All Forum Posts by: Mary Hart

Hi Allison. I am a real estate investor and attorney in Asheville and would be happy to chat with you.

Hi Kyle. I own vacation rentals in North Carolina and would be happy to talk with you about my experiences. I think that your idea of speaking with a local property manager is a good one since the local market is very important. I would ask them about rental rates, average occupancy rate (year 'round), sales tax rates, their fees, and about any local laws or ordinances affecting vacation rentals. Then I would ask the same questions of at least one other management company. You should also check for any restrictive covenants on the property that would affect your ability to offer short term rentals. Keep in mind that property insurance for vacation rentals is generally much more costly than regular hazard insurance and that additional cost must be factored in to your plan. Also, good vacation rentals often offer amenities like nice linens, coffee and tea,etc. So think about those costs as well....including periodic replacement of all linens,towels, dishes etc due to wear and tear. Hope that helps. Mary hart

in North Carolina, you can look to see when "substitution of trustee" documents are filed at the courthouse. That usually indicates that a foreclosure is imminent.

I live in Asheville, North Carolina and have used VRBO.com and Homeaway.com very successfully. I used Flipkey but was not as happy with the results. I have not tried Airbnb. I have 5 downtown loft apartments and 1 larger home (sleeps 19). My colleague also has a number of homes on those websites and has great success. For us, the key has been really utilizing the higher listings (Gold, Platinum) etc. to move us up the results page. The more photos you have and the better listing, the closer to the top of the results page you will land. We have had (for several years) close to a 60-70% year round occupancy rate on a short term rental basis (2 nights+). It has been our experience in the Asheville market that the higher end properties do well. We have 1 and 2 bedroom lofts downtown which are great for couples and the larger property is 20 minutes outside of downtown. It is harder to find larger properties for groups that want to rent for weddings, corporate retreats, family reunions, etc. and the size of the house has made it very popular. We have tried a number of things, including our private websites, but vrbo.com and homeaway.com have been the best. Of those two, we get the best results from vrbo.com. Mary

Very inspiring! Thanks so much for sharing! Mary Hart

Hi William. Welcome to BP! I am a vacation rental owner in Asheville and love the vacation rental market. Good luck in Hilton Head! Mary Hart

Hello again..I want to add one more point that I did not include above...

The exemption under the Garn-St. Germain Act which prohibits a lender from exercising the "due on sale" clause when a relative inherits a property applies ONLY if the relative (you in this case) is a person who occupies or will occupy the property. So if this is going to be your residence you should be okay. If, however, you are going to use this as an investment property, the Garn-St. Germain exemption will not apply and you will need to convince the lender to refinance in your name.

Hi Arian. I am a real estate and estate planning attorney in NC (and a real estate investor). Pursuant to the Garn-St. Germain Depository Institutions Act of 1982 (federal law), the lender cannot accelerate the note and require you to pay off or refinance since the property passed as a result of your father's death. So, the lender should be willing to allow you to assume the loan. In any event, if you keep making the payments, you should be fine. However, I would suggest you contact an estate attorney in the state where the property is located to get a final opinion.

thanks Brandon! I will set up my key word alerts ASAP! Mary

Hello BiggerPockets.com community. I live in Asheville North Carolina and just found out about this site. I am a real estate attorney, licensed REALTOR, 1031 Qualified Intermediary, and real estate investor. I have done 1 flip, owned 3 single family homes, owned 2 commercial buildings, and 7 vacation rentals. I have also been a hard money lender in the past. I am now ready to step up my activity and my knowledge and pursue real estate investing more vigorously. I look forward to learning from all of you! Mary Hart