All Forum Posts by: Michael Tierney

Hi Annette. 

I'd recommend checking out the local Carolina Real Estate Investors Association (CREIA) group.  They have a sub-group (about 20-25 people) that meets on the last Tuesday of every month in Hendersonville at the Bay Breeze restaurant.  There are a number of flippers who attend that meeting along with a bunch of buy and hold landlord types.  That would be a good place to look for a mentor.

Good Luck!

Hi Barry,

I'd recommend going to the Hendersonville REIA Meeting and ask local investors directly. Just got the reminder in my in box that they are meeting early next week...

The Hendersonville Focus Group Meeting is scheduled for 6:00 p.m. at the Bay Breeze Restaurant, 1830 Asheville Hwy/25N, on Tuesday February 28, 2017. Dinner and networking starts at 6:00 p.m. with the meeting at 7:00 p.m..

Check in with Tom Boyd about what Contractors you are especially in need of - he can introduce you to the people with the info you are looking for.

Good Luck!

Hey Chris,

Sounds like a pretty interesting prospect.  Biggest question I would have is the extent and nature of the deferred maintenance. We just wrapped up an East Asheville rehab that kept surprising us with problems.  Every time we opened up a wall we found new issues.

Since you have already identified 75k of capital items, I would recommend asking your bank to give you a mortgage that includes a 75k construction loan imbedded in it.  You may have to pay an extra point up front, but you can get the bank to finance 80% of your expected rehab and preserve your cash.  Plus you get the property all nice and shiny up front, so hopefully better tenants and maybe more rent.

Good Luck!

I'd vote the multi-family route... 1) Easier to manage as all of your tenants are in one place. 2) You can force appreciation via good management (multi family trade off of a multiple of the NOI). SFH's are worth what the neighborhoods are worth. 3) I find I get a better cash on cash return in multi family because more of the money is in improvements (and less in land). 4) Banks use the earnings of the multi family property when calculating their ratios. Typically they exclude the rental income of the SFH when calculating ratios.

Lol... I think we all go through something similar where our spouse nixes an idea or deal. I'd keep the wife and look for a different deal. Wholesale it to another investor and find one better for your situation.

Does anybody have a good recommendation on a Vacation Rental Guru/Speaker? A lot of folks in our REIA (Asheville, NC) are doing VRs on a small scale and I'm thinking it might be worthwhile to have somebody speak to us about best practices in the business. Anybody have experience with a VR speaker (good or bad) that you can share?

Others I have on mine are my plumber, electrician, painter, handyman, 1031 intermediary, general contractor and landscape contractor. I also have an apartment syndicator (big help when running out of 1031 time!). Who do you have on yours?

I've been asked to speak at our December REIA meeting about the topic, "Who is on your speed dial?" I thought this would be a great forum topic for the the BP community (and I might just learn a thing or two!) So, who do you have on yours? (Example: banker, realtor, attorney, etc). Thanks for the insights!

Hi Robert,

I suggest you check in with the Carolina Real Estate Investors Association, (aka, CREIA). They are based in the Asheville/Hendersonville area. They can refer you to a number of folks and then you can pick out the ones that fit you best.  Their web site is creianc.org

Good Luck

PS. - They are non-profit, so minimal cost to pick their brains.

Hello,

I made the move to Asheville about 18 months ago.  What a great decision! This place is amazing!

There are definitely good opportunities to be had, but a lot of folks looking too.  Strongly recommended checking into the local Real Estate Investors group (aka, CREIA). They have saved me a ton of money with local info, references to investor friendly contractors, accountants, attorneys, etc. I don't know how people build their team without investor referrals.

Flat land can be had, but tough with an Asheville address. Check out nearby areas like Fletcher, Fairview, Candler, Weaverville and Swannanoa.  Even then, it won't be totally flat, but gently sloping is possible.

Homes under 200k are really in demand. The market usually slows down when temps drop, so opportunities pick up.

West Asheville is really popular so a lot of Realtors tag their property as W AVL. Haywood Road is the center of the W AVL corridor. If you can walk to Haywood, you have something special.  Be careful though, W AVL tag is used loosely -sometimes homes 10-15 miles from Haywood are being marketed as W AVL.

Good Luck!