All Forum Posts by: Laila M.

Drew, that's probably a decent deal, but keep in mind who you're gonna market to.  Will this be more for a family or will you try to rent to students by the room?  (Obviously you can't discriminate on who you rent to, but you would feature different aspects of the home in your ad.)  Don't forget your property taxes and insurance in your math; these are usually not paid through escrow.  Also vacancy, maintenance, holding costs (like utilities), and depending on the age of the house, capex (capital expenditures).  If you have any other questions, feel free to text me.

@Jordan Ross,

I am specifically looking for things in Tuscaloosa county.  McCalla is about the farthest out I would consider, and even that is a bit farther than I would like to buy.

Congratulations.  I am also just doing my first deal in my local area!  It's exciting.

Welcome.  I am also a newer investor in AL. My husband and I have managed two rentals now for a couple of years.  We're trying to get a third one (buy and hold) as well as do other deals. 

I have not found being a landlord to be as difficult as some.  That said, it's no walk in the park.  You have to screen tenants well, and that's increases your chances of a positive experience, but is no guarantee.

Steve,

Perfect.  Thanks for all the info.  I got some generic option contracts from another Investor that I am modifying, and was planning to have it seperate from the lease.

I also think 2 yrs is ample time for them to clean up their credit. 

Hello, I am selling my first house as a lease option.  It was a straight rental, so I am familiar with that paperwork, but looking at the lease option contract, I think I may be forgetting something...

Those who give rent credits, i have heard to not call it that in the contract.  Is "discount on purchase price" better verbiage than "rent credit"?

Do most of you use a 2 year term?

agreed.  We decided to pass on this deal.

Thanks!  Where are you now?

 I feel it's a town where you have to know people to get things done (or maybe that's everywhere LOL).   We're slowly making those connections.

MFH is OK there.  The reasons for the second unit being "possible" is: 

1) doesn't a duplex have to meet certain size req's?  

2) repair costs are high for second unit & may require city permits.

3) Insurance??

I am a new-ish investor in my area (Tuscaloosa, AL - near Birmingham).  My husband and I have a couple of properties.  He has also worked with mobile homes in the past, before the housing bubble burst.  Excited to get into this as a business!