I am a new investor looking to purchase my second property in Asheville, NC. I am leaning towards buy-fix-hold, but am in the air about duplex/small multi-family vs SFR's. Does anyone have any feedback on which types of properties make the best rental investment in Asheville. I am looking for a cash flow / appreciation payback over 3-5 years. Also, any good networks here with banking, other investors, and contractors would be great !
As you know, the WNC market is quite hot. We are all struggling to find good cash flow deals right now. Properties that are in good shape sell at retail prices. The deals we are finding right now are in the off-market properties or properties that are so beat up retail buyers cannot get conventional financing. We have had good luck with the Asheville CREIA group of Investors. It is the best network we have found to find references for bankers, attorneys, accountants and contractors. They have a lot of meetings each month, so it has been easy to fit networking into our schedule. Good Luck!
I own SFRs and a duplex in WNC. I don't think you can go wrong as long as you buy it right, which will be critical with your 3-5 year timeline (and tax efficient!). The rental market is hot in WNC, and good deals are scarce on the MLS. There are definitely MORE SFRs available, since I think most multi-family investors have little incentive to sell right now (rents are good!). I'm trying to read-into your strategy a little bit, but I think you'd be well served by forcing appreciation on a SFR.
I own property in Arden and Hendersonville. What locations are you considering? PM me and we can talk about lenders, contractors, etc.
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