Investing in Asheville surrounding areas?

Question

Hi Everyone, I am currently looking at area's around Asheville to do a STR in. How many people here has done them around here? I'm looking at the free AIRDNA data and it looks great in areas like Cashier, Black Mountain etc. How have investors experiences actually been in the area?

Mary W Dorris · Answer

I live in Asheville and am a Realtor here. Asheville city is very restrictive, though 30 day rentals are allowed and can be a great option for traveling medical providers. Buncombe, Haywood and Henderson counties have no restrictions and are good areas for investment properties. Hope this helps!

Mike Shemp · Answer

We've recently vacationed in the area.  We liked Black Mountain and Swaninnoa from an STR perspective, but I am not sure of the STR regulations, climate, etc. but liked those 2 areas from a vacation perspective.

Mike

Mike Szabo · Answer

@Wei Jie Yang The areas outside Asheville have been performing well. As mentioned above, the city of Asheville has restrictions so it would not work for an investor. Cashiers also just decided to ban short term rentals and that should go into effect January 1st.

My personal favorite area to invest in are Chimney Rock/Lake Lure, where I own a couple STRs. Old Fort, Burnsville and Waynesville are also great. Those areas have become quite popular but you can still find some properties where the numbers work. Turn key properties usually go really quickly with multiple offers over asking price. The higher price points offer a little less competition. It can be frustrating at times finding the right investment, however with a little patience it is definitely possible. I would be happy to help with your search.

Keith Dowdy · Answer

@Wei Jie Yang I’ve been doing well in Beech Mountain. I also see that Boone, Banner Elk, and Seven Devils are all successful STR areas. Busy in summer and winter. Mountain biking, golf, tennis, hiking in the summer. Skiing and snow tubing in the winter.

Josh Myrick · Answer

@Wei Jie Yang since they work in multiple markets they have a many price ranges. I’m looking in Smokies in TN and GA and many are 600k but also see alot of 500s. You may also qualify for their 10 or 15% loan which could help.

They said their market in Orlando is the most affordable and still has great returns. Write down lots of questions for the consult bc you will think of many more while on there.

Wei Jie Yang · Answer

I'm scheduled to talk to them in two weeks! They are pretty busy! Currently it seems most of their markets are in the 700-1M range though, if I'm just going by there Facebook group. I'm trying to find properties in the 550K and under ideally. Was wondering how people around the area are going about it.

Josh Myrick · Answer

If you follow The Short Term Shop with Luc and Avery Carl here on BP they give a lot of great info. I just had a consultation with their company and I believe they said they are expanding into this market around banner elk, blowing rock, and the towns around Smoky Mtn National Park. I suggest talking to them. They can work as your agent and help you pick a good deal. They also seem to do weekly management course to help you manage it the right way.

I just started working with them and waiting to find the right property before I buy. But I have been going to their free education courses.

Investing in Asheville surrounding areas?

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