All Forum Posts by: John Fowler

Hello all - I'm looking at a portfolio of five houses that are for sale in the neighborhood of 50K each in Jefferson County, Alabama. The seller wants to sell them as a group so I will need a loan - I would put down 50K or 60K so the loan amount would be around 200K. Anyone have any ideas of how to finance this?

Are there commercial or local lenders that might fund a loan this small? Any recommendations or leads on banks would be appreciated!

Thanks - John

Morgan - just say this post. What's the story on the business license inside Birmingham? Does this apply for single family homes as well? Thanks!

Hi Brett - I haven't found anyone yet. My current company (Continental Property Management) is a lot cheaper than the competition I've seen (no tenant finding fees, 8% expenses, no other fees either), but they're just not great with the maintenance - they'll make minor repairs and then bill you for them without clearing it with you, and often the work isn't great. A lot of times the work is good, however, and it is usually very cheap - I just feel like I have to keep an eye on them all the time. On the plus side, they're very good with low income tenants and have found me some great long term tenants (and one bad one). So I'm currently keeping an eye out in case they stick me with any more maintenance bills without notifying me first. Have you found anyone?

Does anyone have a property manager in Birmingham, AL that they recommend? I have four properties under management with another company and I'm thinking about branching out. My properties are single family homes - 1 section 8 and three lower-income families, so I'm looking for a company that works well in that demographic. Thanks, John

Sam - that sounds like some great advice. Thanks!

John

Hey guys,

I've recently purchased a property with a downstairs den that's half underground (there are sliding doors that lead to the backyard). There is no HVAC vent heating or cooling the space - the previous occupants had a woodburning furnace to heat the space, but took it with them, and of course that's not a good solution for renters.

It turns out the HVAC ducts are all in the attic and it would be pretty complicated to drop something down to the basement to heat the space. I feel like it will be adequately cooled in the summer (even though the property is in Alabama) because the space is mostly underground and the cool air will naturally flow to the basement. For heat however, I was looking at either: running a complicated duct from the attic, installing electric baseboard heaters, or running a short gas line to a three-brick gas room heater.

I'm leaning towards the gas heater, as it seems the cheapest to install and operate - I'd appreciate any input you had.

Thanks!

John

Michael,

Thanks - I think that's the best idea. I'll give it a try and hopefully everything will be on the up and up!

John

I have a property management firm that has been pretty good, but the rents for properties that we've given to them have come out on the low end of the market. This could be totally legit, but it occurred to me that it would make a pretty good scam if they wanted to keep some of the rent - I've never met the tenant, never seen a rent check, and a copy of the lease could be changed easily.

How can I tell for sure if they're sending me all the rent?

Thanks!