All Forum Posts by: Mark Lee
Mark Lee has started 5 posts and replied 29 times.
Post: New to Short Term Rentals - Banner Elk, NC
- Posts 29
- Votes 15
@Rachael Wood, I was wondering if you have closed and started listing on airbnb? Do you have a recommendation for a realtor? We are interested in a vacation home in the sugar mountain area which is nearby.
Post: STR in Snowshoe Mountain WV
- Posts 29
- Votes 15
@Mark Cruse - congrats. Sounds like an established cash flowing rental. Thanks for the information and I hope you do well in the upcoming season.
Post: STR in Snowshoe Mountain WV
- Posts 29
- Votes 15
Mark, thanks for posting. Would you be will to share some numbers on your purchase? investment amount, costs, occupancy, rate of return, cash flow?
Post: STR in Snowshoe Mountain WV
- Posts 29
- Votes 15
Did you ever aquire a property in Snowshoe, WV and if so, has it worked out for you?
Post: HELOC Connexus Reviews
- Posts 29
- Votes 15
@Saji Ijiyemi, I ended up going with a local credit union that had very good rates. I did not ask your specific question.
Post: A "Hall Analysis" of Gastonia as a Market for Buy&Hold Rentals
- Posts 29
- Votes 15
Josh, thanks for the great initial analysis and continued follow-up. I have pasted a table with some of the key metrics you highlighted in in your analysis, with the addition of data from the 2017 and 2018 CAFR reports.
Couple of my personal observations from reading through the 2017 and 2018 reports:
1. Gaston technology park is now planning to expand.
2. FUSE is still the center piece of Gastonia for the future.
3. Per capita income has not recovered to the pre-recession levels, however, it continues to steadily increase.
4. Owens Corning is now in the #2 spot, and very close to Daimler for the top property tax payers. Combined Daimler and Corning make up 3.6% of the cities taxable assessed value.
| 2015 | 2016 | 2017 | 2018 | |
| population (2010 census 71,741) | 72947 | 73698 | 75536 | 75919 |
| gastonia unemployment rate | 6.70% | 5.50% | 4.40% | 4.50% |
| ad valorum taxes | $29,294,143 | $29,055,453 | $30,120,248 | $31,108,141 |
| general governance expenditures | $7,652,922 | $8,432,653 | $8,611,305 | $8,769,056 |
| public saftey expenditures | $26,258,338 | $27,929,197 | $29,290,869 | $30,058,429 |
| Public Works expenditures | $5,449,447 | $5,497,190 | $5,828,965 | $5,667,571 |
| Cultural and recreation expenditures | $5,382,186 | $5,467,201 | $5,545,275 | $5,947,833 |
| Economic Development | $95,379 | $379,185 | $336,563 | $406,586 |
| property tax values | $29,097,588 | $28,876,336 | $29,966,989 | $30,959,917 |
I would also refer those interested to the bureau of labor statistics, which has a wealth of data on the labor market. The site has data for the Charlotte, Concord, Gastonia metropolitan area. I have pasted a couple of charts I found that indicate strong growth for the last decade.
My conclusion is that if you were able to get into the Gastonia market in 2017, the economics of the area today should give you confidence that Gastonia is a stable market that continues to see growth.
Mohan, did you end of purchasing the duplex? how did it work out for you if so?
Post: HELOC Connexus Reviews
- Posts 29
- Votes 15
I am shopping for a HELOC, and see that Connexus offers competitive rates. The reviews I can find on Connexus however are all over the place. Does anyone have first hand experience with a HELOC from Connexus and would you mind sharing if you would recommend them or not?
Post: Looking to take out a HELOC to get started in REI
- Posts 29
- Votes 15
Ryan, did you eventually get your HELOC with Connexus? I just spoke with them yesterday and they seem to have good rates. Did you also figure out the answers to your last post? Through reading it seems there is a hard limit of 5 loans, but practically you can only get 3 loans. Also, the banks I have spoken with have told me you have to wait 6 months in order to refi based on LTV, otherwise, you will only be able to refi based on the amount you have invested in the property.