All Forum Posts by: John Patton

Make sure you have your inspection paid by you  That will be the best 3-400 you’ve ever spent Saved me 30k last year  

If you have a foundation problem run don’t walk away. Repair could cost thousands   Good luck. JP

I bought brand new all brick house last year. So far so good. ROI 14% with 20% DP.

I manage myself. I know couple guys being doing it 6 or 7 years and doing fine with a property that appreciates instead of depreciate. Good luck JP

I ask 20 questions on all inquiries about a property before I even set an appointment to show property. From who would will live in the house to were they work along with how much they make. The last 2 questions are have you ever been evicted from a property and have you ever been convicted of a felony and if I get a yes on either one of those questions I reply that I can’t help them and thanks for calling. It has worked for 10 years with no blow back. 

Good luck JP

Do you want to know what a neighborhood or zip code is like. Go ride in that area between noon and 3 pm. See if any of the houses are burned out or boarded up. Or if there people hanging out besides kids and should be working.  Is so leave and don’t come back. If you don’t see the boarded up or burned out then stop and ask about the neighborhood with postal workers and or utility workers  . These folks are on these streets every day and they know what is going on.

Talk to local investors that know the neighborhoods not people hundreds of miles away from the area you are looking at. Good luck JP

The only areas I would look at in Birmingham/ western Jefferson county are  homes  with Hueytown 35023 schools and McCalla 35111  with Mcadory high school. Not Bessemer schools. The demand for homes are here because the auto related jobs to Mercedes are there. 

Good luck JP

Have you ever thought about buying a brand new all brick house with 20-25% down payment in a class B neighborhood that nets 14% ROI. I manage it myself. I did this a year ago this week. I got a tenant in 2 weeks that pays on time every month.

A friend of mine has being doing this strategy the last 6 years and has been trying to get me to do it. I sold something last year talked with him and my banker and Bam I’m a believer. This house is valued at 150k and costs me $400 a year less in taxes and insurance than homes I own outright for 70 k each. 

I am going to do another one this year. Good luck. Jp

I would call Eddie Harris at Expert Reality. He has been in the business quite a while and knows the area for over 50 years. If he is not in ask for Tish.  She is very good. I have used them for several buys and sells. Good luck. Jp

I got 2. One on the record with reports for 395. He saved me 40 k 3 years back on a flip with bad foundation. I got another one if just wanted a non written report for 195. 

I have no GD nor dishwasher in none of the homes I have except for 1 house I bought brand new last year. I have even gone to the extent of taking dishwasher out of class B- and C+homes because they can break down And cost money to fix. I only have 2 older houses with refrigerators I provide. Good luck JP

I love Helena and I like and bought in Calera spring of 2018. I was kind of scared when there were 3 homes for rent in same neighborhood. Not a problem. I rented it $100 month less than the others because I figured that eating a mortgage for 1-3 months would wipe out any profit. It worked. Got lucky and rented it in 2 weeks with 2 year lease. 

Helena has great schools and great for raising kids. Problem  with Helena its a 3/4 hour drive one way at rush hour but that's the price for having a very good area that is more affordable than Hoover, Vestavia or Oak Mountain schools. Problem there is getting in at right price. I looked at 2 yesterday priced 130k to 160 k and both need 40-50 k fix up, roofs, a/c and siding and fencing and  floors etc. For that kind of money you can buy brand new which is what I did last year. 

Good luck JP

Good Luck. JP