All Forum Posts by: Mitch Davidson

Scandinavian style + Black Mountain. Sounds like a lucrative combo.

 Hi Audrey. You can direct message it to me. Just can't post it here in the forums.

Hi @Audrey Wise. Welcome to BP. We have two BP meetups here in Asheville every month, if you're interested. The meetups are casual and conversational, and attendees range for new and curious to seasoned and advanced. Our next gathering is at 9AM next Wednesday, 7/24, at The Rhu (upstairs), and this time is focused on new construction. No need to RSVP, but you can on Meetup.com if you like. And I can add you to our events emails if you want to send me your email address. 

@Maysam Ghovanloo, Rodrigo Afanador would be my top recommendation. And if you're ever in town at the right time, he co-hosts a popular real estate meetup every month.

Vesta Property Management

Rodrigo Afanador

[email protected]

@Maysam Ghovanloo. For long-term rental, short-term rental, etc.? And what town in specific?

@Cameron Wells. I'm local here in Asheville, and eager to help you connect to other people and resources if you want to have a call.

Personally, I would only use HELOC money if the project will be rather quick. I've used such for projects that ran long in the past, while interest rates rose again and again. It sucked. But on the other hand, once the money was paid back I wasn't paying interest on it and I could redraw (unlike a traditional mortgage). And even if the rate is prime plus a percent or two, it's still superior to private or hard money. That said, there are very few options for HELOC's on investment properties. Signature FCU is the best I've heard of. They'll go up to 80% LTV depending on your income. I believe they have a $200,000 line limit though. I'd recommend taking the slightly higher rate for the setup that's interest-only for the first 10 years, as it'll help keep your DTI low for future mortgages.

If you need some local private money connections, I can intro you to some options from our BP meetup network. If you do a construction loan, I would recommend Jason Chambers at United Federal Credit Union (I can send contact info) and Patrick Blackburn at Movement Bank (I can send you info). And if you end up building and then refinancing into a conventional or DSCR mortgage, I can help there as well.

@Bruce Reeves. Here's another plug for western NC: appreciation. Not only do we have high STR/MTR demand, but we have an endless line of people that want to live here and yet very little buildable land, the result of which is consistently strong appreciation.

If you have the option, I would consider a townhome over a condo. The investors for conventional loans (Fannie & Freddie) layer on to the pricing (i.e., rate and points options) for condos. It's lame, but they do. And they don't do that with townhomes. Thus, the same amount of points expense might get you a rate that's .25% higher for a condo.

Also, if you can put 20% down I would do it. Sure, you can put 10% down if you'll call the place a second home (STR is totally fine for that), but your pricing (again, rate and points options) is much higher when you put less than 10% down, and you'll have mortgage insurance for a while as well.

Happy to help you think on plans more if you want to set up a call. 

@Arpit Guglani. 2023 was a pretty down year for the entire region (i.e., WNC, east TN, etc.), especially Spring and Summer. Things have been a little better since then but I sold my place in Bryson City earlier this year. I would recommend creating a market report in PriceLabs for a sample property and then looking at how nearby comparison properties are doing. And keep in mind that BC has a high frequency of STR's that are really second homes with owners that are content to make just a little money by way of a lackluster property manager (who likely charges 30%), so I would be careful to not let some of the comparison properties discourage you.

@Scott Deetlefs. Welcome to BP. I'm happy to hep you connect to anyone I can think of here in Asheville. And perhaps you can join us at one of our BP meetups next month. If you send me your email address I'll add you to our invitation list. We'll meet on Wednesday July 17 at 6PM at Hi-Wire's RAD/Lyman location, and on Wednesday July 24 at 9AM at The Rhu (upstairs). No need to RSVP. And our meetup are intentionally casual and roundtable in approach.

Hi @Wian L.. We'd love to have you join us for one of our BP meetups in Asheville. If you DM me your email address I'll add you to our invitation list. Our next meetup is on Wednesday, July 17 at 6PM at Hi-Wire's RAD/Lyman location. Then we meet the next Wednesday, July 24 at 9AM at The Rhu (upstairs). No need to RSVP. And it's intentionally casual and roundtable in approach.