All Forum Posts by: Clint Rasberry

Hey I’m from the Montgomery area if you need anything. I can get you in touch with the right people for most projects. 

Montgomery is a great rental market. Although Montgomery is like most capital cities with preferred neighborhoods and school districts. Also some areas of town the homes are built on Prarie soil which causes foundation problems. So get a good inspection and be there to discuss it with the inspector or contractor when they are done. 

The cost of the improvements are not required to be paid back. Only the cost to preserve condition of existing property.

If you want good sfr rentals around Montgomery I would suggest looking at surrounding cities. Prattville, Millbrook and Deatsville. More desirable schools in those areas.

Investment Info:

Other commercial investment investment.

Purchase price: $28,000
Cash invested: $28,000

6.5 acres with 1600 sqft block building that needs complete remodeling. Plan is to turn the building into a laundromat and liquor store. Nearest competition is over 15 miles away. On the surrounding property I will be installing camper lots.

What made you interested in investing in this type of deal?

Location and lack of services in the area.

How did you find this deal and how did you negotiate it?

Word of mouth

How did you finance this deal?

Cash

How did you add value to the deal?

Remodeling

What was the outcome?

Not complete

Lessons learned? Challenges?

Lots to go.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Investment Info:

Single-family residence other investment.

Purchase price: $75,000
Cash invested: $30,000
Sale price: $215,000

Live in flip. 4/2 ranch style home with 4 acres. Purchased as foreclosure with nonrepairable mobile home also on the property. Updated the all light and plumbing fixtures, flooring, paint and master bath. Repaired hvac, and fixed a plumbing leak in the attic. Also installed all new stainless appliances in kitchen. Removed mobile home. Stayed there for 2yrs for tax purposes and did most of the work myself.

What made you interested in investing in this type of deal?

It was a stepping stone project that has allowed me to expand to 2 new projects.

How did you find this deal and how did you negotiate it?

Found on zillow. It had been mislabeled as a mobile home and had terrible photos. Cash only sale.

How did you finance this deal?

I used my personal savings for the purchase then instead of paying a mortgage payment I used $1000 /month on materials for repairs.

How did you add value to the deal?

Remodeling

What was the outcome?

Worked out great. Owned and lived in the home for 26 months. Just long enough to avoid taxes.

Lessons learned? Challenges?

Sheetrock dust gets everywhere. Do it before you bring anything inside.

I live close by in Autauga county. Rentals are hard to find and fast to go in the Prattville and Millbrook areas. 3/2 starts at $1000 per month for a smaller outdated home with no extras like carports or storage. Montgomery rents quickly as well. A little less desirable schools and there is move inventory available and lower rents.

Let me know if you need help with anything around here.

I am in the Birmingham area searching for a new project. I have a few of the best remodeling guys in the area. What are you needing done?

I know this is an older post but i was curious if you ever found a great cleaner?