All Forum Posts by: John Patton

Yes. I had a potential tenant ask me if I allowed an RV to be parked next to the driveway. That's when it occurred to me how a bad looking RV would look in front of my nice looking home that I try to keep nice looking. Saw a potential problem and solved it, Lots of folks store their RV at storage places. I have a rental home not a storage facility. Hey thanks for the question. JP

A couple of thoughts. I bet your taxes have gone up this year along most other property in Alabama  the past 2 years, so you would be accurate when saying that you have to past that cost along to your customer like any other business would. If the tenants are good about paying on time and keep the home maintained ( grass cut, etc.) you also could offer a 2 year lease. If I find a good tenant and keeps up the property and pays on time, I want their business so I offer a 2 year leases and they like it but make sure that number is good for yourself also for next 2 years and I love good tenants that pay on time or close to it. Having steady cash flow is everything in any business.

I also don't allow the following:

1.No parking on grass

2.No abandoned cars on property

3.No water beds

4.No incense burning

5.No outdoor grilling within 25’ of house

6.No ironing on floor or carpet

7.Tenant is responsible for all floors

8.No RV’s or campers on grass or driveway.

9.Landlord not responsible for repair nor replacement of kitchen oven or cook top

Good luck JP

Welcome aboard Jason. You will need to learn the neighborhoods that "just steal" and the ones that "shoot and steal". Ride thru an area between 11am and 2 pm and it will give you a good idea.

Rehab can run 5k to 20 for buy and hold. Rent for 3BR can go from 650 to 1650 depending on schools.

I suggest you do a couple of things. One, think about joining the AIA  -http://www.aiaclub.com/. They meet every 4th Monday at Homewood Senior Center. Good folks and you will learn a lot.  Second, try to learn the zips and the schools with those zips. Jefferson County schools usually get more rent than Birmingham, Midfield, Bessemer and Fairfield with a few exceptions.

Let me know if I can help. Good luck. JP

@Christine M. - Good luck on your visit to the Magic City next few weeks. Be careful with some of the areas in the city. If I can be of help just sent me address and usually I can tell if the property is a possibly money maker or not. Good luck. JP

Make that 60 days.

If you can not sell it for what you got into it within 6 days run from it. If the neighborhood is gone bad why risk it with a "C" property. Any area that you are interested in you should ride thru it between 10 am and 2 pm and see what kind of crowd hangs around. One block in one zip is different than anther in same zip. Look how they keep up there yards and homes. Lately homes I see in the Birmingham area  that I would consider cost 60k and up. Good luck, JP RTR

This is what I have in all my leases. Did make one exception with one dog only under 25 pounds. That house had hardwood floors. Type of floor makes a difference. Good Luck . JP

Clause 13:Pets - No animal, bird, or other pet will be kept on the premises, even temporarily, except properly trained service animals needed by blind, deaf, and disabled persons

Sure sounds like the 2006 and 2007 with everyone getting in with no money, like the movie

"The Big Short". It was a good time to be in cash in 2008. JP RTR

Welcome Josh. I know the feeling. Until this year, I had not bought a property in 2.5 years and boy was I surprised how proud they are of them now, so just keep looking. Try the HUD site and the Fannie Mae site along with all the banks sites like Regions etc. Check them twice a day for new & price change listings.

 Keep up with your strategy and make adjustments along the way but if the numbers don't work then don't do it. Be patient. There will be some deals come late fall and early winter. I strongly urge you attend and join the Alabama Investors ***. in Huntsville or Birmingham. Both are very good. I have been a member 11 years. If I can help let me know. Good luck JP.

I don't think there is a "9th street" in this zip code and this is a really high price for this area.

Good Luck JP