All Forum Posts by: Chris T.

@Ryan Copeland - at the time, a lot of places had shutoff cashout refi on investment properties and was better than my normal mortgage broker could get me. It was 3.75% on a 30 year, no points and cash out up to 75% LTV. The appraisal came in higher than expected and we were able to bump back up to the 75% LTV. They have online quoting that doesn't make you jump through all the hoops which is nice as well. (I have no affiliation other than being a customer)

@Jon Q. - I completed a cashout refi back in Sept as well using the online lender Aim Loans for a property here in Charlotte.  Very smooth transaction with no surprises.  They are still quoting cashout refi's on investment properties so definitely worth checking out

@John Michael Mattingly, while 30-40% might be what many of the big lenders require, be sure to call around to local lenders. I was able to find multiple lenders that would only require 20-25% down payment on a NNN property as long as it was within their banking footprint.

@Ted Davis - I don't know all the details, but I believe there are STR restrictions, at least in the downtown areas of Asheville.

Some of the basic Asheville STR rules

Congrats! @Gage Foley (and @Wojciech M.) on your first property! 

As for any advice, talk to as many other investors as you can.  That is a little tougher in the current environment, but the success stories people post here on BP are great as well.  Listen to their stories and the path that they have taken.  Everyone's path is different, but from them you can start to get a plan for your own that fits your strengths.  Some people are great with rehab, others are great with raising money and findings partners, etc.  The more you hear what others are doing, the more focused you can become with yours.

Also, remember that real estate investing is not a get rich quick endeavor.  It is more like a snow ball rolling down hill.  Slow at first but once it gets going, it keeps getting bigger and quicker.  You have your first property, so your snow ball is already rolling!  Starting at 19 means your snow ball has a long hill in front of it!

Best of luck (to both of you)!

@Zach Crews - I'd also be interested. While I have been doing LTR for a while, I am actively searching for a STR that I am hoping to self manage remotely (~2hr away). I enjoy sharing and learning with others that are doing similar things. Even better if it is a regular group that holds each other accountable.

I am looking at a property for a STR that is in a small gated community. The gate is not manned nor does it have a keypad for entry, just electronic openers I believe. Does anyone have a creative solution for this? I know there are other STR in the community that are managed by a local PM where it sounds like it requires a stop at their office to pick one up. I am hoping to manage myself remotely and need a creative solution.

@Eric Pope - I have not gone down this route personally but I am interested. The lender I usually hear mentioned for a HELOC on non-owner occupied properties is PenFed Credit Union. It looks like they will lend up to 80% combined LTV. If you find another, I'd be interested.

@Jeremy Johnson - I personally have not worked with any developers, but my best suggestion is to drive around the area where the property is and see if there is any new construction taking place of any kind.  Those builders would have the best insight and knowledge for that area.  Another avenue to try would be with an experienced realtor.  They have lots of connections and might be able to make an introduction for you.  Again, it might depend on the size of the land to be developed as to who might be interested. 

As @Daniel Shuler mentioned, all the local meetups currently are online.