All Forum Posts by: Gray Hall

Hey Kyle,

I’m from Birmingham and still work with investors there. Birmingham is a great city to live in.

Not tons of small multi family inventory in Birmingham unfortunately. Majority are going to be close to downtown or in lower income areas. Depends on where you want to live. 

There are some duplex/quads in Bluff Park and unincorporated Hoover areas. A few sprinkled in Vestavia and Cahaba Heights. More of a single family market. 

I’m not familiar with Huntsville, but hope this helps!

Hey @James Carlson

Thanks for sharing!

Is that his monthly cashflow? Does the $4,800 include a mortgage payment?

or is that cashflow over 4 month period?

Love it.

How much time do you spend each week managing the STR? And where are most of those hours spent?

Have you seen having a full kitchen in a basement unit versus just a small kitchenette affect nightly rate/occupancy?

Hey Eric,

congrats! Speak to your lender on requirements on moving in, living there and requirements to get a loan on your 2nd property. 

Are you wanting to rent out rooms while you are living there or rent out the whole house once you move out?

Zillow has slowly started rolling this out in different markets starting at the end of 2019. I am honestly surprised that they waited this long to start charging. They have done an excellent job of capturing a large marketshare, so it make sense. I wasn't happy about paying it, but they have the leverage and provide an excellent lead source. We syndicate through Rently and they still charge fees even when you do that. It is a cost of doing business. Not posting on Zillow to avoid a $10 a week fee would be penny wise and pound foolish in my opinion.

@Dan Kim Welcome to the site! As others have said, BP is a great resource. When I discovered it, I consumed as much content as possible. Buying a house with a mother-in-law suite is a great entry point. I purchased one earlier this year and am finishing up renovations. Happy to talk through the numbers on this deal and answer any questions you have. I also run a property management company that manages in Denver, Boulder and Ft. Collins if you have any PM questions. Happy to help.

Thanks for pointing out the exception @Chris Lopez. I missed that one. I was curious how this would affect closing of houses UC.

For anyone under contract, lenders are allowing drive-by and desktop appraisals. Appraisal for house we are under contract on was scheduled today, but the tenants stated they weren't feeling well and didn't want to leave the house. Lender and appraisal company agreed to do a drive-by to get it done!

Our maintenance technicians are still able to go to home we manage to respond to maintenance issues. We are requiring social distancing, booties and gloves if they go into an occupied house.

@James Carlson Great write-up! Thanks for sharing this. I think we all need a little good news every now and then. 

Awesome to hear appraisal came in $40k over price. 

What is causing you to want to terminate your contract?

@Chris Lopez We haven't seen quite that high of a number yet regarding not being able to pay rent. We are more in the 1-2% range right now. I am assuming that will change this week and will let y'all know if so.

Section 8 was slow to deal with prior to this. I imagine that their office will be closed making it even more difficult to get the lease and house approved. This will create a longer vacancy period, so I won't be recommending owners to do this off the bat. 

If unemployment goes to 20%-30%, that still leaves 70% - 80% of people with jobs. We will be more aggressive with price drops to get houses leased. I reviewed our leasing team's communication with prospects reaching out about our available rentals this a.m. First glance it doesn't appear to have dropped off.

@James Carlson ha, I love the detail for the recipe! Will have to attempt that this week. Pasta and ground turkey is getting old....