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Hi, and welcome back to The Wealth Wagon. I hope you had a spectacular weekend. Today we are back on Monday discussing a few things Real Estate including the real estate market in Asheville, North Carolina. Enjoy!

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Real Estate Investing

Market Snapshot:

Asheville, North Carolina
The Asheville real estate market has seen consistent growth, with a median home price of $450,000, reflecting a 4.1% increase year-over-year. This scenic mountain city continues to attract retirees and remote workers drawn to its vibrant arts scene and outdoor lifestyle. Inventory remains tight, with only 2,300 active listings, down 4% from last year, pushing up prices. However, higher interest rates are making it more challenging for buyers, which could present opportunities for investors looking to negotiate.

Median Home Price: $450,000 YoY Price Growth: 4.1% Active Listings: 2,300 (down 4% from last year)

Deal Of The Day:

Fourplex in Asheville, NC Price: $1,950,000 Units: 6 (2-Bed, 2-Bath each) Monthly Rental Income: $11,100 Cap Rate: 8.4%

This Multi-Family in Asheville offers a robust cash flow, with a cap rate of 8.4%. Each unit is currently rented for $1,850/month, bringing in $133,600 annually. Located close to downtown, this property is positioned well for consistent rental demand due to Asheville's popularity with both locals and visitors. It’s ideal for investors seeking income stability in a market with limited rental supply and high appreciation potential.

Real Estate Tip:

Investment Strategy:

Installment Sale Financing: This strategy involves selling a property and receiving payments over time instead of a lump sum. This is useful for avoiding hefty capital gains taxes by spreading income across several years. For example, if a property is sold for $500,000, the seller can receive payments of $100,000 per year for five years, allowing the seller to potentially stay in a lower tax bracket and spread tax liability more effectively.

Current Interest Rates:

Asheville, North Carolina 30-Year Fixed Residential: 6.9% 15-Year Fixed Residential: 6.2% Commercial Rates: Starting at 6.7%

Interest rates in Asheville remain on the higher end, with 6.9% for a 30-year fixed loan, adding pressure to housing affordability. Higher rates may push more potential homebuyers into renting, creating additional demand for rental properties, especially multifamily units.

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Take Me There!

Economic Conditions

Asheville’s economy is robust, bolstered by tourism, healthcare, and a growing remote workforce. The unemployment rate stands at 3.9%, keeping the job market stable and contributing to steady housing demand. Rising construction costs, up 3.9% over the past year, which is relatively low compared to other parts of the U.S.. Investors may find opportunities in existing properties due to Asheville’s favorable long-term growth and limited housing options.

Benefits of Adding Value to Multifamily Properties

Investing in multifamily properties offers investors flexibility to increase property value through upgrades, leading to both appreciation and increased rental income. Renovations like updated kitchens, new appliances, or adding communal spaces can often lead to rent increases that improve cash flow. For instance, adding high-efficiency heating systems or low-flow fixtures can decrease operating costs, which improves the net operating income (NOI), leading to higher property valuations. Value-add strategies can create more opportunities for refinancing and accessing equity.

The Real Deal: Myth busting

Myth: You need substantial capital to start investing in real estate. (False)
Many investors start with minimal capital by leveraging creative financing, partnerships, or even using seller financing options.

Myth: Real estate values always appreciate. (False)
While real estate generally appreciates over the long term, property values can fluctuate based on market conditions, local demand, and economic factors.

Myth: Passive income requires no effort. (True-Ish)
Real estate can indeed generate passive income, but it usually requires an initial setup, property selection, and management to achieve a truly passive stream.

Common Real Estate Questions

Q: How does staging a home help it sell faster?
A: Staging makes a home look more appealing by arranging furniture and decor to highlight its best features. It helps potential buyers imagine living there, often leading to faster sales and sometimes higher offers.

Q: How can a cash-out refinance benefit real estate investors?
A: A cash-out refinance allows investors to access equity by replacing the original mortgage with a larger loan and taking the difference in cash. This cash can be used to buy new properties, renovate existing ones, or pay down high-interest debt, helping investors grow their portfolios.

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Key Takeaways:

• Asheville Market Update: Median home price $450,000, up 4.1% YoY with inventory tight at 2,300 active listings.

• Deal of the Day: Fourplex in Asheville at $1,950,000, generating $11,100 monthly with an 8.4% cap rate.

• Tip: Check local zoning regulations for short-term rentals to avoid fines and income interruptions.

• Investment Strategy: Use installment sales to reduce tax liability over time on property sales.

• Interest Rates: Asheville’s residential rates at 6.9% for 30-year fixed, creating demand in the rental market.

• Economic Impact: Strong tourism and limited new supply support Asheville’s property appreciation and rental demand.

That’s All For Today

I hope you enjoyed today’s issue. If you have any questions regarding today’s issue or future issues feel free to ask. Come back tomorrow for information on how to grow your income and wealth. I hope to see you.

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