All Forum Posts by: David Chappell

Not all of 35215 is Center Point proper, there's a few areas around CP you can buy in without having to deal with the city. It's a C area but the reason why most investors are staying away right now is they are requiring permits to be pulled on any rehab projects. This could include having to bring electric/plumbing up to code as well as other costly projects. I believe you also have to have a permit with Center Point to be able to rent properties out, as well as go through an annual inspection. Its understandable why the city is requiring all of these things for investors, but its scaring a lot of them away since its just added cost/time to get a house rent ready.

Great to hear Hadar! What markets are you investing in? Would love to meet up and talk shop between sessions.

Chris, how much does something like that cost? We have 7 properties and it would be nice to be able to offload that to someone else to save some time, but not sure if it would be cost effective with only 7 properties.

I'll be there as well! Looking forward to connecting with other investors. Right now I have SFH homes in Birmingham AL, but looking to move into multifamily in 2023. Im looking in the OH market as one of my first, but am going to Jake and Gino to network with people with the similar strategy...so if the relationship works out Im open to other markets where people are being successful. Looking forward to it!

I just booked my trip to the Orlando conference in November! Is anyone else planning on attending? Would love to connect with other investors in the Birmingham AL market. 

What is the ARV of the duplex? I know of a few lenders that will loan $75k min, which would be around $100k ARV..if it's in a somewhat decent area that should be doable. Bryant Bank also has smaller loan limits, but they are on the commercial side (5yr fixed, 20yr am) but have decent rates and will do 75% of ARV for a cash out.

Joshuam - I think maybe youre making it too complicated. I took out a HELOC on my home, transferred $$ to my checking and wired the money to closing to purchase the homes "cash". Now these are cheaper homes where I didn't need to use outside money to cover the rest, so "seasoning" the $$ wasnt an issue. Im not sure if it would be an issue if youre partnering with a lender to cover the rest of the investment. As long as you can show where the money came from, it should be fine. Im sticking to the BRRRR method, so I draw from the HELOC for purchase + rehab and then refinance out as quickly as possible. No issues here so far! Other than finding good deals in this market haha

 what did you decide? If you want to send me the address I can let you know my thoughts on the area. 

Not good :/ I  was able to standardize 4 properties with conventional loans so those are cashflowing around $250/mo. I have now transitioned to commercial lending with 20yr terms and its hard to find properties that cashflow nicely, Im averaging around $150/mo on those. All purchased since 2020, Birmingham/Montgomery AL.

I would say my best deal was purchased in Dec 2020. Its in Midfield on a good street and I purchased it from a wholesaler for under $50k, only needed around $8k of work and it appraised for $90k 6 months later. It was rented out within 30 days to a great tenant and cashflows nicely! Not a homerun by any means but I would buy one of those a month if I could find them!