All Forum Posts by: Akin Okegbile

Post the listing, Any local investor would be  able to tell you if you were fleeced in the acquisition, Birmingham is notorious for being different street to street. 500k houses one street over from 100k houses.

I had a tenant killed in a class D property i owned in Birmingham AL. 
Duplex acquired for 9k cash rehab 15k, grossing 1.5k /mo.  The property was a cashflow COW however I had to sell it strictly because I did not want to deal with that tenant class anymore.

I agree with @Jay Hinrichs Getting rid of the worst parts of my portfolio has freed up my brainpower and ability to maneuver in real estate.

Most needed is a title company/attourney that knows what seller financed deals are and how to close them. The acceleration clause is the bogey man that often does not show up in seller financed deals. As long as you make the mortgage payments, keep insurance in place, Continue quiet enjoyment, most mortgage companies do not review your loan.

The location/ARV value of the property would make a big difference in whether this is a good buy or not.
ASSUMING, A mortgage payment of 502 for 30 years, at 3% interest assuming 1k/yr tax and 20% down with 7 years LEFT, the property was bought/refi at a 124K Valuation 23 yrs ago, leaving out insurance. http://mndne.ws/LKPUIR. 
ASSUMING, A mortgage payment of 502 for 15 years at 3% interest assuming 1k.yr tax and 20% down with 7 years LEFT, the property was bought/refi at a 76K Valuation 8 Years ago, leaving out insurance. http://mndne.ws/V5D66N

Factoring in those 2 possible valuations, with the cashflow calculations that others have done. It is possible its a good deal. Did those neighborhoods appreciate in the (8 or 23) years? 
You might need to do a value add or refinance to make the numbers work better. Have you plugged these into the biggerpockets caculator?

Some conclusions that can be drawn include 
You are buying a non performing property at a discount. 
You are buying a formerly overvalued property, that has lost value.
The CoCR(Cash on cash return) while poor might be justified due to the assets (current Value).

@Brandon Turner This link has been disabled or the link is no longer working. This was one of my favorite features of the website.

Mining Crypto. Not a hustle, but a hobby. I already have adjacent skills and im using them. 

Switch the question around; 

How many Engineers become real estate investors?

Engineers tend to be analytic and observe the corporate ladder as a finite solution problem. 

Once the finality of the rat race is obvious.. they start seeking alternate endings...

EUREKA!!! => A new REI is born !!!!!

most of the ones at that price point won't pass code as primary residences ... I am looking into them as accessory dwelling units(ADU)

Of course you're having a stellar experience.. You haven't had a claim. Relationships with Insurance companies are generally peachy untill having a claim. 

Airbnb's work in the A sides of town. I have one each in vestavia,mountain Brook, and downtown.

the downtown one has very high turnover.