Vacation rentals in North Carolina [2022]
Investor · Lawrence, KS · Member since 2021 · 7 posts · 9 votes
Vacation rentals in North Carolina [2022]
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Investor · United States · Member since 2020 · 202 posts · 284 votes
4yYou're seeing a broader phenomenon that is affecting essentially all STR markets across the US. Home prices rose significantly over the last 3 years in a way that caused typical STR returns to tumble from 40%+ to half of that or less. This is not unique to STRs either - it's more difficult to find LTR deals that cashflow as well. Add in rising interest rates to these peak prices and yields are very compressed across the board. It's a bit of a vicious cycle bc tons of LTR investors searching for yield have pivoted to STRs and are happy to take ~10% COC returns since that beats what they can find today with LTRs … problem is STRs are much riskier/ more volatile, so in theory investors should demand a higher yield than this to hold these assets (but most folks aren't thinking in this much depth). These investors are pushing STR prices even higher and returns even lower
To find returns that mimic the “old days” of STRs investors today are either seeking 1) off market deals, or 2) value add deals with a renovation/ refinance component. It’s just where we are in the market cycle - you’ll have to do a lot of legwork to cashflow, but it is definitely doable if you’re willing to put in the work.
I'd recommend picking a few markets, studying them every day for weeks/ months as listings hit the MLS, and eventually pulling the trigger on whatever pencils out to your liking. Don't be afraid to make a lot of "unreasonably low" offers as well. Think of it like fishing … it takes awhile but you'll eventually get a bite. Good luck!
25 Replies
- Investor · United States · Member since 2020 · 202 posts · 284 votes4y
You're seeing a broader phenomenon that is affecting essentially all STR markets across the US. Home prices rose significantly over the last 3 years in a way that caused typical STR returns to tumble from 40%+ to half of that or less. This is not unique to STRs either - it's more difficult to find LTR deals that cashflow as well. Add in rising interest rates to these peak prices and yields are very compressed across the board. It's a bit of a vicious cycle bc tons of LTR investors searching for yield have pivoted to STRs and are happy to take ~10% COC returns since that beats what they can find today with LTRs … problem is STRs are much riskier/ more volatile, so in theory investors should demand a higher yield than this to hold these assets (but most folks aren't thinking in this much depth). These investors are pushing STR prices even higher and returns even lower
To find returns that mimic the “old days” of STRs investors today are either seeking 1) off market deals, or 2) value add deals with a renovation/ refinance component. It’s just where we are in the market cycle - you’ll have to do a lot of legwork to cashflow, but it is definitely doable if you’re willing to put in the work.
I'd recommend picking a few markets, studying them every day for weeks/ months as listings hit the MLS, and eventually pulling the trigger on whatever pencils out to your liking. Don't be afraid to make a lot of "unreasonably low" offers as well. Think of it like fishing … it takes awhile but you'll eventually get a bite. Good luck! - 4yJohn UnderwoodPro MemberInvestor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
With high house prices and rising interest rates it is much harder to find the great money makers that were available a few years back. You have to keep looking and run the numbers.
- 4yAngie CastroBusiness MemberReal Estate Broker · Charlotte, NC · Member since 2022 · 133 posts · 128 votes
There are deals here in NC. Either off-market, some new construction, or a property that allows you to create value by doing some renovations. I really like the Seven Devils & blowing rock area.
Angie Castro with Monarch Group4.847 Reviews - Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes4y
@Batool Haider I helped a BiggerPpockets member last November buy a Lake Norman Waterfront property in Sherrills Ford, NC 28673. Closed at 850K plus small renovations already producing money in STR and appreciation from over 150K. Deals like this are hard to find but there out there on the MLS you just have to analyze every day all property coming on the market and you're hard work will pay off.
- Real Estate Agent · Holly Springs, NC · Member since 2020 · 169 posts · 161 votes4y
Have you looked into Condo's on the coast? Most are outdated and will require some work in my opinion to stand out from the rest of the crowd but The Carolina Beaches and the South Carolina beaches like Myrtle, North Myrtle, Surfside might be an option to further look into as well. My Condo in North Myrtle Beach should be close to your 1/6th rule you noted above.
