All Forum Posts by: Pat S.

@Carl V.Welcome to Asheville and BP! I highly recommend coming to a CREIA meeting sometime (the general meeting is the 2nd Monday of each month and the beginner group meets I think the 4th Thursday?).  You'll get to meet a few of the local wholesalers, some hard money lenders, and talk to many folks actively flipping in the area.  It's a great way to start building your network and find local mentors.

@Johnathan Osbornelives up in your area and may be another one to connect with for advice.

Best of Luck!

Pat

Great input @Account Closed...  one of the best overviews of the realities of Asheville investing I've seen lately.  Just be careful with referral fees for deals, it would likely be considered brokerage and it is not legal in NC to pay or receive finders fee compensation without a brokerage license. (Though it is done often.)

Also, for Chris and any others looking to invest in the area, I highly recommend coming to a CRIEA meeting.  It's a great group with excellent speakers/events and it is a good way to network with other investors and find out what works well here and what doesn't.

Pat

Thanks for tag here to fill in the back story, I didn't see this when responding earlier.  Best of Luck!

PM sent with several folks that might be a good fit.  Good Luck!

Welcome to the forum James! Just curious, are you a GC or working toward that? In the current market here, flips can be challenging but are not impossible.  However, there may be some good opportunities in spec builds (especially under $300K) given the extreme inventory shortage of SFRs we currently have along with a good supply of vacant land/undeveloped lots in the surrounding areas.

Also, check out the CRIEA club if you haven't already.  It's a great group with many who are eager to share and help others out.

Best of Luck!

Pat

"Getting to Yes" by Fisher and Ury is excellent and they use a lot of real estate examples. 

Luke,

Congrats on the move plan. Asheville is an amazing town! Let me know if you need any info on the current market trends in Asheville or the surrounding areas.  

Pat

@Sonia T., 

Although I LOVE quantitative analysis, I think the better questions to ask are qualitative and focus on how will they add value to your transaction either by making the process easier or getting you a better price or faster close. 

You might considering asking them to describe what they will do different than the "commodity" agents out there to make your sale is a smooth one.  Do they offer unique marketing features that others don't? How do they educate you on the process and how will they keep you informed of the progress? Will they be managing all the critical tasks for you or are you expected to stay on top of things to keep everything on schedule? Do they have unique experience or certifications that benefit you: like negotiation expert, staging expert, etc? And probably one of the most important things is what @Eric X. said "Just make sure you feel comfortable with them and they are competent."

Pat

Paul,

I'm in Asheville. Investors are active here (we have a great and active REIA). But unfortunately at the moment we have a really low inventory on the retail market.

For example, a 6 month inventory is considered balanced, under 6 would normally be a sellers market, over would be buyers market.  Running quick numbers thismorning on single family homes under $250K in Asheville... there are 182 homes active or under contract and over the past 6 months and average of 71/month have sold.  That puts the inventory in that segment at about 2.5 months.   That's pushed up prices of even the most distressed properties.  In the $300K-500K it's more balanced and over $500K is still a buyers market for the most part.

There are a few good wholesalers finding deals for investors (Rodrigo who isn't active on the forum any more is the CRIEA president now and runs Asheville Cash Buyers.) And several investors here do their own direct mail/bandit sign campaigns to find their properties.

Mutli-Family (residential/under 4 units) in Asheville right now shows there are 17 active or under contract and over the past 6 months an average of 2/month have sold, so that looks to be more balanced market but with a smaller pool to choose from. 

If you go outside of Asheville there are areas where the market is more balanced, if you're familiar with Asheville you'll know that every area outside of town has a different feel.

Hope that helps give you a quick overview of the market. 

Thanks,

Pat 

Looking good! Thanks for letting us see the progress.

Pat