Investing in Asheville, NC
Rental Property Investor · Wake Forest, NC · Member since 2016 · 186 posts · 78 votes
We are thinking of making a trip or two out to Asheville and get to know the area a little bit more. Is anyone investing in that area. So far I have heard mixed reviews. We are looking mainly for tenant occupied homes or homes that may need minor rehab like pain, flooring, new doors etc to make rent ready. What are your thoughts on the area?
I am a rehabber in Asheville. Its a tough market if you don't know your neighborhoods, as they vary drastically! Rent prices are high and there is not enough housing in general to support the growing population. New builds are through the roof right now ( pun intended:)) This creates a lot of competition.
There are some areas that are turning and would make for good rentals as the house values are not as high as others, but still close to downtown and therefore high rents. Also because the market is climbing, look slightly outside city limits as the more affordable housing will continue to get pushed further out.
I am in/viewing properties constantly! You really have to in order to get familiar and as @Account Closed stated...."its a little nuts out there lately" Its spring/summer fever and everyone wants a piece of Asheville.
Im always open to talk more details if interested, send me a message!
As for good deals 2009 -2013 was the time to buy in our markets. Most of what is left over is over priced, or the bottom of the barrel to say.
Interesting read. I'm one of those people moving in from out of town and pushing rents up! Luckily our new home is found. I was hoping to also start investing in rental property, and while the easy fish might all be caught I'm sure I'll try none the less. Curious what a local thinks of the development pattern, the push to West Asheville etc. As an outsider it seems the residential near south of the city (not near the river) will move soon, housing project or not, I know the commercial already has. What's the local take?
As for good deals 2009 -2013 was the time to buy in our markets. Most of what is left over is over priced, or the bottom of the barrel to say.
Interesting read. I'm one of those people moving in from out of town and pushing rents up! Luckily our new home is found. I was hoping to also start investing in rental property, and while the easy fish might all be caught I'm sure I'll try none the less. Curious what a local thinks of the development pattern, the push to West Asheville etc. As an outsider it seems the residential near south of the city (not near the river) will move soon, housing project or not, I know the commercial already has. What's the local take?
@kurt P I think most markets in NC and SC you can still find good deals.
A lot going on in both markets. Feel free to PM with any questions, or comments.
Alex
@Account Closed I think finding good contractors is about knowing where to look. In my experience the really good ones are not on the internet because they already have too much business coming through referrals.
When I am evaluating a new market and looking for contractors I start at the best local building supplier (NOT HD/LOWES) and talk to the folks at the contractor desk. This has helped me find the best framing contractors and finish carpenters I have ever worked with.
You should also check out the local NAHB chapter and go to those meet-ups. That's where you can find the folks looking to grow.
Finally, I walk on to job sites at least 2-3 times a week and bull with the folks on the job, collect cads and evaluate work.
Hope this helps everyone.
Hi Guys,
I am at my first trip to Asheville. Me and my wife are looking for moslty flat 40+ acres land in the 30 miles radius from Asheville. At the same time, I am investigating about a single family home around 150k inside asheville. After meeting with several agents, the market seems to be at its peak now. The entry level for a 3br single family home is around 225k (only on west Asheville). Regarding the land that we are looking, It is challenging. We thought that It would be relatively easy to find a flat land. The reality is that most of the lands we had seen were placed on steep hills and they were mostly uncleared(something that is worth taking in consideration when looking for land).
Hope this helps, and pls I would appreciate if you have a tip for me in finding lands in the 30 miles radius from asheville, and/ or 3br single family home inside west Asheville.
I am a rehabber in Asheville. Its a tough market if you don't know your neighborhoods, as they vary drastically! Rent prices are high and there is not enough housing in general to support the growing population. New builds are through the roof right now ( pun intended:)) This creates a lot of competition.
There are some areas that are turning and would make for good rentals as the house values are not as high as others, but still close to downtown and therefore high rents. Also because the market is climbing, look slightly outside city limits as the more affordable housing will continue to get pushed further out.
I am in/viewing properties constantly! You really have to in order to get familiar and as @Account Closed stated...."its a little nuts out there lately" Its spring/summer fever and everyone wants a piece of Asheville.
Im always open to talk more details if interested, send me a message!
My friend actually started investing there and has bought a few rentals. Competitive but not too bad depnding on the location. Both inside and outside the area. Hasn't been too bad. I plan on making a trip out there soon so definitely looking to connect with others that do buy and holds.
Hello,
I made the move to Asheville about 18 months ago. What a great decision! This place is amazing!
There are definitely good opportunities to be had, but a lot of folks looking too. Strongly recommended checking into the local Real Estate Investors group (aka, CREIA). They have saved me a ton of money with local info, references to investor friendly contractors, accountants, attorneys, etc. I don't know how people build their team without investor referrals.
Flat land can be had, but tough with an Asheville address. Check out nearby areas like Fletcher, Fairview, Candler, Weaverville and Swannanoa. Even then, it won't be totally flat, but gently sloping is possible.
Homes under 200k are really in demand. The market usually slows down when temps drop, so opportunities pick up.
West Asheville is really popular so a lot of Realtors tag their property as W AVL. Haywood Road is the center of the W AVL corridor. If you can walk to Haywood, you have something special. Be careful though, W AVL tag is used loosely -sometimes homes 10-15 miles from Haywood are being marketed as W AVL.
Good Luck!
I think most of these posts are correct. Been in Asheville a little while now. The turnover rate for rentals is super low making it hard to find a rental. So if you can find the deals (and they're still out there) there won't be a problem renting it out for sure. I have found a few deals that were pretty good but don't have my financing in place for a buy and hold yet. Hard region to break into from what I've learned so far. But I love a good challenge. Just keep your eyes open. The deals are still there especially if you can rehab more than paint and carpet. Just might not be as plentiful as other markets. You may want to check out towards Charlotte/Gastonia areas. From my research that's gonna be the closest markets to check out from Asheville. Good luck. I'll be interested to see how you guys end up doing.
Its good to find this conversation. I've been trying to find an investment property in Asheville for a while now and the deals might not be there. Anyone know from practical experience how lucrative short term rentals are for mountain cabins outside of town? Can you suggest a good place to look? That may be my next option.
Thanks!
@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.
Robert,
I'm so glad you said that. I've been thinking that mountain properties outside of town look better than the pricier in town options (plus I just like the idea of owning a quaint cabin that brings in income). The only other problem is - and maybe you can help me with this - that there are so many to look, so much that's junk and I could really use a little guidance. Also, I'm a residential architect by profession so I don't mind having to fix up or add onto a house if the site is right. Seems like there's a real lack of a cozy, simple modern cabin with a view. Been looking at the BRRR format on Bigger Pockets and so now I'm interested in pursuing that as an option. Would you be interested in pointing me in a direction to look? No worries if this isn't the forum for that.
One last thing, are the mountain properties outside of Asheville feasible for positive cash flow for long-term rentals or are they mostly ideal for STR's?
Thank you!
Nick
@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.
Anyone have Good resources for property managers or real estate agents in the Asheville area?
@Curtis Cramblett - Sure thing. I'm a local investor and also an agent. I use a PM in the area as well for managing my units.