All Forum Posts by: Tyler Merrell

I am returning after being absent for several years. In Ga, I owned a couple of rental homes and was making good side money. I moved to AL and I am interested in getting my real estate license as a second avenue of income, but I have a few questions. 

1) Is it worth it as a part-time agent (afternoons & weekends) 

2) Is this the wrong time to jump? 

3) Any specific online courses/companies that you recommend for Alabama?  

My intent is to make some money (side money) while learning the market so that I can start to purchase and rebuild my rental company.

Any thoughts or suggestions?

Sorry, I have been out of touch. I have done one and sold it. My job took me out of state and away from real estate, so now I am trying to get back in it. 

I may know someone that manages in the Montgomery AL area. Let me know if you are still interested. 

Surrounding areas such as Pike Road,  Prattville, Wetumpka, Millbrook, and Emerald Mountain are very desirable. Montgomery is going to be 100% neighborhood dependent unless you don't mind high turnover and questionable renters. I am a transplant to this area as well, but working in education and being in the schools and seeing how transient and why the people are so transient is eye-opening.  

I actually know three places here in GA that can do that (Modular units). Let me know if you are still looking and I can give you a name and number and maybe they can do something for you. I am actually looking into the same thing here is south GA.... My father designs and prices these units for his company and he is working up some figures for me. 

I actually know three places here in GA that can do that (Modular units). Let me know if you are still looking and I can give you a name and number and maybe they can do something for you. I am actually looking into the same thing here is south GA.... My father designs and prices these units for his company and he is working up some figures for me. 

Any luck with duplexes in rural areas?

Yes, clear and free titles. I think that I can get the price down lower, and will try. However, I am leaning more towards two as well.  I plan on using a local bank and they have seen my work. I just built my 3300 sqft house for 125k  (Smart, Energy Efficient home)  and it appraised for 351K.  So I know I can get the return.....but since this is not my full-time job, the speed at which the return comes is slower..... Also by doing this, it will allow me to have equity that I can always tap into if the option two starts getting tight. 

I need some advice. I am some what new to the rental investment/landlord world but want to grow and learn.  I have two properties with clear titles. Here is my dilemma and why I need advice and mentoring from more experienced people. 

I am currently looking to invest in more rental property and I have been offered 6 rental houses (small 2 bed 1 bath 900-1100sqft single family houses) on the same track of land (between 3-5 acres total waiting on the survey) within city limits for 150K. I live in a rural area and decent houses this size rent for 450-650 per month. That's not a killing but this is not my full-time job nor lively hood, but my paying hobby.....investment........relax time. Not to mention there is space to expand on this property where I want to build a Duplex in the future or other single family homes. Here are my concerns...

1) They need WORK. I mean a lot of work.... I can do all the work, and don't mind doing it, but while I am doing it, I can't rent them. I am by no means "stuck up" or anything, but I am not a landlord that want or will allow my name to be associated with trash. My goal is a suburban rental neighborhood. Are there loans for this type of property that will allow a grace period (like construction loans) while I renovate and improve the property. Also, I am not sure it will appraise for 150K in its condition.  Once I am done, I would expect it to appraise for 300k+.  And are duplex better than Single Family Rentals? 

2) OR..... I have 15 acres of land 8 miles from town that I can develop on. WIth this property, I can get a construction loan and build two houses for the price of one ( We, my family, do all the work) and will have two houses but only one low mortgage. This combined with my other properties will give me clear free titles rentals, and the equity of each to continue the process. 

3) OR..... I can use the equity of the best clear titled house I own and build 3, 1000 sqft homes on the 15 acres above listed. Should I use equity over loan?

4) How to make owner financing sound appealing to the seller????????

So here is my question should I jump on the 6 house and have a ROI quicker but larger debt, or be like the turtle slow and steady...... I just don't know if I will have a chance to find a track of land this size with 6 houses in the future for this price. A lot of this depends on what financing options for this type of deal and the payments..... also I plan on talking with the seller and negotiating a lower price and possible owner financing......which may put me in a position to be the landlord of all of her other inherited properties that she doesn't want (some 60 acres 50+ dwellings house/mobile homes) but with a larger price....that's why I think she may go with the owner financing.....

Options 2 and 3 will be reoccurring events once titles are clear.  

A construction loan, basically in a line of credit to build a house. As you build the Bank will conduct a few inspections to make sure the money matches what is done to the house. Once that construction loan and house is complete, you apply for a conventional or FHA loan at which that loan pays the bank. Inspections are conducted by the county/city so that's to code. So, I am not sure what the hold up would be. So in my case the Bank is who gets paid not me.

So what am I missing.