All Forum Posts by: Greg Parker

If solid comps are showing 120k, you should be good, "if" you have solid rehab numbers.

When I run numbers for a flip, I take the worst case scenario on everything, then if I still have 20k profit(after commissions, holding costs, insurance, closing assistance) I will proceed.  That will still give you a fairly good chance of a profit.  And, you will learn a whole lot without losing money.

@Denise Evans can point you in the right direction.

2. Alabama

• Effective Property Tax Rate (2019): 0.37%4
• Typical Home Value (2022): $189,9766
• Annual Taxes on Home Priced at State Typical Value: $702.9

The current metro area population of Montgomery in 2023 is 374,000, a 1.91% increase from 2022. The metro area population of Montgomery in 2022 was 367,000, a 1.94% increase

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

And, our governor just passed some serious anti-squatting legislation.  Basically, we call our brother n law to go remove them.  He loves that type of thing.  

Well said. My experience shows 1 out of 10 "inquiries" result in a serious investor that will purchase. The other 9 are looking for unicorns(purchase for 100k, ARV of 500k, rent for 5k a month).

Yep, 100k seems to be the minimum for the lenders I work with.

And, if you are buying turnkey in Montgomery, you will have zero equity.  And, that is fine if you can get good cash flow.  It will eventually build some equity.

Yep, get that team together, the core 4.  Have them give you contacts/referrals for some of their OOS clients, and ask them how it is going.

If "anyone"asks for money up front, move on.

Talk to an Alabama attorney.  Pretty sure you have to have a registered agent here.

@Denise Evans can answer those questions.

You do not need to hire a general contractor to oversee the project.  As the owner, you can pull any permits needed.  Not sure Tuskegee even has a city inspector.  But, the water company and APCO will let you know if you have to get a permit and inspection to get utilities turned on.  If utilities are already on, then there should be no one checking.  My suggestion, keep the city out of your business as much as possible.

Some of my Montgomery subs will work in Tuskegee.  Let me know if you need some contacts.

My rule of thumb is, plan for the worst case scenario on every item.  If a conservative profit of 20k is not in the numbers, I move on to the next one.

Alabama has the second lowest property taxes in the nation behind Hawaii.  And, our governor just signed some major anti-squatting legislation.