All Forum Posts by: Account Closed

Absolutely. A full opening of Asheville for short-term rentals would completely destroy the basis of my income, with my portfolio being carefully built over the past seven years to maximize returns outside of city limits. These returns could be erased by an enormous surge in supply within the city itself. This action would also indirectly raise retail prices at the same time, which would allow me to sell off my portfolio and invest in something else. But I do like real estate, and I hope that I'll be able to continue owning these houses into the future. I'm on pause for any additional investing until this issue settles out or becomes clearer on either side. 

Thanks Mitch! This article from the Mountain express provides a little bit more detail and a bit more local perspective –

https://mountainx.com/news/wha...

It also mentions that Buncombe County is considering limiting vacation rentals, which could be a major problem since my collection is all there. I was counting on increases in supply and variations in demand when I bought them, and am already seeing relative softening in demand this fall as so many new players enter the market. However, major regulatory changes in either direction could make waves that could rock the boat even more...

Brandon Smith with Smith and SHins is awesome. He's based in Taylors SC but works with quite a few AVL area investors 

Blake Long is an excellent real estate attorney, and Brandon Smith is a kickass accountant.

@Lauren Pitts  -  Yes, I'd love to see what you came up with.  We have 5 rentals now, should grow to about 12-15 in the next 3 years. We're looking for a service that can unify other booking platforms, as well as offer a "canned" and maintained website to do our own bookings. 

@Pavan Mediratta- Thanks for the info!  Does that software offer the option to book direct? We want to mix in some direct bookings with our bookings through the main platforms. 

Thanks Neal!  I'll give TruPoint a try  :)

Who was 3%?  That is insanely low for a commercial loan. I use Bryan Robinson at Nantahala Bank 
He's great to work with, fast and sharp. He'll be swamped now, as will anyone else I'd imagine, due to Corona-related business loan requests. 

Following-  I'm UC for a major project, and my crews are too busy with existing work.  Would like to farm out some or all of this one, including day to day management. 

I would consider a bridge loan for the project. I don't have any long-term interest in it, but it sounds like you're looking to refinance instead of holding long-term with a private lender anyway. I would charge typical hard money rates, 3% plus 10% for up to 13 months, IF I agree on the basic mechanics of the deal and its ability to refinance well.

The process would be quite simple- credit check and a bit of background research on my part for you and your partner, then an analysis of the deal itself. You'd need to have some skin in the game, but this wouldn't need to be much (around $15k would work if the deal is strong)