All Forum Posts by: Robert Ombres

@Account Closed what part of TN are they traveling to? It scares me that someone from this market is going to travel that far for $30/hour. Frankly, that price is cheap for doing local work here and if they're traveling more than 30 minutes...why? Contractors are busy here and turn down jobs. They're able to charge higher rates and work 20 minutes from their home. I hope your finished product doesn't suffer.

Hey @Account Closed I've reached out to my lender partner to see what he has for you.

Do you currently have 12 properties or are you looking to do 3+ per year until you reach 12?

Do the numbers work now?
What do the numbers look like to "break even"?

Do you expect tourism to decline to that point?

Will the property rent out long/longer term at a profit?

Are you making money instantly, at closing? Meaning equity.

Is it a great deal if the property does not cash flow?

Is it a great deal, at all?

Are you working with a real estate agent who understands your goals?

What do they think about the potential purchase price and if it's a good deal?

I notice you don't have any of their fees or required repair costs listed.

Another great breakdown.

I have a property that was once two lots and recombined as one. I want to sub-divide the lots to their original dimensions. One lot has a SFR on it that I am considering selling. The second lot has a garage with unfinished apartment above that I will finish and rent out. This second lot however is land locked. I need to survey, subdivide, create easement for driveway and utilities.

I spoke with one surveyor so far- they say that I can not subdivide if the lot does not have road footage. This does not sound right to me.

Anyone have experience with this?

Hey @Robin Waters did you find any great deals? Update us!

I'm not sure we have those here in NC, being that Real Estate Attorneys perform our closings.

I actually had to google this (I didn't see that BP money episode). My google search says they make $75-125 per closing. That's good money for ~1 hour of work but unless you have a large pipeline of these there are better ventures to look into.

Very nice post and analysis.

Polk County is an interesting place to watch. I moved there from SE Florida in the mid 90s. There's been some growth- I'd say pretty slow but I haven't looked at actual data. The potential for growth there is massive but it's going to take something to move in and provide a reason for people to move there.

Some thought the Tryon International Equestrian Center was going to do that. Though, the introduction of that facility did spark some growth, attention, and large land purchases- I think the verdict is still out if that is going to sustain any substantial growth. So far, I don't believe it has and it's lost some momentum with the flop of the World Equestrian Games. They're vying for the next Games to be held there and maybe that will create some more excitement. We'll see.

The location is great. I-26 is an important travel and commerce route. Being between Asheville and Greenville/Spartanburg/Charlotte puts it in somewhat of a central location.

Yet, it's seemingly stagnant right now. For great deals- you may find some. I think people are getting over the idea of their property being able to fetch Asheville prices with the Wold Equestrian Games being over. Rent rates aren't going to be as high and I don't know how much higher they can go in the area without more growth.

If you watch the growth spreading out of Asheville you can try to get in front of the market trends for those areas. As has been mentioned, Black Mountain, Swannanoa, Canton, Candler, Marshall, Mars Hill, Fletcher, Fairview, Fletcher Brevard, Hendersonville are all spots seeing growth.

Greenville/Spartanburg sounds like it's currently an easier market to invest in. I'm not as familiar with those markets though so I can't speak much about that. They have a Top Golf now though.... so there's that.