All Forum Posts by: Kit Serrell

Hi Ross, I am a short term and long term rental investor in NC. In the areas you mentioned, you really have to do your due diligence regarding short term rental restriction imposed by the cities as well as HOAs and local covenants. Lenders are unlikely to lend for short-term rentals in areas where there are clear guidelines against them.

Hi Maranda - Id love to connect and help in anyway I can.

Kit Serrell

Loan Officer

NMLS ID# 2349806

https://alcova.com/kserrell/

Hi Janet - Happy to connect and help in anyway I can. 

Kit Serrell

Loan Officer

NMLS ID# 2349806

https://alcova.com/kserrell/

Hi Jordan - Just an FYI Asheville has very strict restrictions for short-term rentals and isnt allowing them in many areas anymore. They only allow them in the "resort" zoning district. I would make sure to reference the city guidelines before going down the rabbit hole further. Keep in mind, lenders wont lend for short-term rentals where the city regulations explicitly state that isnt allowed.

Happy to connect and share my perspective as lender.

See government website for point of reference.

https://www.ashevillenc.gov/se...

Kit Serrell NMLS ID# 2349806

https://alcova.com/kserrell/

 Unfortunately the way you traditionally approach financing these plots of land is expensive and not straightforward. You'd have to find a niche bank/lender to loan for the land and to have water, sewer, electric, permitting, concrete pads if necessary, etc which can obviously add up. Also, if people cannot afford to pay their lot rent you end up with the mobile home and become a landlord with a home that may or may not be in livable condition (meaning you would stomach the expense to have it removed) due to the fact mobile homes are built like toothpicks and don't take tenant abuse very well. People can and do have a lot of success with these when they can jump through those hoops and have people on their team with the cash to help them. Its just not nearly as straight forward as people sometimes make it seem.

Just PM'd you. I am a lender and would love to help in anyway I can.

Hi Lewis! Thank you for your service!  I started investing about 3 years ago and I now have several properties in NC (short term and long term). Happy to connect and share what worked best for me.

Hi Omar! Id love to connect and help in anyway I can. I started investing about 3 years ago and I now have several properties in Raleigh, NC and Jacksonville, Florida. Happy to connect and share what worked best for me.

Biggest takeaway is having a good lender makes the world of difference right now. Market is still hot. Still buy, buy, buying!

Hi Cathy, I just messaged you. I am an investor in Raleigh with multiple units and i just started 2-3 years ago. Happy to connect and share what worked best for me. In my opinion, wholesaling in Raleigh is nearly impossible unless you have an expansive network and/or experience. The market is still very hot so you would have a very difficult time finding sellers who are willing to sell you units at below market value when they can still easily get top-dollar. Additionally, there are very, very few multifamily properties that are available in the Triangle as multifam construction (2-4 units) is not nearly as common as other cities. The multifamily units I have personally looked at have been in less desirable areas and are in very rough shape. You would likely be better off choosing a different market or sticking to single family units in the Triangle.