All Forum Posts by: James Rodgers

Jacqueline, 

35205 would be one of the most ideal areas to do that. most of the small multi family deals happen off of the MLS, and when they do come on the MLS they sell immediately. branching out from 35205 will Either put you in higher priced communities that have far fewer multi family properties, or in lower income neighborhoods with much lower property values but a decent amount of small multi family. I looked at a big triplex just last month that was a pretty good opportunity, my client had just gotten a contract on another property or he would've made a move on it.

@David Chappell If you shoot me the address I can likely tell you

Hi Samantha, it depends on where in Birmingham you are. You may not have to pay for those and most areas in Jefferson county fire & trash is included in your taxes.  If I knew the property you are referring to I could tell you easily. 

Synovus 80%

Iberia 85%

I have great contacts at both. Let me know if you want their info.

Seems like a small expense the amount of water that would ring up while on the market, vs the risk of it being shut off and looking bad.. I’d switch it.

Kyle,

Similar situation with the Birmingham market - not a lot of inventory. At least, not on MLS - most small mutifamilies trade hands here off-market. I'd say the sweet spot when it comes to price, neighborhood and demand is going to be 35205, the community known as Southside. Tenant pool is humongous due to University of Alabama in Birmingham (UAB) and it is mixed in with very desirable, historic single family homes that are also in high demand, both by investors and owner-occupants.

There are lots of small multi families in 35206, that would likely be the next best opportunity for you. Then West of downtown there is plenty of multi families, though the pockets of neighborhoods we on here would label “C class” and above are far and few between. 

Hope this helps, happy to discuss further.

@Jason Parker

Hey Jason. If the appraisal was 2 years ago, a new one would be done by the lender if you were to put it under contract. Depending on your market it’s very reasonable to expect it to be able to appraise for the asking price. 6,000 increase in value per year, that’s less than 3% appreciation.

Also it'd probably be a good idea to go to Christi's REIA meeting!

@Allie Jones

Hey Allie! Welcome to the site and happy learning!

I am a Montgomery native and a Realtor in Birmingham. My brother actually inherited 50 acres and a house in TX recently - he is flying out next month to put together a plan for using that equity for investing in RE here in Bama.

If I can help in any way, don’t hesitate to reach out!

James

@Cody Bell

Hey Cody,

I really like the idea of appealing to the bank by sending them 8 new customers... I believe me as a licensed real estate agent that is classified as “steering,” requiring a consumer to use a particular vendor. BUT I would guess if you don’t have a license there’s no one who’s regulating how you screen your tenants and you have free reign. Similar to how you could pay a referral fee to anyone in the world and I can only pay a licensed individual.

Now that I think about it, though, you are regulated by the AL fair housing laws as a landlord - I’d check that to make sure who a tenant banks with doesn’t somehow relate to a protected class.