All Forum Posts by: Wei Jie Yang

If you follow The Short Term Shop with Luc and Avery Carl here on BP they give a lot of great info. I just had a consultation with their company and I believe they said they are expanding into this market around banner elk, blowing rock, and the towns around Smoky Mtn National Park. I suggest talking to them. They can work as your agent and help you pick a good deal. They also seem to do weekly management course to help you manage it the right way.

I just started working with them and waiting to find the right property before I buy. But I have been going to their free education courses. 

North Myrtle Beach (Cherry Grove area) is definitely worth considering. You can get a pretty large 4-bedroom house within walking distance to the beach for $450-$550k and it'll pull in $50k+ gross income per year. No HOA fees.

@Charles Akinmade - I can hopefully provide some insight for you.  @Greg Moore's guidance is a good starting point.  Asheville city has a restriction against STRs, requiring a Homestay permit (basically you have to live there).  I see clients that are very profitable with 2 bedrooms but it depends on the location.  You need to decide what type of client you want to attract.  Many go after the "mountain experience" and go to areas like Maggie Valley, Brevard, Black Mountain, etc that are still relatively close to Asheville.  I also see demand for 4+ bedroom options for larger groups who are coming specifically for Asheville.  I think in general, the more you can sleep the better.

What’s driving your 550k budget? Is it the down payment? Keep in mind you can usually only get a 10% vacation home loan on single family homes.

The majority of condos we looked at require 20% down and potentially commercial lending instead of residential.

So if your budget is driven by the down payment you may get more for your cash looking at single family homes.

Orlando/Kissimmee/Davenport area and Myrtle Beach are great entry markets. Also a lot of what I would call 2nd tier mountain vacation markets could work if looking at a cabin. Ellijay, Bryson City, Maggie Valley 

What’s driving your 550k budget? Is it the down payment? Keep in mind you can usually only get a 10% vacation home loan on single family homes.

The majority of condos we looked at require 20% down and potentially commercial lending instead of residential.

So if your budget is driven by the down payment you may get more for your cash looking at single family homes.

{/q)

After talking with my lender With my DTI I can have about 3K in PITI. Going with a vacation property at 10% down that's ~550k. With ~50k more or less depending on my property tax before I'm not allowed.