All Forum Posts by: Donnie M.

Welcome to BP @Christina Phillips

There is a Columbus GA meetup at the Keller Williams on Veteran's Pkwy.  Not sure of the day or time but here is the thread on it https://www.biggerpockets.com/forums/521/topics/15...

The podcasts are awesome for growing your knowledge in "learning how to be smart on investing and rehabbing."  https://www.biggerpockets.com/renewsblog/category/...

If you ever want to chat about investing and the Columbus, GA and surrounding counties let me know.

@Jamal Mitchell Welcome to the site!  

As an agent, you may want to check out The Real Estate Agent’s Ultimate Guide to Working with Investors

https://www.biggerpockets.com/renewsblog/2013/08/2...

Also, some of the podcasts are with guests who have their RE license and are killing it as investors.  So you definitely can learn a ton from them and see how they got their feet wet.  I learn so much from each episode and enjoy and am encouraged by hearing the experiences of others.

https://www.biggerpockets.com/renewsblog/category/...

As far as getting your feet wet, you need to have somewhat of an idea of what specific niche(s) that you want to utilize as an investor.  I wish I could offer insight into your area but I have no experience in Birmingham.

Welcome to BP @Andrew Fenton.  Keywords are awesome as Brandon said (don't forget to type in zip codes you are interested in as well as words) and if you don't already know about the Podcasts then I would highly recommend them.  So much valuable information in every episode.  Hope you reach your goal!

I have my first buy and hold SFH rented in Phenix City, AL. Will be able to cash-out refinance in June and then will have my cash back so I can hopefully pick up a small multi-family or another SFH in Lee, Russell, or Muscogee (GA) County.

@Natasha Johnson I am interested in Alabama and Georgia specifically central/east Alabama and Columbus, GA. (Anywhere from Montgomery, AL to Columbus, GA). Interested in SFH or multifamily. Thanks.

I thought the OP was saying that he offered the seller 35k or the 50k over 100 months and the seller took the seller financing over the cash.  So he is getting it interest free unless I am way off the mark.

I am looking for a real estate attorney in AL and I live about 1 hour east of Montgomery near Phenix City, AL.  I need an attorney to review all of lease contract as well as the other landlord documents.  I also would like to draw up a wholesale and assigning documents to use as well.  Do I even need to meet with the attorney or could I pick a recommended attorney from any part of AL and do all of this over the phone and email them my documents?

Excited to get my first property rented (rehab process right now) and want to make sure all of my documents are legal in AL.  I am actually going to use many of the forms Brandon shared when I purchased his book The Book on Managing Rental Property.  Thanks in advance for all the recommendations.

 This is exactly what Brandon Turner suggests (for non group showings) in his book on Managing Rentals and he also says to, "Instruct your prospective tenant to call you to confirm the appointment one hour before their scheduled time" (doesn't really have to be an hour someone already mentioned they call 30 minutes before) and if you don't hear from them then don't even go.  If they show up and call you at the time of appointment then you know they aren't that good at following directions.  

Any of you familiar with Fort Mitchell at all?  I need some advice on the buying and rental market.  Got a deal that I could flip or hold.  I would assume there are many renters in the area due to Ft. Benning being so close but after driving through the area I do not know.

Thank you all for your responses.  The bolded part is throwing me off though so excuse my ignorance on the subject.

 So, what you are saying is that with this PLOC strategy that when I sell the home:

I will not receive any of the money from the sale even if I have principal paid off somewhat (say 16k left in principal) and I sell for 26k (same amount I refinanced into to pay off PLOC).  

I would only receive funds if I sold it past 26k, for example, I would only receive 14k if I sold it for 40k (even though principal is 16k and pay capital gains on the full 40k).  

Am I understanding it correctly?

If I am understanding correctly, this strategy seems ineffective in my opinion and I will totally go with 20% down conventional for such a cheap home.