- 4yMyrtle Mike ThompsonBusiness MemberRealtor · Myrtle Beach, SC · Member since 2016 · 350 posts · 204 votes
Here in the Myrtle Beach area most traditional STR properties are being listed for 10x gross annual income. To hit your 1/6 goal, you would need to purchase a property that has not historically been used as a rental but has the potential to generate revenue comparable to nearby rental properties. For example, a large family vacation home owned by a doctor or executive for the past 20 years that could use some sprucing up. List prices for these homes are more in line with traditional residential properties and won't command top dollar from institutional investors compared to existing rental properties with years of income data.
Myrtle Mike Real Estate580 Reviews - Real Estate Agent · Wake Forest, NC · Member since 2015 · 66 posts · 54 votes4y
If you can specialize an STR you can pick up a lot of repeat business and expand your rental season at the coast. For example find a property that is on the water. Not the ocean itself, but ocean access such the ICW, canals, creeks on the sound etc with a boat dock and lift. People with boats will rent it all year long to fish. Many of these properties aren't traditional STR's, and can be had for less. Let me know if you would like some help finding one.
- Investor · Lawrence, KS · Member since 2021 · 7 posts · 9 votes4y
Quote from @Sean Bramble:
You're seeing a broader phenomenon that is affecting essentially all STR markets across the US. Home prices rose significantly over the last 3 years in a way that caused typical STR returns to tumble from 40%+ to half of that or less. This is not unique to STRs either - it's more difficult to find LTR deals that cashflow as well. Add in rising interest rates to these peak prices and yields are very compressed across the board. It's a bit of a vicious cycle bc tons of LTR investors searching for yield have pivoted to STRs and are happy to take ~10% COC returns since that beats what they can find today with LTRs … problem is STRs are much riskier/ more volatile, so in theory investors should demand a higher yield than this to hold these assets (but most folks aren't thinking in this much depth). These investors are pushing STR prices even higher and returns even lower
To find returns that mimic the “old days” of STRs investors today are either seeking 1) off market deals, or 2) value add deals with a renovation/ refinance component. It’s just where we are in the market cycle - you’ll have to do a lot of legwork to cashflow, but it is definitely doable if you’re willing to put in the work.
I'd recommend picking a few markets, studying them every day for weeks/ months as listings hit the MLS, and eventually pulling the trigger on whatever pencils out to your liking. Don't be afraid to make a lot of "unreasonably low" offers as well. Think of it like fishing … it takes awhile but you'll eventually get a bite. Good luck!Sean, this was such an insightful response! Thank you for taking out the time to pen this down.
- 4yLevi BennettPro MemberReal Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
As someone who specializes exclusively in STRs in NC, I can tell you that your requirements are possible, but rare. Certainly from a "turn-key" perspective. Anything listed for sale, furnished, with a history, is going to be listed at a cap rate similar to what you'd expect across other real estate investments. @Sean Bramble made a great post explaining this, so I won't repeat what he said, but I will offer up a different opinion in that STRs are becoming perceived as far less "risker" than previous times in history. The STR market cap has grown tremendously since pre-Covid, and nowadays property managers for STRs are abundant and can make it truly passive income. Specifically for NC, I can tell you the demand for STR ownership has skyrocketed over the last year which has driven prices up, particularly in tourist towns, nearly 50% in some areas (in one year).
As Sean also mentioned, most people are finding that applying a BRRRR method in getting a distressed home for rehab yields significantly higher returns. It requires significant cash investment however since many are not able to be financed.
Finally, and a point that I make to all of my clients: Location has almost nothing to do with your return requirement. If your criteria is ROI, then don't pigeon-hole yourself to a location. Contrary to popular belief, locations rarely have to do with return potential on STRs. The main driver for good STR return is availability to a tenant. What markets/areas are underserved? Do you want to own your first hotel in a market with 1000 hotels? Or do you want to own one of the first hotels in an emerging market? Most likely, as a new investor, you cannot possibly have the experience or financing to compete with the top-performing properties in a popular tourist market. Meaning, your property won't even be on the first several pages of options and you will struggle with the most important metric: occupancy.
What you want to be successful, is find an emerging market, or a market under-served with STRs, and create a listing totally unique and be the first booking in that market every single time. Additionally, acquiring in these secondary markets is significantly less expensive and less competitive. I've helped my clients close nearly 20 STRs in the last year, all of them have been very successful for various reasons, but location is only one (and not the most important) thing we look at out of about 5 different points of analysis. Don't get hung up on location, because acquisition price and ability to have high occupancy is far more important than trying to be in a popular spot. In short: popular locations do not always equal occupancy. Uniqueness, High-quality interior design, and amenities typically have way more to do with success than location in STR investing.
