All Forum Posts by: Josh Anderson

We have a few condos. The rules are all different. But I have not seen any issues or fees with renting. There are 2 that we have that limited the section 8 program and need board approval before they are placed. 

I wouldn't buy one that charges an extra fee unless they are offering something more for that fee. I know there are FHA guidelines that limit the ratio of rentals vs homeowners, but if that is the case you would just get a small bank to make the loan using a commercial loan with your LLC, there are a good number of them that will do a BRRR for you.

Birmingham has some amazing benefits. The cost of entry is very low. We have several properties we are all in for 20k or so and netting around $500 a door. Plus I have several lenders that can help with the brrr strategy that can help you pull most if not all of your cash out.

 @Rob Drum is the best at finding some amazing deals. 

I personally self-manage, but @Mark Byers a rock star when it comes to managing properties and understands Section 8, so you can benefit from Government paid rent - which I highly recommend. 

So I live and invest in the Birmingham market. 

Rents rates are good. 3-1 can gross 900 a month.

Section 8 is super easy to work with. I have been moving my houses as they roll over into that.

We have several deals that all in we are in 20k and netting 500 a door. Others we have it structured that we have nothing in the property as we did a cash-out refi and are netting 300 plus a door. 

Taxes are cheap compared to other states. Run around 600 a year for a 50k house. 

We have several turn keys you might be interested in, DM me for more information  

Amazing opportunity in Birmingham. SFR house located in growing area. Priced to sell, minor repairs. Have a contractor on standby for those out of state people looking for a turn key option, along with management at the ready. Section 8 works amazing over here, with high demand.

Estimated repairs are around 10k. 

Roof in good condition and has vinyl siding.

More pictures can be seen here.

https://www.dropbox.com/sh/ydvgoah76v83tth/AABz15v...

Call me for more information or to set up a time to see it. 205-446-349six

That is about the going rate - the unit is small so $800 is fair. Ive seen things around the 900-1000 depending on how nice it is. I have a few units in CP and some in the clay/pinson area

If it is about to have a turn over then raise it to the 900 or better, if they are staying another year I'd raise it 30-35 just enough to make some extra money while not driving them away. 

Hope that helps. 

Doesn't look like there is much room to make money on it. Along with possibly enacting the due on clause. 

Im about 25 min from the Center Point area, depending on the work needed, and Alabama is rather tenant friendly, Seems like there wont be much left after it is all said and done. And to be honest, you can pick up houses around here in the "dark" side of town for around 20-25k needing 5-10k of work. Best of luck though 

I have used David Cruise with Straightline Funding, LLC great folks, fast funding, and did as much hand holding as you wanted. On the first one I may have talked to him more than his wife for a couple days.

Contact below:

Web: www.straightlinefunding.com

Yeah I just found her post. 

https://www.biggerpockets.com/forums/41/topics/242...

All one needs to know is in link

Question: And the answer may be take to a lawyer.

When buying a foreclosed house in Alabama for a fix-and-flip and you have to deal with the right of redemption, what are your options?

I know they only have 180 days to come back and redeem it. But what sort of things can you do to protect yourself. 

Also any websites/books to do more reading on this topic?

Thanks!  

Okay here is a thought.

Given it will be in the business name. I wonder if I could "sell" the house to myself and the company hold the note, to which I would be buying the house and would have a first mortgage on the property. Allowing me to go to my bank for a helow loan. 

Thoughts?