Asheville is hot - other buy & hold values found regionally?
Thanks to @Ben H., re-posting in this area from Buying and Selling Discussions, as its more local. Sorry in advance for two posts compiled to one!
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Hi folks, I'm Ryan, first time poster, new to real estate investing. I found BP a few months ago, after looking for avenues of passive income. I live with my family in the Asheville, NC area.
Here in the forums, I've seen folks like @Alex Franks counsel others to start locally, if they're new. Makes sense. I'm just wondering how local we're talking. I've met with the Asheville REIA a couple of times, talked with agents there about an affordable (sub-$80k?) buy and hold 3/2 that would rent well. They said, "Well…, it's not impossible, but..." Another local investor told me he hasn't bought anything here in the last year, and doesn't see that changing anytime soon. Not the encouragement I'm seeking, but it looks like that's the reality of the AVL market at this time.
I grew up in the Charlotte Metro area, so I like and am familiar with CLT. I also like the Greenville/Spartanburg area, for its proximity to me and its relatively lower housing costs, compared to AVL's.
So, I suppose I'm asking if you think I should also look at other regional areas, GSP, CLT, maybe Raleigh/RTP, or Knoxville/Johnson City, or do you think it's better to continue saving, continue learning about my local Asheville market, and see what comes up? Maybe I should look into other short term avenues of passive income in real estate while I wait? I would value anyone’s opinion if you have the time to respond. Thanks very much in advance.
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@Alex Franks suggested I clarify my first remarks, so I did with:
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Alex, thanks for your response.
To clarify, the goal is (relatively) passive income, to build wealth now with current cash flow going towards purchasing more property or more debt, and then to supplement my income later (10yrs+). With that end in mind, my options could be:
1. BRRRR a SFR – either locally, or regionally. Steeper learning curve, more time intensive first (second, third,…) time out. Theoretically, I should have some equity by the time I’m done. The idea is of course to cash flow, even with property management baked in. With a full time job and family, time restraints could be an issue.
2. Buy a SFR rent-ready, possibly via turnkey company. Little, or more likely, no equity for me initially, potentially less steep learning curve.
3. Notes or maybe private money lender. Another learning curve, but aren’t they all? I don’t get the inflation hedge this way. Still, maybe a single or double is better than striking out while trying for a home run, especially in the beginning?
There are other solutions that I’m likely missing, also. Obviously, much due diligence is required for any of these approaches.
Any further opinions? Thanks again!