Now, speaking of amenities, obviously certain amenities are tied to the location.. like beach-access or mountain views, but.. the nice thing about mountains views, is that there is a huge area of the country with views (particularly in NC) that is within a reasonable driving distance to several metro areas in the South, and that makes occupancy very high, even in extremely rural areas (where acquisition is cheap). The seasonality is far less extreme in the mountains compared to the beach (that's another post for another day), and simply put, there is far more to choose from at a better price. In short, the mountains typically fair better for new investors than the beach investments.
I hope this is helpful, good luck on your search. - Investor · United States · Member since 2020 · 202 posts · 284 votes4y
To build on what @Levi Bennett is saying about location mattering less than you would expect, I've noticed this in my analysis as well. I was recently beta testing a SaaS tool that helps investors choose high yield markets. One of the features of the tool is that it that helps you zoom into a market and quickly identify the highest grossing areas within it - they do this by plotting 95/90/85 ... all the way down to 50% listings on a map. You can use a slider to change the threshold and watch listings appear and reappear. This feature was designed to reveal the best areas for STRs ... only problem is that 9 times out of 10 there is no method to the madness - at least in terms of geography. It all comes down to listing quality, revenue optimization, and customer service. Beach markets are an obvious exception (people will pay more for beachfront, duh), but elsewhere that feature of the tool is less useful. It makes sense though - there is just a huge range of professionalization across listings, and professionalization drives revenue. If you can combine professionalization with a less expensive market (or with a less expensive property), you might be able to capture a higher yield than playing follow the leader and buying in all of the "hot" markets investors are swooning over
- Member since 2022 · 1k+ posts · 1k+ votes4y
Quote from @Sean Bramble:
To build on what @Levi Bennett is saying about location mattering less than you would expect, I've noticed this in my analysis as well. I was recently beta testing a SaaS tool that helps investors choose high yield markets. One of the features of the tool is that it that helps you zoom into a market and quickly identify the highest grossing areas within it - they do this by plotting 95/90/85 ... all the way down to 50% listings on a map. You can use a slider to change the threshold and watch listings appear and reappear. This feature was designed to reveal the best areas for STRs ... only problem is that 9 times out of 10 there is no method to the madness - at least in terms of geography. It all comes down to listing quality, revenue optimization, and customer service. Beach markets are an obvious exception (people will pay more for beachfront, duh), but elsewhere that feature of the tool is less useful. It makes sense though - there is just a huge range of professionalization across listings, and professionalization drives revenue. If you can combine professionalization with a less expensive market (or with a less expensive property), you might be able to capture a higher yield than playing follow the leader and buying in all of the "hot" markets investors are swooning over
This is in addition to what @Levi Bennett said is really cool to hear, thanks for sharing. I'm midway through a rehab now and I see a couple neighboring comps with wide open calendars, while 3-4 others are fully booked. The floundering properties are clean and perfectly livable but have very plain furnishings and are still asking $180+/night while their calendar sits empty. Part of me was worried that maybe it was the neighborhood because some of them are on less appealing streets, which some savvy bookers might be able to pick up on, but no way would it deter all bookings. it really must come down to pricing, service and furnishings if other properties in the same area are doing that much better.
- Investor · Lawrence, KS · Member since 2021 · 7 posts · 9 votes4y
Quote from @Levi Bennett:
As someone who specializes exclusively in STRs in NC, I can tell you that your requirements are possible, but rare. Certainly from a "turn-key" perspective. Anything listed for sale, furnished, with a history, is going to be listed at a cap rate similar to what you'd expect across other real estate investments. @Sean Bramble made a great post explaining this, so I won't repeat what he said, but I will offer up a different opinion in that STRs are becoming perceived as far less "risker" than previous times in history. The STR market cap has grown tremendously since pre-Covid, and nowadays property managers for STRs are abundant and can make it truly passive income. Specifically for NC, I can tell you the demand for STR ownership has skyrocketed over the last year which has driven prices up, particularly in tourist towns, nearly 50% in some areas (in one year).
As Sean also mentioned, most people are finding that applying a BRRRR method in getting a distressed home for rehab yields significantly higher returns. It requires significant cash investment however since many are not able to be financed.
