@Mark Bailey Dm me-- I have a contractor for you in Montgomery if you want it.
Hi BP family. I’m actually from Montgomery but I live in Houston Texas. I’m considering investing in Montgomery. Does anyone know of any hard money lender in the area? Or any banks I could refinance with?
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Originally posted by @Matt Bell :
We do both flip and buy/hold rentals. We have 13 rental units, 9 single family, 2 townhouses, plus one duplex. You are right with regards to appreciation - it doesn't happen much in this market. The values tend to be stable and rental returns are better than other markets - plus the cost of entry in the market is quite low. My business partner and I live in Houston, Texas but invest in Montgomery due to the cash flow metrics we can achieve and the equity we can easily create from buying cheaper homes that need significant rehab. For example, we purchased a home for $35,000 and invested $30,000 in the rehab. The home appraised for $110,000 and rented for $1,095/mo.
We have been considering investing in Prattville but the homes there do not hit our metrics of 1.5% rent to total invested ratio (e.g., $100,000 investment should bring $1,500/mo rent). And we need the rehabbed property to appraise for at least 20% over the invested amount so we can cash out all our investment and re-deploy the same capital on future deals. And in the best case scenario - we can cash out extra money. For example, the home that appraised for $110,000 we cashed out $85,000. So at the end of the day we had a great cash flowing rental and $20,000 more in our capital account than we started and still had a cushion of $25,000 in equity.
I am deploying the same strategy in Montgomery (live in South Florida). Do you have any recommendation for banks you use for your cash out refi or deals?
We use Troy Bank and Trust but I hear Suntrust Bank is now doing some as well.
Hello all. I am an out of state investor interested in the montgomery area. I'm looking for some contacts to determine the best areas to invest in.
Any recommendations on investor friendly title companies/attorneys?
Thanks in advance
@ Jerald Alford, I like to use Kristi Fuller and James Martin as closing attorneys.
@Matt Bell , sorry I saw this so late, but thank you very much for the reply
Hi there! Does anyone have insights on zip - 36107, 36110, and 36104? Appreciate any info you can share. =)
It is hit or miss in any of those zips. It really depends on the street or group of streets. Just look at the home prices, if the homes are 24,000, there is a good reason.
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