Newbie in Asheville, North Carolina

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Newbie in Asheville, North Carolina

Jody SchnurrenbergerPro Member
Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes

Howdy!

I'm a buy and hold gal, recently medically retired from the Army. I've got a SFH and 2 sets of duplexes in Auburn, AL, my original hometown. (WAR EAGLE! lol) I've owned property since September 2001, though I'm looking to sell my SFH and purchase something else. But I think 3 in Auburn is enough, then I'm planning to move on to Raleigh, NC, where I might be moving next for school. After looking at that city, it seems like a good one for rental investments. :-)

I utilize property managers, even when I was closer, because I'm terrible at being the bad guy! Hey, know your weaknesses. Life isn't about being perfect, but about working around your imperfections. I'm just too nice, so I hire other folks for that part of the job. Not to mention, I'm pretty disorganized and am terrible at collecting rent on time even when I was trying to do it myself. lol I also have a financial planner who owns real estate as well and he helps me vet properties. (It was actually his idea to sell my SFH for something better and to stop buying in Auburn after this next deal in case something happens to the economy there...not having your eggs all in one basket type of thing.)

My SFH is paid for and my duplexes all rent great and cash flow, so while I'm not a genius at this whole real estate thing, I've got good folks helping and I'm doing alright for myself.

Who else is new on BP?  Who else is from AL or NC?  Who else is just friendly and wants to say hi?  :-)

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Chris Martin
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
8y

Jody, first thanks for your service and I wish you the best in your real estate endeavors.

One thing I want to say is that Fayetteville and Raleigh are quite different markets. I'm not sure this came out in any posts on this topic. I know of a few Raleigh area REI (Raleigh and suburbs) who bought property in Fayetteville and, to be polite, had to reset expectations. Not a knock on Cumberland county, but it ain't Wake. As along time investor in the Wake area, and more recent in Pitt (Greenville, NC a ) and Columbus (nada going on real estate wise) counties, I can't stress enough that these (Raleigh and F'ville) markets are almost as diverse as Asheville and Laurinburg. LOL! So all I ask/say is please go in with eyes wide open.

While my holdings in Raleigh and greater Raleigh are ~$2M less and 1/3 what they were 3 years ago, it is still a great place for most REI. Long term, I think it will be as good as most other NC cities for RE returns. The F'ville RE market to me seems more like Jacksonville NC. But personally I prefer Greenville NC over both (actually all) for residential real estate.

Again, good luck in your journey.

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  • Zane M.
    Carrollton, TX · Member since 2017 · 19 posts · 10 votes
    8y

    First, thanks for your service.  I know I couldn't do that and I respect the people who can. 

    I agree whole heartily with not being able to be the bad guy.  I had already planned on a property manager for my entire future.  It's not a weakness, just a personality trait that doesn't work well in certain business transactions.  I agree with 100% with having people help, particularly when you know you can trust them.  I may not be from AL or NC, but welcome, congratulations on your success so far and good luck in the future.

    1Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    Thanks, and good luck to you, @Zane M.

    0Reply
  • Josh Stack
    Investor · Cramerton, NC · Member since 2017 · 336 posts · 198 votes
    8y
    War Eagle Jody! Welcome to the site. I don t know a whole lot about Raleigh but indications are it is a good market that has potential. If you are ever to sell your property in Auburn, let me know. I’d love to have a business reason to go back to the loveliest village on the plains regularly. Josh (Class of ‘05)
    1Reply
  • Michael Tierney
    Investor · Asheville, NC · Member since 2014 · 63 posts · 58 votes
    8y

    Hi Jody. I'm a buy and hold investor from Asheville also. Like you, sold my portfolio from my original market to move them closer.  Glad I did.  Welcome to the site and good luck with your NC investments - I think it is a good place to be.

    1Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Michael Tierney, technically, I'm not selling to move my properties closer.  I'm selling one and buying another still in Auburn.  I plan to always have 3 there.  I just plan to buy some closer for diversification in case something happens in Auburn.  :-)  

    I want to thank everyone for their warm welcome.  This has been a really wonderful site so far.  Ironically, I was turned onto this site by a friend and went PRO within a week, while I'm not sure how much he even gets on.  I haven't seen him yet and everything I share with him on Facebook, he seems to appreciate rather than saying, "Yeah, I saw that, too."  lol

    0Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y

    @Jody Schnurrenberger welcome. We corresponded on another thread yesterday.  You are right about PM. If you are not cut out for the job farm it out. Keep up the good work. I know you realize the power of RE for financial security. 

