All Forum Posts by: Greg Parker

What part of Alabama?

10 mile radius is way too broad for rent comps.  "Maybe" 10 blocks.  Streets and values can change from one street to the next here in Montgomery.  BP rent estimator has been rather accurate in my searches.  

For your major capex expenses, I assume AC, WH, roof, you would need to get in touch with a local contractor (or two).  We can usually give you a price range immediately based on recent jobs and market conditions.  Typical 3/2 here= AC $7,500, WH 1,500-2,000, roof 7,000 -10,000.  Get city inspectors involved in any of that and you can add 25% to the cost.

@Denise Evans should have some great insight on this.

And, maybe shed some light on the anti-squatter legislation that governor mee-maw signed a while back.

MONTGOMERY, Ala. (WSFA) - The numbers are in and Montgomery is seeing major growth when it comes to tourism with travel expenditures near $1 billion.

BiggerPockets also did an analysis with similar results. It found the five most landlord-friendly states to be:

1. West Virginia
2. Arkansas
3. Louisiana
4. North Carolina
5. Alabama

Alabama residents enjoy a low cost of living and a thriving economy. The state’s housing is also ranked as the fourth most affordable in the country.

Alabama currently has the second-lowest average property tax rate in the country at 0.4%, which helps investors keep more of the money they earn. The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits. They do, however, have up to 60 days to return a security deposit after a tenant moves out.

If an eviction is necessary for nonpayment, landlords are required to send a seven-day written notice of the payment due. The landlord can then proceed with the eviction process in court if the tenant does not remit payment. Landlords can also evict tenants for illegal activity with a seven-day notice. If a landlord needs to enter a property for an inspection or repair, a two-day notice is required.

Back in 2020, BiggerPockets also did an analysis with similar results. It found the five most landlord-friendly states to be:

1. West Virginia
2. Arkansas
3. Louisiana
4. North Carolina
5. Alabama

2. Alabama

Alabama residents enjoy a low cost of living and a thriving economy. The state’s housing is also ranked as the fourth most affordable in the country.

Alabama currently has the second-lowest average property tax rate in the country at 0.4%, which helps investors keep more of the money they earn. The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits. They do, however, have up to 60 days to return a security deposit after a tenant moves out.

If an eviction is necessary for nonpayment, landlords are required to send a seven-day written notice of the payment due. The landlord can then proceed with the eviction process in court if the tenant does not remit payment. Landlords can also evict tenants for illegal activity with a seven-day notice. If a landlord needs to enter a property for an inspection or repair, a two-day notice is required.

The five most landlord-friendly states are:

1. West Virginia
2. Arkansas
3. Louisiana
4. North Carolina
5. Alabama

 Alabama

Alabama residents enjoy a low cost of living and a thriving economy. The state’s housing is also ranked as the fourth most affordable in the country.

Alabama currently has the second-lowest average property tax rate in the country at 0.4%, which helps investors keep more of the money they earn.

Alabama has the second lowest property taxes in the nation behind Hawaii.  And very landlord friendly.  And our governor just passed anti-squatting legislation.  We can basically send our brother n law over there with a big stick to remove them.

I would also vote to fill it in.  I have a local guy that can do it for around 8k, if the pool is accessible with his equipment.  He fills in about 80 pools in MGM every year.

Also, I do have a STR with a pool at the beach. But, that is a different situation. It is always families on vacation, so the pool is a big bonus. We pay $250/mo for maintenance. The pool pump running will add about $15-20 every month to your power bill. Have cameras so you can prove who throws beer bottles and chairs in the pool. Insurance will require a self closing gate, but the guests will always prop that open. Then the neighbors kids will have pool parties when there are no guests there.

I purchase about 2-3 for myself every year in Montgomery.  So, I suppose I am a buyer.

I also help OOS investors purchase 75-80 houses yearly.

Agreed. LLC is all you need. I also have a 1M PLUP, really inexpensive. How many properties do you need to put in one LLC?? I asked my attorney that, he asked, well how many properties can you afford to lose when a tree falls on little Johnny and I prove you knew the tree was going to fall?? So, put 2 or 3 houses per LLC is what I do.