All Forum Posts by: Jessica Fagan

Ok, so I have bitten the bullet and gotten a HELOC for 120K. We have been searching for a house to flip, rent and refi out in AL preferably on a lake to AirBNB. We have not been as lucky to find something so we have been looking at alternatives. We have found a property that we love, but the cost is higher than we would like at 70K. That would leave us tighter on the build of a tiny home than we would like. The owners have other land near this plot and our future plan would be to build a tiny home, rent, refinance, and repeat in the same area. I am concerned about the refinance as the property cost is higher and just not sure how the value of the property will pan out. We can not find any really great comps as the rest of the properties are cheaper, but they are restricted properties (no tiny homes). My question is should we keep looking for a home to reno or other properties? Does anyone know how to find the properties actual value verses a restricted property? Do restrictions even matter to the actual value for comps? Side note we have asked if they would take less for the property and they declined.

thank for the info!

Hey I am fairly new to the real estate investing game and want to see if anyone has a REI meet up or zoom meeting going for the Birmingham, Al area? I would like to get something setup to help connect all of the different teams you would need to do a full job from finance to maintenance and everything in between.

Here are the steps on how to start an LLC in Alabama, but some can be applied in other states as well:

1. Choose a name for your LLC. Your LLC name must be unique and cannot be the same as any other LLC in Alabama. You can check the availability of an LLC name on the Alabama Secretary of State's website.
2. File a Certificate of Formation. You can file a Certificate of Formation online here https://www.sos.alabama.gov or by mail. The filing fee is $200.
3. Choose a registered agent. A registered agent is a person or business that will receive legal notices on behalf of your LLC. You can appoint yourself as your own registered agent, or you can hire a registered agent service.
4. Get an EIN. An EIN is a tax identification number that is required for businesses. You can apply for an EIN online here https://www.irs.gov or by mail.
5. Create an operating agreement. An operating agreement is a document that outlines the rules and regulations of your LLC. It is not required by law, but it is a good idea to have one.
6. Get business insurance. Business insurance can protect your personal assets in case of a lawsuit. There are many different types of business insurance, so you should talk to an insurance agent to find the right coverage for your business.
7. Open a business bank account. A business bank account will help you keep your personal and business finances separate.
8. File your annual report. Every year, you will need to file an annual report with the Alabama Secretary of State.

I am a local designer in Birmingham starting my real estate investment adventure. I have a long background in commercial design. If you are in need of consulting services please reach out. [email protected].