Finally, and a point that I make to all of my clients: Location has almost nothing to do with your return requirement. If your criteria is ROI, then don't pigeon-hole yourself to a location. Contrary to popular belief, locations rarely have to do with return potential on STRs. The main driver for good STR return is availability to a tenant. What markets/areas are underserved? Do you want to own your first hotel in a market with 1000 hotels? Or do you want to own one of the first hotels in an emerging market? Most likely, as a new investor, you cannot possibly have the experience or financing to compete with the top-performing properties in a popular tourist market. Meaning, your property won't even be on the first several pages of options and you will struggle with the most important metric: occupancy.
What you want to be successful, is find an emerging market, or a market under-served with STRs, and create a listing totally unique and be the first booking in that market every single time. Additionally, acquiring in these secondary markets is significantly less expensive and less competitive. I've helped my clients close nearly 20 STRs in the last year, all of them have been very successful for various reasons, but location is only one (and not the most important) thing we look at out of about 5 different points of analysis. Don't get hung up on location, because acquisition price and ability to have high occupancy is far more important than trying to be in a popular spot. In short: popular locations do not always equal occupancy. Uniqueness, High-quality interior design, and amenities typically have way more to do with success than location in STR investing.
Now, speaking of amenities, obviously certain amenities are tied to the location.. like beach-access or mountain views, but.. the nice thing about mountains views, is that there is a huge area of the country with views (particularly in NC) that is within a reasonable driving distance to several metro areas in the South, and that makes occupancy very high, even in extremely rural areas (where acquisition is cheap). The seasonality is far less extreme in the mountains compared to the beach (that's another post for another day), and simply put, there is far more to choose from at a better price. In short, the mountains typically fair better for new investors than the beach investments.
I hope this is helpful, good luck on your search.This was a splendid post! Thank you so much! I have a follow-up question on this - how can newbie investors jump into a relatively underserved market, where traditional sites like AirDNA/Rabbu etc show low nightly/occupancy rates. Won't that be an immense risk? I mean buying in such markets and hoping that amenities and uniqueness will some how attract more people and prevent a negative cash flow, seems quite scary to me, as opposed to going to markets where AirDNA shows great numbers. But just as you said, the later markets are often saturated. Are there ways to be more confident with numbers while going into underserved markets? And how to even discover such markets at the first place, without utilizing platforms like AirDNA?
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes4yIn a quest to keep my post short, my summary would be: we are not in an ideal buying market and the easy times are behind us. Unfortunately, I am "forced" to buy for a like-kind 1031 exchange. I was looking in the Asheville and Black Mountain area and am now looking in the New River valley (and mountain) area of Virginia. The prices are more reasonable and counties there cater to destination tourism. I like that.
Quote from @Batool Haider:
Are there short-term rental investors in North Carolina on this platform? I would love to hear your insights.
I am a newbie investor looking for a large single family properties (5+ bedrooms mostly for family/friends/corporate gatherings) under $750K. As a rule of thumb, I am trying to hunt properties that produce an annual revenue of about 1/6 the purchase price. So far, none of the areas I have checked in NC come close to satisfying that rule. The properties close to the mountains (Ashville, the Smoky Mountains etc) are relatively less expensive, but so far I have seen their annual AirDNA revenue to be under $100K and so the net cashflow is not impressive. The beach-front properties do produce over $120K of annual revenue but most are above a million dollars of purchase price and so again the cashflow takes a hit because the monthly payments are really high. I checked the cities too. Charlotte's Mooresville, for example, has very profitable properties on Lake Norman, but those waterfront properties are quite expensive.
Are there potential high cash-flowing areas in NC that I may have missed and should check out?
As a 20+ year LTR value investor with no reasonable LTR candidates available, I stepped into the STR arena to see the view. The view in the rear-view mirror looks better than the potential storm I see in the windshield. I am somewhat concerned about seasonality in VA and NC mountain, lake, and river areas. I see the 1/6 ratio as a COVID era metric. While I am still pursuing a STR purchase, as opposed to paying LTCG taxes in the scenario I DON'T do a 1031 exchange, I really don't like the overall annual numbers given the seasonal nature of these STR rentals. I have a plan B, C, and D if it comes to that. I don't like hedging bets as a strategy. But I don't like writing big checks to Treasury either. - Investor · VA · Member since 2021 · 14 posts · 1 vote4y
I’m doing the research in the areas you mentioned above too. And I may say I focus on the ski resorts, like Massanutten, wintergreen, hoping people will come in both summer and winter. For a lot of the homes, the bookings don’t look good in spring and fall, even part of winter. also # of hosts have been exploding with much higher price now. may i know your other plans?
