All Forum Posts by: Colin Feild

@C-Dell J. Oh, and we had Windows World of Dothan do all the Windows and Doors (still waiting on 1 sliding glass door). That place has been a headache to say the least.

@C-Dell J. Yes sir all except, installing Countertops, Roofing, Water Heater, and soon to be chimney. Hoping we can knock out the siding and go get it appraised asap.

@Seneca Pena-Collazo my wife and I have done the majority of the rehab ourselves. Other than the Roof, Countertops, and some plumbing and electrical work. I did get a GC to look at the chimney that is entirely rotted out. His name is Larry Johnson, and was recommended by the Plumbers/ Electricians from Goolsby Bros. Plumbing & Electric. Mr. Johnson is scheduled to begin in late Feb. His ball park estimate was fair as well, ~2k.

Acquiring Permits was easy to do, but I have been through the full process of permitting yet. I wasn’t able to complete the Exterior siding in the designated timeline of 6 months. So I’m gonna have to go back get another permit, begin the siding work, and then go through the process of inspection as well. Wish I had more to offer on Permitting process. Enterprise is pretty lenient with Permits, the receptionist said Dothan is a much more difficult Permitting process since it’s a bigger city.

After pictures below:

@Ryan A Brayton

Yeah man it's coming along, relatively slow progress with balancing family life, W2 job and the Chickasaw BRRRR.

Some Financials on the property:

Closing price: 71k

Rehab: 55k (as of now, looking at another 5k to complete)

All in Cash: ~130k

ARV: 150k - 180k

75% LTV: 112.5k - 135k (been told their is a local bank that will give 100% LTV be awesome if they do)

Rental Cashflow will be $300 - $600 a month depending if I use a property manager. Currently my wife and I are leaning towards our next step and begin managing our own properties using RentRedi. Hopefully, it will be a smooth transition.

Rehabbing this property has been a wild rollercoaster. This propriety has a good bit of water damage, a bad roach infestation, disgusting smells, replaced roof, etc.

Good deal, I appreciate the feed back. The property, to my understanding, has an illegally built garage. In order to tear it down I will need to get a permit. Which I’m nervous that it may cause more problems.

My goal is to get the property up to code,  and have a renter occupying the dwelling. No additions will be made to the property, just general rehabilitation. It does need a new roof and exterior siding; which will require more permits from the city. The property is being sold as is, foreclosure. So Fannie Mae is not flexible with their agreement.

Lastly I’m considering making a case to the city’s Building Director. Who’s able to waive the misdemeanor and $100 fine, due to them allowing modifications to unique situations.

This unique situation being: 

1. I am not the original owner, and the seller (Fannie Mae) will not bring the building up to code.

2. I am willing to take a nuisance, eye sore building, and make it livable for a family to enjoy. 

3. Giving me a misdemeanor and $100 fine will cause major problems in my other profession, and  just would not make sense for me. Someone who is willing to work with the city and obey laws. It’s like doing the right thing and getting in trouble, quite counterproductive. To the City’s goals and mine.

Anyways I’m hoping it goes over well, maybe after the COVID-19 gets figured out. The Enterprise Real Estate meetings will continue. I’d like to meet you and other investors in the area. 

@Heath Jones

Since you have experience in Enterprise. I was hoping you may be able to shed light on the cities Building Permits, specifically their flexibility. I’m currently under contract for 606 Chickasaw Rd. and I know the permits are not up to date. I was praying that the Engineering Director will be sympathetic to my situation.

I'll be closing on this BRRRR on May 8th. I know the International Building Code 2009 (Enterprise ‘s current Building Ordinance) has a Modification Clause; which allows the Building Inspector to modify their acceptance to inspection based on their individual discretion. So my assumption is as long as I make a good enough case, it may work to my favor. I'll provide examples of my current situation, the city's Comprehensive Plan, etc.

So to recap my question, what is your experience on Building Permits in Enterprise, AL.? Is there a real estate investor meet ups in Enterprise, that investors can network from?