    0Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    Thanks, @John Thedford!  That thread was amazing!  I'm disappointed more folks haven't visited it!  Can you post a link to it here or something so the folks who have posted here might see it?  Maybe it's because I'm new, but I'm just so impressed.  :-)

    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    8y

    Welcome, welcome @Jody Schnurrenberger!

    Thank you for your service as well.  I did 4 in the Marine Corps, which was plenty for me!

    Congrats, too, on having paid-for real estate.  Not many can say that!  Over half of mine are free and clear, but they were higher rate and higher risk commercial loans that were bothering me or seller financed loans that had a little more inherent risk. 

    Your 'weakness' has caused you to be far ahead of me with systems and management in place.  I am selling out of my single-family rentals now,  mostly because I'm tired.  The market is great, but mostly because I've been DIYing it so long.  The extra CF is what has allowed me to pay off 19 doors, but it gets old.  You can scale better your way if you choose to.

    Happy to have you!

    1Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Steve Vaughan thanks and thank you for YOUR service!  :-D

    1Reply
  • Miguelito Fernandez
    Investor · Cameron, NC · Member since 2017 · 44 posts · 27 votes
    8y

    @Jody Schnurrenberger

    The civilian life is good huh? lol. It felt really good when I got out back in 2012. I live near Fort Bragg and I'm in love with the market down here. Raleigh is about an hour and a half away but between Fayetteville and Raleigh, there's a lot of development going on and things are looking really good for the future. Yesterday, I read an article here on BP and it mentioned Fayetteville, NC currently not being such a good place to invest in but I know I'm not having a problem. This goes for Raleigh as well except it's the opposite where it's a very hot market but I'm sure there are still plenty of deals to make. I'm also utilizing a property manager because what better way to make these investments more passive? I love it. All it takes is to simply add a 10% expense to your numbers for that service and you'll know if it's still a good deal or not. 

    1Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Miguelito Fernandez, thank you for your service!  Personally, I still miss the Army.  I loved it!  But I'm adjusting.  I think part of it is that I got out medically, not because I decided it was time.  Oh well, maybe becoming a real estate baroness will improve my outlook on civilian life.  Hahaha!  Kidding!  I don't plan to own THAT much...maybe like 5-6 max.  

    I think I read the same thing you read about Fayetteville and Raleigh.  I hope the good market there holds out as my agent in Auburn, AL is retiring next year, so I'm going to do my last planned deal there before she's gone, then start working on Raleigh, so it will probably be a year or two.  

    I have a bunch of friends at Bragg right now.  For some reason, like 5 or so of them all PCSed there.  Weird.  lol  Maybe we can meet up one of these days when I go to visit them.  :-)

    Good luck in your endeavors!  

    1Reply
  • Michael Macklin
    Mortgage Consultant · Raleigh, NC · Member since 2016 · 181 posts · 53 votes
    8y
    Jody Schnurrenberger welcome to the site and thank you for your service. I am a retired army guy and live in Raleigh. Raleigh is very hot right now. Places are selling fast. If there’s anything I can do to help a fellow investor and veteran please feel free to reach out.
    1Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Michael Macklin, are you going to be at that Raleigh seminar on Landlord/Tenant Law (or something like that) on November 3?  I was thinking of going.  It would be great to meet you.  :-)

    Thank you for your service and GO ARMY!  lol

    1Reply
  • Michael Macklin
    Mortgage Consultant · Raleigh, NC · Member since 2016 · 181 posts · 53 votes
    8y
    Jody Schnurrenberger I’ll see what my wife wants to do. If not there I think we should schedule for the here of us to sit down to coffee or something of the like to see how we can help you.
    1Reply
  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    8y

    Jody, first thanks for your service and I wish you the best in your real estate endeavors.

    One thing I want to say is that Fayetteville and Raleigh are quite different markets. I'm not sure this came out in any posts on this topic. I know of a few Raleigh area REI (Raleigh and suburbs) who bought property in Fayetteville and, to be polite, had to reset expectations. Not a knock on Cumberland county, but it ain't Wake. As along time investor in the Wake area, and more recent in Pitt (Greenville, NC a ) and Columbus (nada going on real estate wise) counties, I can't stress enough that these (Raleigh and F'ville) markets are almost as diverse as Asheville and Laurinburg. LOL! So all I ask/say is please go in with eyes wide open.