- Asheville, NC · Member since 2017 · 385 posts · 274 votes4y
I will chime in here as I have been watching the market around Asheville change signifigantly over the last several years. Everything around me feels like an STR. When were looking to 1031 I just felt like the market outside of Asheville was so saturated and I really couldn't see past it. We sold a LTR for various reasons and just went ahead and paid the taxes. Everything from Black mountain all the way to Lake Lure and beyond seems like someones vacation rental mountain cabin in all directions. I see homes now being sold in town with home stay permits and the prices reflect that which has even driven prices in Asheville up higher where STRs are not allowed. So many people paying cash for homes I don't even know you compete if you are looking for a decent ROI. Even the little coastal towns that were somewhat approachable for your dream retirement vacation home are so out of reach financially it just seems like it doesn't make financial sense.
- Investor · Asheville, NC · Member since 2015 · 187 posts · 112 votes4y
Asheville is tough these days since so many new players are entering the market. We've seen about a 30% drop in income this year vs last year, somewhat due to the rebound into hotels and international travel after Covid, but some likely representing the results of everyone and their brother and their uncle Bob starting new vacay rentals in Asheville. Rising interest rates are also putting a tight squeeze on cash flow.
There's also a bill passed by the NC house and stalled in the Senate which may move soon, which would stop Asheville city from regulating STRs. This would be a boon for owners in the city, but would suck the life out of the "near asheville" rental market. AVL and Wilmington will aggressively fight it in court, so it may take some time to take effect.
So in summary, they're still profitable at the moment, but I'm oised to sell off a few in the coming years, if retail prices hold up. - Investor · Greenville, SC · Member since 2020 · 210 posts · 302 votes4y
You NC mountain folk need to come check out OBX. Lots of opportunities there.
- Rental Property Investor · Hendersonville, NC · Member since 2016 · 446 posts · 412 votes4y
@Account Closed - Here is a great link to reference the Wilmington laws and how the State voted along with how Asheville has adjusted to be inline with them. https://www.citizen-times.com/...
- Investor · Asheville, NC · Member since 2015 · 187 posts · 112 votes4y
Thanks Ryan! A bit tough to sift through, and not much actual information on the law itself, but it looks like it may be far less definitive and immediate than I thought. I guess we'll have to keep a close eye on how the courts interpret things moving forward?
- Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes4y
@Account Closed: I wouldn't conclude so soon that most of the decrease in demand is due to an increase in competition. I suspect that you'll look back and say that it was mostly a combination of gas prices and inflation. It seems that every STR owner I know in our region started saying bookings were down right when gas prices started to surge, interest rates started to rise more rapidly, and inflation started being more painful. Also, I agree that a change to Asheville's STR restrictions would be bad for investors, as well as the community in general. Meaning a race to the bottom and an exacerbation of the acute housing crisis.
- Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes4yThis is what I had in my notes:
Quote from @Serena Liao:
I’m doing the research in the areas you mentioned above too. And I may say I focus on the ski resorts, like Massanutten, wintergreen, hoping people will come in both summer and winter. For a lot of the homes, the bookings don’t look good in spring and fall, even part of winter. also # of hosts have been exploding with much higher price now. may i know your other plans?
Plan A - buy STR more or less market ready via 1031 QI
Plan B - buy and convert to STR - what I did 25+ times and called (in 2002-03) BFLR (Buy, Fix, Lease, Refi) and what people on BP now call BRRRSTR
Plan C - revert to Mid-term rental (monthly or longer) if STR doesn't get traction
Plan D - Land Hacking - alternate income streams and value creation: RV pads; hunting/fishing rights; timber production, options, or sales; alternate markets
Plan F - Modified Homestead; value add from "local use dimensional lumber" in building, follow the Section 121 exclusion rules and reside in property 2 out of 5 yearsPlan D and F means this property failed as an investment. I don't think I'd actually be able to use the exclusion (I'll talk to a tax attorney if I get there), and a sale/exchange may be an option.
