Looking for help/advice on Birmingham (wylam) house

3 Replies

I have a large 3/1 house in Birmingham(wylam) and the property managers are saying 10k to get it rent ready. The house isn’t worth that. We paid $10,000 for it and did electrical work totaling $7,500. We’re from out of state and purchased it without doing research because it was rented with a paying tenant for $500/mo. That tenant stopped paying and moved out. Now we’re left with an empty house, a large bill to get it rent ready, and unable to sell due to already putting more into it than it’s worth. We obviously made a huge mistake. Is there anyone with suggestions or solutions to the problem? Do any of you have references for property managers/contractors who are reputable and can provide us with additional quotes? 

Originally posted by @Elizabeth Luiz :

I have a large 3/1 house in Birmingham(wylam) and the property managers are saying 10k to get it rent ready. The house isn’t worth that. We paid $10,000 for it and did electrical work totaling $7,500. We’re from out of state and purchased it without doing research because it was rented with a paying tenant for $500/mo. That tenant stopped paying and moved out. Now we’re left with an empty house, a large bill to get it rent ready, and unable to sell due to already putting more into it than it’s worth. We obviously made a huge mistake. Is there anyone with suggestions or solutions to the problem? Do any of you have references for property managers/contractors who are reputable and can provide us with additional quotes? 

 You can either put money into it and rent it or sell it for a loss. No magic here. Is what it is. Side note, I recommend you check out The Ultimate Guide to Grading Birmingham Alabama Neighborhoods as it should give you a better understanding of the area.

I currently manage 100 +/- properties in Birmingham.  The starting point is that a 3/1 almost anywhere should be getting more substantially more than $500 per month..  I will be happy to try and help.   Ravinell Wilson Trading Earth inc.