    While my holdings in Raleigh and greater Raleigh are ~$2M less and 1/3 what they were 3 years ago, it is still a great place for most REI. Long term, I think it will be as good as most other NC cities for RE returns. The F'ville RE market to me seems more like Jacksonville NC. But personally I prefer Greenville NC over both (actually all) for residential real estate.

    Again, good luck in your journey.

    2Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Chris Martin, thanks for putting the link for your tier 2 market comment.  I appreciate that.  I feel smarter already.  :-)  I was basing my opinion on this blog post (plus looking on Sperling's Best Places to Live site for crime and housing stats).  

    https://www.biggerpockets.com/renewsblog/cities-re...

    But I do believe there are good deals to be had anywhere.  Some might just be harder to find.  Also, it depends on what you are looking for.  

    I'm sorry your investments have been losing in Raleigh lately, but I suppose that's good news for me for not getting in sooner.  lol  (Sorry.  Rude joke.  ;-) ) 

    Greenville is your favorite spot, huh?  Auburn, AL (my home town--sentimental reasons it's my favorite) is mine, but my financial planner doesn't want me to have more than 3 properties in any one city in case things go awry.  It makes sense to me, so I'm following his advice...to Raleigh.  lol

    0Reply
  • Miguelito Fernandez
    Investor · Cameron, NC · Member since 2017 · 44 posts · 27 votes
    8y

    @Jody Schnurrenberger Thank you! :) I miss the comradery for the most part but I'm a happy guy with his DD214 lol. I think you'll do just fine in the Raleigh market. Like, I really love the state of North Carolina (I grew up in NYC) and I would love to invest in different areas within the state. On the meetup, just shoot me a message! I love going to the base :) 

    Good luck in your endeavors as well! :) 

    1Reply
  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    8y

    @Jody Schnurrenberger I think you misunderstood my post. Or I wasn't clear. I left the Raleigh market because of price appreciation, not because valuations dropped. "Taking gains" as my managers would say. I redeployed capital to a city where my P/R Ratio (using the blog post's terminology) for my acquisition was 5.26, over half what I would see in Raleigh. And with a population of 91,495, which is too small to even be on the 'small cities' list, I don't have to worry as much about people from TX and elsewhere "discovering" the place;) 

    2Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    @Chris Martin, Oooohhh...Okay.  Well, that sounds MUCH better!  lol  Congratulations!  I'm glad you found a spot you are happy with.  :-)

    0Reply
  • Derek RobinsonPro Member
    Real Estate Coach · Asheville, NC · Member since 2016 · 176 posts · 172 votes
    8y

    Howdy! I live in Asheville and am a full time investor. I used to invest in Asheville a few years ago but now I go to cheaper markets (Spartanburg, SC, Hickory/Lenoir) because I find deals harder and harder to find in the area. I do mostly long term rentals and have SFH and multifamily. Buying my first short term rental in Boone this week. Let me know if you have any questions or need a sounding board for a deal.

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    8y

    Welcome to BiggerPockets Jody!

    Podcast Guest on Show #121
    0Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    Thank you for the welcomes everyone!  I'm very happy here!  :-)

    0Reply
  • Jody SchnurrenbergerPro Member
    OP
    Investor · Asheville, NC · Member since 2017 · 506 posts · 404 votes
    8y

    I'M FAMOUS!  Brandon Turner mentioned me and my comment in his webinar, "Generate $5,000/Month from Single Family House Investing" on Tuesday, OCT 24, 2017.  WOOHOO!  lol  

    By the way, turning Pro is TOTALLY worth it for me.  I've learned SO MUCH from watching old webinars and doing lots of analyses on the tools.  I'm doing like 10/day for practice, even though 90% of them aren't anything I'm interested in.  But it's good practice and I'm getting faster and more comfortable.  I should be good to go when I get to Raleigh in 2018.  :-D

    0Reply
  • Ty L.
    Investor · Northern Virginia · Member since 2017 · 159 posts · 59 votes
    8y

    Welcome to BP and NC Market.

    1Reply
  • Matt Motil
    Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
    8y

    Welcome aboard @Jody Schnurrenberger if that's your worst weakness I think you are doing great, no problem being too nice! Good luck.

    1Reply
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