All Forum Posts by: Stacey Marsh

@JD Martin, @Brandon Battle and @Scott Weaner - thank you all for your input.  I'm really appreciative of the advice. I'm hiring an independent contractor to check the roof, electrical and possible mold build up. The original inspection didn't report electrical or mold problems but we will relook at that potential issue.

This is why Bigger Pockets is so great! 

@JD Martin, thank you for the feedback.  Here are the images he provide that show the roof. 

Hello BP Experts!

I could really use your advice. I am purchasing my first rental property near Huntsville, Alabama through a turnkey provider.  It's a 2001 home in a great school district with solid numbers.  Unfortunately the inspection report came back with a concerning details about the roof, including photos of the roof deck that definitely showed damage. I believe it's the original roof, so 16 years old. Here's what the inspector said:

Major Repair

"The shingles have heavy wear consisting of heavy loss of mineral surface granules resulting in areas with none left and heavy wear along the edges of the tabs. The shingles are brittle and cracking and splitting with some shingle tabs broken and missing. There is also heavy damage to the roof deck from past water leaks. Much of the decking will have to be replaced when the shingles are replaced.

There is no ventilation for the attic. This will cause rapid deterioration of the shingles. When the roof is replaced, install ventilation at the soffits and at the ridge." 

The provider sent a roofing specialist right away. His report came back with a conflicting response. Since I didn't hire him independently, I don't feel comfortable with the assessment. I'm no roof expert but the photos definitely looked like some roof deck damage so "the decking is solid" was surprising. His report:

"The roof is in good condition. We feel it has 10-12 years before needing to be replaced. The condition of the shingles is good as we did not find any deterioration of the shingles. The decking is solid also. I did a few repairs to damaged or loose shingles and repaired boot covers. There aren’t any active leaks inside the house to indicate issues with the roof."

Any advice on how to move forward?

@Shannon Shue This is an older thread but I wanted to see how your trip to Birmingham went last year.  Did you invest in any properties?  I will be visiting at the end of November   to learn more about the market and hopefully purchase my first two investment properties.  Do you have any advice you can share?  Thanks!

@Tom Ott thank you for the advice and the helpful links.  Great articles!

@Jeff Schechter that's a really good point.  I didn't think to cross reference the state taxes for those midwest states.  As a former resident of Texas, I can appreciate the impact! :)

@Jay Hinrichs I haven't found a ton of reviews to be honest.  I've talked with them over the phone and reviewed some listings but I haven't been able to find much information.  

I appreciate your tips and advice.  Thanks for taking the time to respond!

I have been researching turnkey companies in the midwest and came across Home Invest.  Does anyone have any experience working with them? 

@Jacob Evans

Hey Jacob, I really appreciate all the advice you shared.  I'll dig in on finding both a contractor and a solid PM company.  

I've been researching average rents in the area but mainly via the internet but I don't yet have a good feel for average rents by neighborhood class.  Hypothetically, what size multi-family could I buy at the $100k-$120k amount above and how much rent per unit? 

Are you primarily wholesaling properties in B-class or C-class neighborhoods (if one is weighted more than the other)?

Thanks! Stacey

@Rance Brown, thank you for your response. I plan to stay in Portland for now but my long term goal is to return to Sandpoint. Like so many people on BP, I am shifting my focus from the stock market to rental property investing to help me get there sooner. I really appreciate the suggestion on Shadle and Spokane Valley.  The area has changes since I lived there 7 years ago. I do have some more questions about the property management and construction company.  I'll PM you with more questions.  

Thanks again, Stacey

Hello Washington!

I am a (somewhat new) investor interested in the Spokane market.  I currently live Portland and would like to build a portfolio of buy and hold properties.  I do own a rental property in Sandpoint, ID that was previously a primary residence, so I'm fairly familiar with the area but not necessarily the specific neighborhoods.

 If you have any thoughts on the following, I'd greatly appreciate the advice.

- What neighborhoods are good for SFH investing on a budget of $100k-$120k?

- I've also been considering multifamily. What's a typical price point for a B-class duplex?

- Does anyone recommend a good contractor, especially one who works with out-of-town investors?

- Do you have any recommendations for property management companies?

Thank you!