Asheville Commercial Property Advice

5 Replies

Hey everyone!

I'm looking for a bit of advice in my unique situation. I am currently renting one unit in a triplex in Asheville NC. It is a beautiful log cabin home right off the highway, minutes from downtown and the blue ridge parkway. It sits on 2.5 acres of land adjacent to Charlotte hwy, and is so close to I-40 that she has signage available for whatever is put here. The property is zoned Commercially. It was built in the 30's by her Father, so it is an older home and does have some issues. However, it is liveable. The ideal tenants for this place are ones like my wife and I where we're willing to put up with more for the sake of paying less.

The owner is tired of real estate, and wants to sell the property. I actually am looking at buy and hold for properties like these, however my wife and I are building up cash reserves right now for landlording so we're not really in a position to buy it from her. I've been helping her out with odd jobs around the property and finding tenants for her to get the units rented in the meantime.

Does anyone have any ideas about how to get this thing sold for her? There are so many possibilities as to what could be done with the property/land around it that I don't know where to start. Any feedback/ideas would be greatly appreciated! I'm sure I left some details out so reply or message me directly to discuss!

I've been looking for a spot to do a billboard, just to broaden my horizons, in addition to my residential holds. I'd be happy to take a virtual look at it and give you a general idea of what I could pay for it. You'd likely get more by listing it with an agent, but if the owner wants a quick and easy sale, it may work better to sell directly to an investor.

Have you asked her about owner finance? This could get you guys in the door so to speak, and let you hold the property on her loan until you have the cash flow/equity to refi.

@Chris Harjes yeah that would be great! And yeah she really doesn't trust agents (again, older lady) but I think she might get to that point. Message me if you want the details! Also,(@Jake DiSabatino ) I have looked into owner financing (a lot). I know there are potentially ways for us to buy it, but we have no money for when things go south. One leaky roof or bad hot water heater and the Allenczy's are out of the game. We feel it's much better now to keep the cash flow from our current rental, build reserves for a year, then buy a SMF property. Thanks for the suggestion though!

Righto.  I'll give you a hollar today or tomorrow, see if I can help. I'm impressed that you're not willing to gamble on getting into  a bad situation due to low reserves. Many of us would still step into that mess on a wing and a prayer.   :)