All Forum Posts by: Josh Anderson

If you are doing an FHA 203k you have 6 months to finish rehab and get moved in. You might work that angle to get some rehab money and allow you to work on the outside and then once that tenant moves out, do the first round of updates and move in.

Else I think you need to move in pretty soon. I'd guess less than 30 days

So we have several condos and townhouses. 

I have mixed feels. Its somewhat easier to rent, as there are all the perks to the complex. And there is less to maintain, and cost to get in is generally cheaper.

The downside, is the HOA fees will eat a lot of cash flow, the turn over is higher I've found as they would rather live in a house than a complex. And talk about a beating when it's vacant. HOA, note, taxes, insurance. It'll eat your lunch in a hurry. We are moving away from them as they aren't fitting in our model as well as we thought they would. And if the complex is mismanaged things really turn ugly.

You may consider out of state investing. Birmingham is pretty cheap to get into. Worth exploring 

@David Nelson

Welcome! Happy to have you rocking it out here with us. Sounds like you have a nice edge for getting paid to drive for dollars. 

What part of town are you looking in, interested in more of a turnkey or something that needs a little love.

@Rob Drum, You need to check this guy out, he is the real deal, a local agent that knows his numbers, check out his blog. http://robdrum.us/ loads of data about Birmingham I start every Friday with it. 

Hit me up and I'd love to take you to lunch, hopefully, answer some questions! 

Happy Investing! 

@Rob Drum is your man, solid agent that invests himself. Loads of info and has the heart of a teacher. 

@Mark Byers is another solid guy in Birmingham. Rock start of a property manager 

We have several turn keys if you are interested and some wholesale deals coming in if you are looking for something a little more work

So I couldn't say your doing it wrong, but it's hard to do multiple things at once well.

I'd pick one way to market and just kill it. Like mail 4000 mailers a month for several months. 

It's all in the consistency, and keeping on when it doesn't seem to be working. 

Keep it up, it's just a numbers game, so many nos to get a yes. Sounds like you are due for a yes.

Also don't be greedy. Oatmeal is better than no meal.

Bed: 4

Bath 2

Rent: $1195

Taxes $1100 a year

Insurance: $650 a year

No HOA

Lawn care is taken care of by tenant

Section 8 tenant - program paying almost 800 a month, with tenant paying the remaining amount

 Home warranty included for a year.

House has been totally renovated.

Roof - 5-6years old

HVAC: 4 years old and serviced before the tenant was placed 

Stone and vinyl siding.

A wonderful looking house that rented very quickly, as the amount of 4 bedrooms in that area is very low and highly sought after to rent.

We have a few property management providers in the area that we can recommend that range from 10-12% of the rent.

The lender we have will lend on 80% of the Arv, a 20-year note, around 7% interest WAC with 5-year interest adjustments. The local bank, already in place to handle the transaction. You are welcome to secure your own funding

OR! Owner Financing

Terms as follows:

20% down. $27,000

20 Year amortized with a 2-year balloon at 6% interest. $773.75

Our goal would be to have you find your own financing but can offer short-term financing if needed. So you can refi into a loan.

Bed: 2

Bath 1.5

Sqft: 1400

Estimated ARV is 85,000

Rent: $945 a month, the contract states that rent goes up 4% a year.

Rented Section 8

Taxes run around $450 a year

Insurance runs around $500 a year

There is no HOA

Lawn care is taken care of by the tenant.

Totally rehabbed top to bottom, with quality long lasting finishes, like tile and hardwoods, granite in all the bathrooms and new cabinets. The roof is maybe 4-5 years old, with brick and vinyl siding. HVAC is 4 years old and serviced before the tenant was placed.

We have a few property management providers in the area that we can recommend that range from 10-12% of the rent.

The lender we have will lend on 80% of the Arv, a 20-year note, around 7% interest WAC with 5-year interest adjustments. The local bank, already in place to handle the transaction. You are welcome to secure your own funding

OR! Owner Financing 

Terms as follows:

20% down. $16,500

20 Year amortized with a 2-year balloon at 10% interest. $636.91

Our goal would be to have you find your own financing but can offer short-term financing if needed.

I think if you have someone being that sneaky you don't want them as a tenant 

So ours has a notice of a person saying more than 48hrs we should be given notice. 

I dont know how your city works, but here the person has to stay at the house with their mail being delivered there for a notice to be sent out. 

I might consult with an attorney about stipulating that felons are not permitted on the grounds at all, and having certain crimes require immediate notice if they are visiting  

I think go for it. 
The only concern I have is being licensed to do that, like when applying for permits that may not let you pull them being only the homeowner, every city is different. But after 10k in Alabama, the city won't let you pull your own permit. 

Also make sure you get lien releases and builders risk policy, to CYA. 

If you have the time to babysit then I say go for it, you should be ready to hire and turn around and fire as building a new sublist is hard, this market has everyone running and getting good subs to work with someone new will be hard. If you have a builder that you felt good with, ask him what it would take to have his rubber stamp the job and use his subs, but let you handle the subs and all aspects of the job. Worst he can say is no, offer him 500 bucks and see what he says.