All Forum Posts by: Brad Collins

@Daniel Johnson, I had this on my list of things to do this week, thanks for getting the ball rolling! July 22nd should work for me - see you then.

Tagging a few others who may be interested:

@Christian Longacre, @Maurice Smith, @Jaime Tineo, @Alex Ritter, @Haverty Matondo, @Mark Linder, @Julia Collins

Hi @Michael Tierney,

I appreciate your response. Sounds like an almost identical experience to ours. The more I look into it, the more I realize it's not all too uncommon. At the end of the day, we have an email from the city showing that we're grandfathered in and STR is allowed so I think we've got ourselves covered.

I suppose I'll give our lender and the insurance company a heads up to avoid any speed bumps later down the line.

Cheers!

Below is the attached verbiage taken directly from the zoning ordinance, for those so inclined:

Hey BP,

Excited to say that we're currently under contract on our second investment property (our first multi family), located in Hendersonville, NC - about a half-hour outside of Asheville. We plan to offer some of the units up for STR and are digging into the regulations a bit more to ensure that won't be an issue. From what we have learned, it's a fairly friendly town for STR, all things considered.

However, during our due diligence, we discovered that the property is zoned RS6 (single family residential). I was a bit confused by this, since it's clearly built as four identical apartments - each with a matching layout and full kitchen plus a main entryway with a shared staircase. I suppose it's possible that, at some point, a very symmetrical house was gutted and converted to apartments... but this seems unlikely. Then again... the water & gas are shared utilities...

Anyways, we reached out to planning and zoning and got the following response:

They included the full section for "Nonconforming Uses" from the zoning ordinance. I'll post this in the comments to keep the OP brief. TLDR: If we stop using it as an apartment (not planned) or if it suffers more than 50% of it's value in damages (fire or other act of god), then it would no longer be grandfathered in and must convert to SFH. This would be a big loss for us because it's not a simple conversion back to single family and our numbers are based on four units (with either STR or LTR). On the flip side, the chances of this happening would also be pretty darn low.

Any thoughts? Have other folks dealt with "existing nonconforming" properties? Am I being a bit too paranoid? Your wisdom is much appreciated!

@Joe S. Not sure if it has changed since you last looked, but AirDNA gives free access to the "Rentalizer". It's very basic but does help set the tone for market rental rates in your area.

@Gary Parilis - great post and appreciate you sharing the link once you dug it up. Super interested in delayed financing and that article is very helpful. Now time to find some brokers in my area that are familiar with it!

@Anthony Thomas - a little late to the party but I've been impressed by Jim Barringer's quality of work (Jim Barringer Roofing) and relative pricing. I ended up hiring someone else due to a couple of unique features on my roof that he didn't specialize in. He did two roofs for a good friend of mine. He's honest, upfront, and sometimes a little difficult to get in touch with (all contractors seem super busy these days). He's on my short list for future properties.

I'd be curious if you found anyone else and if you were satisfied with the work/price?

@Daniel Johnson - Oct 27th at 7p works for me. I’ll keep an eye out for your post next week.

@Daniel Johnson -  I would definitely be interested in joining at meetup at Incendiary. Let me know once you've locked down a date!

First impressions: This is absolutely fantastic - very much looking forward to future reports.

One thing I noticed while reading the first two reports was that the graphs were not quite consistent with each other. It would be helpful (especially in a commonly recurring graph such as the National Rental Inventory & Asking Price) if the colors and graph/chart layout remained constant. I noticed these flip-flopped within the 3/27 report (the asking price & inventory numbers changed sides). I really think it would be beneficial to have a constant style/layout from week-to-week as well.

Thanks for putting this report out. I expect it to be tremendously valuable!