Joey, how are things going in the B'ham ? Is the ownership working out for you? I have watched the area from afar for a while. Let us know your impression now that you have a few months in.
The home I got back in July has been performing fine. No real issues so far. It took a little longer to get a tenant then expected but once tenant was in place things have been great. Rent is $850 so can't complain there, and there has been no repairs yet so I'm happy in that department too. Tenant was late on the rent once but paid the late fee and has been on time or close to it ever since. The management side of things have been fine as well. I just purchased another 2 out there, and I am still waiting for tenants. I'm hoping its related to the bad time of year for tenant placement, So hopefully someone moves in soon. The process with these latest 2 was great using Century Revitalization Group to buy and rehab the property and then Decas group is managing them and currently trying to place tenants for me. Still to early for me to jump into this market head first but I am still confident in my investments so far.
I wondered about the lag time on getting a place rented there. I noticed on Rent Jungle that there appears to be many places to choose from. It appears supply of available rental homes is not short in B'ham. Same impression from Pad Mapper too.
@Tony Gunter it's definitely a small concern for me. There are tons of rentals...but there are tons of renters too. A couple months vacant seems like the norm for this time of year from what I can tell and have been told. I had one in Indy that took almost 2 months to rent too. But on the other hand another couple I know who bought in Bham also had to wait a few months to find tenants. It's not a deal breaker for me but just something I may start calculating into my numbers. Have to include some holding costs and stuff like that.
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