All Forum Posts by: Harry Gamble

Unexpected plumbing or electrical issues can be significant, I don't know why the power can't be turned on to do a complete inspection.

We provide appliances except for washer and dryer, which are not expected to be provided in my area. There is a smaller (than say Lowes) local/regional appliance company that allows me to use their wholesale department since I rent several houses. My contact person there is very helpful when picking out new appliances, leading me towards the best deals for rentals. Our houses are pretty nice, but I usually take her advice when buying appliances BC she knows what will last...often a cheaper model with fewer "working parts," or simpler controls, etc. is what we go with. I don't think this has hurt the quality of tenants and no one has complained. My sales company also does repairs which is helpful.

I've been buying and renting (some flips) single family houses in the Birmingham, AL area for 7 years, and things have gone well. I would like to move (and "move" this business) to either Pensacola FL and/or neighboring Baldwin Co., AL. I know the area fairly well and have a few contacts. I am not planning on investing in Condos on the Gulf, I am focusing on houses not on the water. However, being a hurricane target area I know any house will require expensive flood and wind damage insurance. My understanding is that the cost of the insurance will depend on the flood zone rating. This seems like a deterrent to investing in homes in these areas. I guess the plus side is being near the coast, but I don't know if rents would be any higher. After selling my current houses I will have some capital. Also I am not ruling out new construction and/or commercial or multi family. Any input on my situation is greatly appreciated!

I don't know the estate laws in Quebec. In the U.S. they vary by state. Maybe the estate has to be administered in court to get clear title, although where I am sometimes a title company will insure title without an administration of the estate if the next of kin are clear and by executing some affidavits attesting to the kinship. If the institutionalized next of kin is not competent to sign legal documents transferring the house, that can be another issue, although it's not a problem if the estate is being administered where I live BC there will be an attorney appointed to represent any incompetent person.  

It may be too early to approach a family about this soon after her death. I wonder if the neighbor can keep you updated on how the family is doing, and/or mention something to the daughter at some point, that she knows someone who wants to buy the house. When to approach the next of kin is tough to say BC it depends on the people involved and the circumstances. Regardless, personally I wouldn't bring up anything about it before the funeral unless you have reason to believe the daughter is ready to talk about the house.

I think the Homewood houses you mentioned could experience a market correction in lower home values as, like you mentioned, a small house in Edgewood will be priced pretty high. However, the location, schools and charm of Edgewood (and the Hollywood area) to me makes it a fairly safe bet. Lot values are high...many livable houses are being demolished so that a new, $700,000 list houses can be built. Buyers like the charm but many want a new/newer house also, that is driving that trend in in Homewood. Most of the new houses luckily are being built to blend in with the character of the neighborhood. An older house may appreciate well in this area if it is structurally sound as new higher priced houses are being built that may go for 700,000 while you can find a much more affordable house that may have been built in the '30s for 250,000- 300,000, although the newer houses generally are larger. West Homewood, west of I-65, has more affordable properties and I think will hold value because of their central location and schools, you give up some of the character that Edgewood has, but I don't see that as a problem. South side can be good for rentals or flips, it is too well located in my opinion to take a big drop. Hoover is good, esp those zoned for Hoover high school. Mtn Brook is tricky, houses are generally too expensive to get a good rent return on, but the poss of building or flipping is there if you can find a deal in that area, which is hard to come by. Vestavia I think is a good investment. Houses were built in the '50s-60s I think, and small dens and unused dining rooms keep prices lower, but they can be remodeled or bulldoze and build if you get a deal. Or you can turn that dining room into a bed and bath and make a 3/2 into a 4/3.

East Lake has pretty high crime stats. Personally I would not rent there, although it may be improving.