All Forum Posts by: Mitch Davidson

Sage advise here, @Travis Timmons. @Yair Zarmon I'd add that you need to put some sort of value on your time. Even at a low rate, 500 hours will surely cost you more than it'll save you in taxes, no?

@David Aylor I live and invest here in Asheville, and we, Movement Mortgage that is, can help you with this. Our in-house DSCR programs allow for STR income qualification, and also allow for cashouts on properties that don't have a performance history or are otherwise vacant. And perhaps best of all, we don't have prepayment penalties. I'll send you my contact info in a message.

Hey Tyler. I'm happy to intro you to a variety of people here in Asheville that can help you if you want to call me. I'll send you my number. And if you're in town for one of our twice-monthly BP meetups, I'd enjoy meeting you at one of them.

Sounds good. Sent you a message.

Hi @Brooke Morton. United Federal Credit Union is the best option in my opinion. I refer business to Jason Chambers over there quite often. Movement Bank, a sister company to the one I work for (Movement Mortgage) is great as well. And as a third option, AgFirst Farm Credit is an option. I'll message you some contact info for these. And we'd love to have you visit one of our local BP meetups sometime soon.

@Lisa Hart. You've traversed some crazy times, moving here just before the storm, buying a place in Swannanoa, etc. Anyways, I saw your note about networking. We have a couple, roundtable type meetups herein Asheville every month, the next of which happens next Wednesday (2/26) morning at 9AM at Citizen Vinyl. No need to RSVP, but if you want to you can do so at our meetup.com page, titled Bigger Pockets AVL Meetup. And if you message me your email address I'll add you to the list we use for events announcements. 

Hi @Cody Vlaun. Chad at Pisgah Home Inspections can handle this type of project. I confirmed just now with his wife, Ashley. She handles his schedule. I'll send you her contact info by DM. I might have another option for you as well, but am waiting to hear back.

Good point. @Craig Holland Land is often sold with owner financing, in part because buyers have a hard time financing it, and in part because buyers often only need a short time before they can build on the land and refinance out of the seller loan.

Hi @Craig Holland. We don't have many options here. I believe United FCU is best. 20% down, usually a 10yr term (they offer a longer term though), and an interest rate that's pretty close to the current average for conventional loans. Jason Chambers is the guy I refer people to. Besides being super responsive and motivated, he's our local expert for construction lending. I'll message you his information. Another popular option is AgFirst but I personally have had a hard time getting responses from them. And I believe they require 30-40% down. 

Happy to help, @JJL Garner. I hope you end up buying here. We'll bounce back fast, and we need people like you. The committees have never said they'll require a specific form of evidence to show that you've rented the place for at least a couple of nights. And I'm sure that's because some people direct book, others use Airbnb, etc. So I would buy the home and rent it for a couple of days, and then show the payment receive if you end up not being ready to launch and generate other bookings before the application window opens and closes.

I'll direct message you my phone number. I'm happy to help in any other way that I can. For example, intro's to people here that can help you with certain specialties, planning, feedback on neighborhoods, financing of course, etc.