All Forum Posts by: James Rodgers

War Eagle! :) Welcome to BP, sir, it will do you well. Here if you need anything. 

Hey James,

I'm searching "wholesale assignment tax" and your post came up. 

I just got a check for an assignment fee, no LLC yet. I do plan on doing that ASAP though. What I want to do is put 2/3 back into REI through the LLC and split the remaining 1/3 with my brother for personal use.

How did your question play out, and based on that what would you recommend I do?

Thanks!

I grew up in Montgomery, live in Birmingham and have visited Huntsville plenty. First of all, I would recommend Birmingham over both cities discussed, but I want to answer your actual question also.

In terms of economic growth Huntsville definitely trumps Montgomery. I think in Montgomery you could probably get plenty of the "$30,000 pigs" that get talked about on BP so much, but if I, an Alabama native, were choosing, I'd definitely go with Huntsville. I read the Birmingham Business Journal online, I read articles all the time on developments in Huntsville. Take a look filter for "news". http://www.bizjournals.com/birmingham/newssearch?q=huntsville

Dear BP, 

I have a wholesale opportunity in the 36117 zip code. The owner has recently passed away and her sister has contacted me, needing to sell fast. What should I expect in terms of rent (3/2 1400 sqft 1998), what class neighborhood is this, vacancy rates, any other input? More specific location is Sandlewood Dr. 

Seriously, any input, knowledge, interest or even just opinions, throw them at me!

Thanks,

James

Cash flow opportunity. About 6 months left on the lease. Tenants are likely to renew. 

@Jeff B. @Jorge Zea @Patrisha Leybovich @Sam Shueh @David Faulkner

Thank you for your input. It is very helpful! I have found a good flat fee website I think I'll go with to get it on MLS, mlsmyhome.com. Thank you especially for that nugget, Jorge. I am going to prepare the sign myself and my wife is handling the photography. Sam, I didn't think about Craigslist, I was thinking about just MLS, Zillow and Trulia. Thanks for that. And good stuff, David. I'm up for all of that.

Patrisha, that is exactly the input I was looking for. I want to know, from a realtor's perspective, how I can best respect these two people. If this website is going to meet my need for $230, would you say it would be most honorable to ask them if they would rather take $250 to put it on there? I'm good either way now, but if it would be an opportunity that the emotionally-secure agent would appreciate, I would want to give that to a friend. It is no secret to them that I am selling my house FSBO, I just haven't mentioned wanting it on MLS.

To the other agents who jumped on this feed just to knock FSBO and not help with my inquiry, I will be sure to tag you in my success story if and when my house sells!

Thanks all, 

James

I have a good friend, basically a mentor, who is also a very experienced RE agent. I have also been working directly with another agent while searching for investment properties. 

I am about to put my house on the market FSBO. we are selling it to move into a "house-hack." Im selling it myself because I have so little equity in it and need as much as possible for a down payment on this MFR.

I want to get it on the MLS. Is it insulting for me to ask either of my personal aquaintaces to list it for a flat fee and leave it alone? Should I seek out a complete stranger agent? Or is it silly of me to not ask a friend or the lady I've been working with to do something simple for some cash?

Thanks BP'ers.

@Cooper B. I used my brain for a second and just looked on Airbnb. People are doing it successfully, so yea I'm not going to worry about it. If an ordinance was passed and I had already gotten into the house well, I could definitely sell and net a profit. 

My current objective is the "house hack." I've been hoping for a 4-plex. However, I see an interesting opportunity in an A neighborhood in Birmingham, AL, Crestwood North. Most of these homes have been flipped, and it is that cute neighborhood your wife would love to live in. Well, there's a beautiful 5B 2BA two story HUD home there with 2800 sqft not including half finished basement unit and back studio+carport unit (which actually used to be a carriage house-SUCH a cool property; historic credit or something, beautiful 1900 house). For the purpose of us moving in, I would probably not address the basement and back studio, as theyre basically efficiency units that wouldn't pull MUCH income and need A LOT of work compared to the house.. I would 203k that guy, just the main 2800 sqft of the 2-story house. It's got 5 beds, with some more rooms that could become beds. It has a gorgeous upstairs living room and balcony, but no kitchen upstairs, just a bath. It even has a side entrance that leads directly upstairs.

I'm thinking... those 3 upstairs beds are perfect for AirBNB. If I was visiting Bham, I would enjoy staying in the area. 

I had a local investor friend tell me that the 501c3 who regulates the neighborhood would definitely frown on renting it out, I'd be the a**hole of the neighborhood, and they'd probably shut me down.

Is that possible? Can a neighborhood committee dictate what I do with the bedrooms in my own house? I would think no, but want some input before I structure a deal around it...

Thanks BPers!

@Sam Shueh

@Dan Genzel

@Andrew Johnson

@Bryan L. who can enable me to make a cash offer. 

My agent just now requested the rent roll a second time, and the owner produced some papers filled out by hand with "unit #", "renter", "rent", and miscellaneous remarks. Apparently they purchased this property March 2016 and only began what I would barely call bookkeeping this past October, so I have 4 months of notes that cash, checks and money orders were received. Contracts are 12 month and only available upon accepted offer. I will make a contingency of receiving the contracts.

Is this a red flag? Help! Thanks!

James