow, even with property management baked in. With a full time job and family, time restraints could be an issue.

2. Buy a SFR rent-ready, possibly via turnkey company. Little, or more likely, no equity for me initially, potentially less steep learning curve.

3. Notes or maybe private money lender. Another learning curve, but aren’t they all? I don’t get the inflation hedge this way. Still, maybe a single or double is better than striking out while trying for a home run, especially in the beginning?

There are other solutions that I’m likely missing, also. Obviously, much due diligence is required for any of these approaches.

Any further opinions? Thanks again!

@Tomas Chao - Driving for dollars can't hurt - yet - with gas this cheap!  Thanks for the reminder.  I'll also look into Curtis Waters.  I usually visit Charlotte once a month or so.

@Abraham Saldana - I appreciate the scouting report from the RTP.  I was a little worried that the area had been in the news too much, with too many "10 best places to (fill in the blank)," similar to Asheville, driving prices up too far.  Good to know there's still value to be found.  Any areas or zips you like in particular?  I'll keep my eyes open there.  I really like your Ft Bragg idea, being selective to find renters that want to rent, not because they have to rent (presumably, they could stay on base for less/free), similar to Ben Walhood's idea from BP podcast #177.

@Amy Good - thanks for the GSP shout out!  I'm a big fan of the area, love the job growth.  Any areas in particular that investors should be looking?  Seems like the corridor between Greenville and Spartanburg might make some sense?  I'm about an hour away, this might be more conducive to me doing the landlording, rather than property management, so I could learn (faster) as I go.

Big thanks again to everyone for their comments, this is very valuable stuff!

Alex, thanks for your response.

To clarify, the goal is (relatively) passive income, to build wealth now with current cash flow going towards purchasing more property or more debt, and then to supplement my income later (10yrs+).  With that end in mind, my options could be:

1. BRRRR a SFR – either locally, or regionally. Steeper learning curve, more time intensive first (second, third,…) time out. Theoretically, I should have some equity by the time I'm done. The idea is of course to cash flow, even with property management baked in. With a full time job and family, time restraints could be an issue.

2. Buy a SFR rent-ready, possibly via turnkey company. Little, or more likely, no equity for me initially, potentially less steep learning curve.

3.  Notes or maybe private money lender.  Another learning curve, but aren’t they all?  I don’t get the inflation hedge this way.  Still, maybe a single or double is better than striking out while trying for a home run, especially in the beginning?

There are other solutions that I’m likely missing, also.  Obviously, much due diligence is required for any of these approaches.

Any further opinions?  Thanks again!