All Forum Posts by: Mitch Davidson

Totally agree, @Jon A.

@Jacob Sherman. That's awesome to hear you can lend on this type of thing. Can you send me your contact info for future reference?

@Justin Fox. I'll connect you to a buddy of mine that's working on a second duplex with Boydton now.

@Robert Ellis. I don't think that's true for all markets, nor for all modulars. I have several friends that have built with modulars in and around Asheville, have found the construction quality to be great, have found the resale value to be tremendous, and have found the construction process to be much faster and easier. Many of these homes are now built with 2x6 walls, not to mention great precision. They're built inside a facility rather than being exposed to the elements. And they look stick-built upon completion, and can be financed as such as well. And on top of that, in a region like ours where construction labor is an acute challenge, they provide a great solution.

@Justin Fox A couple friends of mine have purchased modular duplexes through Virginia Homes of Boydton, and have said they had great experiences. And I heard of one, newly built, that recently sold for about $550K in Asheville. That being said, financing is a tough nut to crack. I believe the most common path is to use cash, private, or hard money, and then to refi into something traditional once the work is done.

Thanks, @Dito Calderon. I couldn't attend, but figured it'd be similar to the last listening session. The last one, however, started with many people from two certain neighborhoods, gathered by a local non-profit, who spoke much about affordable housing, being displaced, etc. Several participants made the point in response that the county for a very long time has stood in the way of affordable housing being constructed, first and foremost by zoning, and that an STR ban isn't going to solve the problem. Perhaps the ban will give people the idea that count officials are doing something about the problem. The ban in Asheville proper started in 2016 though, and we don't seem to have more affordable housing as a result. Many of also argued that forcing out many STR's will impact our tourism revenues, which we're very dependent on, as many travelers won't come here if they have to stay in a hotel.

@Kyle Westerman I think you're wise to wait and see where this goes. Waynesville, a great neighboring town just outside Buncombe that's been pretty great for STR, is starting to talk of a similar ban. Woodfin passed one just last year. The idea is spreading, and could spread to some other spots here that have traditionally been STR friendly. 

@Dylan Cook "Only 4 rentals"...that's more than many of us! Good for you. If you haven't visited one of our 2 monthly BP meetups, we'd love to meet you and hear your story. Perhaps you'll find some good partners amidst our group as well. We meet at Hi-Wire in RAD, at 6PM on the 3rd Wednesday of the month, and at The Rhu (upstairs) at 9AM on the 4th Wednesday of the month. Our next meeting is at The Rhu next Wednesday (3/27). Also, if you want to be added to our email invites please send me your email address. 

@Michael M. Will message you some recommendations.

@Erica Calella Like others have said, a CU is the route to go, and Signature is a great option. And I wouldn't waste time LendingTree or Rocket. Most CU's don't offer HELOC's for investment properties. And some of the ones that will, such as PenFed, have low LTV thresholds, like 60%. Signature went up to 80% on an investment property for a friend of mine recently (to clarify, I mean combined LTV or first lien + HELOC). I would also check out Coastal Credit Union, who I've had a great experience with. And I've heard good things about Tower in the past.

@James Devoe Gotcha. You might be fine then. I had a deal a couple of years ago where the home looked like it could have been stick built, and the container was just part of the inside. I believe it appraised without issue.

 You're the man, Grant. Yes, we can definitely help here.

@Dito Calderon. The county is having another public meeting on the matter this evening. Perhaps they'll finally hint at a timeline during the meeting, although the agenda is focused on hearing public comment. You can watch it by way of this link: https://engage.buncombecounty.org/Y50513