- 4yRyan MoyerBusiness MemberProperty Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 991 posts · 1k+ votes
Quote from @Mitch Davidson:
@Account Closed: I wouldn't conclude so soon that most of the decrease in demand is due to an increase in competition. I suspect that you'll look back and say that it was mostly a combination of gas prices and inflation. It seems that every STR owner I know in our region started saying bookings were down right when gas prices started to surge, interest rates started to rise more rapidly, and inflation started being more painful. Also, I agree that a change to Asheville's STR restrictions would be bad for investors, as well as the community in general. Meaning a race to the bottom and an exacerbation of the acute housing crisis.
The notion that travel was going to continue at 2021 rates and trends forever was always crazy to me. Of course travel demand was going to level off, return to more normal trends (international, metro, etc), just like literally EVERYTHING else that boomed as a result of covid eventually returned to normal.
The world didn't fundamentally change. Everyone isn't riding their Peletons into Zoom meetings while buying their toilet paper on Shopify websites any more then they've decided they're all going to travel 4 times as much as normal, forget hotels exist, and limit their travel only to destinations that are drivable from their large city. All of that was temporary.
Then you have the bullwhip effect. Everyone sees the surging demand for drive-to mountain/beach destinations, supply at those places increases, and as demand levels off back to normal occupancy lowers since supply is now higher than last time demand was at this level. It's a well known and common term in economics.
If anything gas and inflation may be HELPING these markets hold on a little longer as people who were initially excited to get back to Disney or Europe decide maybe they need to settle for Blue Ridge just one more time until flight prices lessen.
Cosmic Vacations4.9172 Reviews - Investor · Member since 2022 · 5 posts · 5 votes4y
Quote from @Angie Castro:
There are deals here in NC. Either off-market, some new construction, or a property that allows you to create value by doing some renovations. I really like the Seven Devils & blowing rock area.
Same, Seven Devils and Blowing Rock are good if you can find a property at a reasonable price. We just closed on a property in Seven Devils and are starting renovations. The most wish-listed property in the US for Summer 2022 was the "Glass Treehouse" located Banner Elk (right next to Seven Devils), so definitely an area people have an eye on.
- 4yLevi BennettPro MemberReal Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votesThe "glass treehouse" is in Eagles Nest, which is very much it's own eco-system and has a plethora of amenities not available to people outside of the neighborhood. There are very unique opportunities in there, as I've helped close two in this neighborhood, the numbers are pretty outrageous. However, it's not for a newbie investor. Starting price point is about $1M, but have returns deep into 6-figures very consistently depending on what you buy or build. Again, location doesn't matter as much as acquisition and return, which, when working with someone who knows what and where to look, there is almost always a recipe for success.
Quote from @Anthony Fulchi:
Quote from @Angie Castro:
There are deals here in NC. Either off-market, some new construction, or a property that allows you to create value by doing some renovations. I really like the Seven Devils & blowing rock area.
Same, Seven Devils and Blowing Rock are good if you can find a property at a reasonable price. We just closed on a property in Seven Devils and are starting renovations. The most wish-listed property in the US for Summer 2022 was the "Glass Treehouse" located Banner Elk (right next to Seven Devils), so definitely an area people have an eye on.
- Investor · Member since 2022 · 5 posts · 5 votes4y
Quote from @Levi Bennett:
The "glass treehouse" is in Eagles Nest, which is very much it's own eco-system and has a plethora of amenities not available to people outside of the neighborhood. There are very unique opportunities in there, as I've helped close two in this neighborhood, the numbers are pretty outrageous. However, it's not for a newbie investor. Starting price point is about $1M, but have returns deep into 6-figures very consistently depending on what you buy or build. Again, location doesn't matter as much as acquisition and return, which, when working with someone who knows what and where to look, there is almost always a recipe for success.Quote from @Anthony Fulchi:
Quote from @Angie Castro:
There are deals here in NC. Either off-market, some new construction, or a property that allows you to create value by doing some renovations. I really like the Seven Devils & blowing rock area.
Same, Seven Devils and Blowing Rock are good if you can find a property at a reasonable price. We just closed on a property in Seven Devils and are starting renovations. The most wish-listed property in the US for Summer 2022 was the "Glass Treehouse" located Banner Elk (right next to Seven Devils), so definitely an area people have an eye on.
I didn't realize it was in Eagle's Nest - overall happy for the good publicity that the article brought to the area. Definitely think there's still opportunity in this area for STRs and great to hear that your clients are doing well.
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