All Forum Posts by: Wendy Carbone

Hi Anthony,

I am currently working with many OOS investors who are choosing the market here in Huntsville Alabama. Our city is growing fast, taxes are low, rental rates have risen steadily (6% this year). I would caution you about relying on zillow or some of these other sites for rental CMA's. Your best bet is to talk to a property manager in the area you are wanting to invest in and get the FACTS about the comps for the property you are considering before you make the offer to purchase. I am a property manager and licensed Realtor here so please let me know if I can help you!

What @Dave DeMarinis said is spot on!  When he said:

"3. The variation above makes it very easy to buy thinking you are getting one thing when you might be getting another because there can be 1 mile difference and 10X average home price"

I could not agree more. I am surprised at how many OOS investors are trying to purchase and then rent properties based on bad information. Do your due diligence with regard to researching the schools and crime info for the house you are interested in . If your intent is to rent the property out, contact a local property manager who can run a rental CMA BEFORE you buy! (The majority of Realtors around here who sell real estate do not deal with property management) Just my 2 cents ;)

Thank you!

Thank you @Jaysen Medhurst.  I was thinking the same.  I want to stay consistent with our policy of all occupants over 18 having to apply as well as our minimum 650 score.  I think I was just trying to figure out how to tell the one person who would have been more than qualified on his own,  "no" based on not all 3 meeting the criteria.  He asked why the lease couldn't just be in his name but again that is not our policy.

PS I'm from CT originally......This is my favorite time of year up there!   

One property, 3 applicants.

Would you accept an application where one tenant meets your credit minimums, but 2 additional applicants do not.  Our application states we require a minimum of 650 and we do require everyone over the age of 18 who intends to occupy the property to apply separately. What if one person had a 800 and the other 2 had 500?   Is it enough to just reject them based on "not meeting the credit criteria" or do they need something more specific?

My first move would be to talk to my accountant.  You should really understand what the tax repercussions will be before making this decision.  I know it is tempting to want to just pay off your house, but with a 3.7% interest rate and rates climbing above that, I am inclined to think that would not be the wisest move.  Also if you cash out on your properties, you will be handing a nice chunk over to uncle Sam.  Get some professional advice so you don't have regrets later.  Just my 2 cents.

IMHO I think it is misleading.  I believe people may assume you are a Realtor and if you are not this could possibly present a problem.

Welcome to Huntsville!  We are also a retired military family!  We moved to Huntsville 6 years ago and have added 2 very nice single family investments to our portfolio since arriving here.  We also just opened a property management company.  If there is anything I can help you with feel free to reach out!

Wendy C.

Do you have to file taxes for each LLC? Or just the management one?

Hi Justin,  Just wanted to reach out and say hello.  Looks like we have a lot in common.  We are a retired military family and also have rentals in the Wiregrass area (2 in Enterprise by Ft Rucker)  We relocated here 4 years ago and have purchased 2 more rental properties in Huntsville this year with much success.  Please let me know if there is anything I can help with!  -Wendy