All Forum Posts by: Ryan Howell

Yes, absolutely....I'm about 50/50 on if they work out or I have to get new tenants, but I have no issue buying with an existing tenant.  Run your numbers assuming you'll have an immediate vacancy and turnover and then if they end up staying, then consider that icing on the cake.

I'm an investor in western NC, specifically the greater Asheville area.  

@Tom Bardin - I would find an agent who understands investing...its not as critical with STRs as LTR's, but still valuable...try calling some STR property managers or join some local REIA meetings.

I am convinced that there is no better way to build wealth than the BRRRR method. Nice job!

@Abdalla Nur - If I understand correctly, you want to only buy all cash with no debt.  I would consider a small multifamily where you can live in one side until you move away and rent the other side.  It will depend if you can buy something at that price point that's turn key or not.  Be careful with all cash because its easy to over-pay where financing sometimes forces you to buy a good deal in order to cash flow, so I'd be more stringent on my criteria in case I ever changed my mind and wanted to refinance to start scaling faster.

Good luck!

I do a lot of business with investors who are just starting or doing their first or second deal and they are great to work with.  If you are serious and committed, it will show and you will separate yourself from the "tire kickers".  You don't need a podcast, just start putting a plan together - i.e. funding, your criteria, etc. It doesn't have to be perfect and can evolve as you go and you can get input from your agent.  

It is probably doable, but in my experience, appraisers don't like appraising the property 25% above the purchase price without some justification (i.e. repairs/rehab, etc).  I would just be aware you may have to challenge the appraisal and have some headaches along the way.

@Zachry Keaton Smith - Congrats.  You've got the right mindset and attitude and came to the right place.  Start by consuming as much knowledge as you can.  I'd recommend 3 books to start:  Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Real Estate Investor by Gary Keller and The Book on Rental Property Investing by Brandon Turner.  Start listening to the BP Podcast as well.  I don't think you're too young to get started, but you need to figure out what the best strategy is for your situation.  Perhaps buying something near campus and renting by the room to your roommates?  

@Cole Simpson - You can do very well in the Asheville area.  Asheville city requires a Homestay permit and has some very strict rules, but outside of the city, within 45 minutes to downtown, you can do very well.  

#1 - the process is to buy it, rehab it and then get a tenant on a long term lease and call up the bank to refinance. I like to talk to them up front and know that my debt to income will be acceptable and what LTV and estimated rate I'll be at so I can assess the deal on the front end. 6 months is often considered the minimum because less than 6 months, the lender goes off the lesser of loan to value and loan to purchase price, aka the "seasoning period". After that period, they go off of loan to value, allowing you to pull your capital back out of the deal.

#2 - An annual assessment is probably referring to property taxes.  Each state is different, but its common that the property value is reassessed every 4 years and taxes go up.  The rate is determined by the municipalities each year.  Your property taxes are just another expense to account for when analyzing your deal.  I guess if you suspect the taxes to go way up, then you it may affect your decision to hold.  Generally that's a sign the property is appreciating though.

#3 - In my experience property taxes are pro-rated on a calendar year.  You would pay for the portion that you own the property.