All Forum Posts by: Christian Longacre

Hi @Noah Kellar!  Sounds like a great plan, house hacking is a brilliant idea for getting started.  I agree with @Nate Sanow, check with your lender to make sure FHA will be possible based on the condition of the property.

Also, is this property within Asheville city limits? Make sure you check out Asheville's STR regulations, they only allow homestays (that's when you live at the property full-time). Reach out to me if you have any questions, I've helped clients in this area before.

@Jack Tulloch great point!  There's a lot to like about Asheville and other NC markets (Boone, Charlotte, OBX, etc.).  It really depends on the type of real estate you want to own.  Thanks @Jared Trindade for the interesting stats!

Hi @Jake VandenAkker, what type of property are you interested in?

I would check out TDF Furniture, they have a few locations throughout central NC.  I haven't used them personally, but my friends have and they were very happy with the furniture they purchased.

Hi @Colin C Barrett!

First, if you don't have a lot of money but can reno kitchens and bathrooms, why not focus on house hacking?  That should be the biggest and safest bang for your buck.

I like @Mitch Davidson's points about some of the differences between Asheville and Charlotte, and about using AirDNA or PriceLabs to guide your research. Both Asheville and Charlotte have grown a lot in recent years, and I think both will continue to grow ... there's just a lot to like about NC. I think you need to consider what type of investment you want to make first (who is your ideal client, what is your ideal property, ideal sub-market, which city do you want to visit on your personal vacation, etc.) because these cities have some very big differences. Also remember that the key to making profit in an STR is excellent operations, not just the acquisition. Here's my take as an agent and investor in the Asheville area:

Asheville pros for STR/MTR: Asheville is a great place to live and vacation! We have so much to do outdoors (hiking, mountain biking, kayaking, skiing is a short drive away, etc.), there are pretty views almost everywhere, and all these things are easily accessible (Asheville is still a relatively small city). The people here are very laid back and friendly. We have 4 nice seasons of equal duration -- we get a few light snowfalls in the winter, springtime is mild, temps are moderate in the summer due to the elevation, and the fall season is especially enchanting. There are so many good options for food and drinks both in Asheville and the surrounding towns. The Asheville Regional Airport makes flying super easy, you're just a quick connection to ATL and you can get anywhere in the country easily. All these things make Asheville a great location to visit, both on STR or MTR timelines (for travel nurses, digital nomads, etc.). There are also affordable areas just outside of Asheville that can make good STR investments.

Asheville cons: Since Asheville is still a relatively small city, the economy just doesn't compare to Charlotte in many ways. If you want to target STR guests who are traveling for conferences, business trips, sports tournaments, etc. you won't find as much of that here as in Charlotte. If you want big-city nightlife, Asheville will probably disappoint. Asheville attracts some big-name musicians and comedians from time to time, but probably not as much as Charlotte. Asheville also has mostly banned STRs within city limits (homestay only, but there are a few exceptions), but the surrounding areas are mostly STR-friendly.

If I had to sum it up in one sentence:  Asheville is a small-but-growing mountain town, while Charlotte is the big city.  You should visit both before picking one!

Hey @Travis Provin, there's lots of great locations to invest in and around Asheville.  I'll send you my info, I'd be happy to talk anytime.

Hey @Logan Bryantand @Chris Martin, I would have a quick discussion with Daniel Johnson.  I think he's a skilled in both subjects (RE investing and financial planning).  We met for lunch last year and I was impressed.

I haven't hired an advisor yet because my portfolios are relatively small and I'm happy to self-manage, however I think I will hire someone at least on a project/fee basis in the future.  

Daniel Johnson, CFP®, MBA - RE|Focus Financial Planning (xyplanningnetwork.com)

Hi @Christina Kinard, financing and property ownership are two different things.  Most Realtors are paid when property is sold, regardless of financing.  So in your case your Realtor would likely get paid based on the land purchase since that's what they're assisting you with (buying land).  In most cases the listing agent will offer your buyer agent a commission and you won't pay your Realtor directly.  If you're buying directly from an owner, you'll need to discuss compensation with your agent.

You may be thinking of other new construction situations where a builder owns the lot, but you're buying a new construction home on that lot in the transaction.  In this case your contract is for the finished home (not just land), and your Realtor would likely get paid a % of the price of the home.  Keep in mind that your Realtor would be representing your best interest all the way through closing on that new construction home (not a small task).

Finally, Realtor commissions are ALWAYS negotiable.  A good real estate agent will save you more money than they cost you by helping you avoid pitfalls, saving you massive amounts of time, and negotiating on your behalf.

Hey @Robert Hasty, I'd love to connect.  I'm both an investor and an agent in WNC.

Congrats @Ross M.!  There's lots of great markets in NC for investing, and it sounds like you're starting an exciting journey.  I'm investing and serving clients in WNC.  Let me know if you have any questions about investing or markets in the western part of the state.