Rental Property Investor · San Diego CA · Member since 2019 · 68 posts · 51 votes
6y
Hi @Harsha G., I'm an OOS investor from San Diego and invest in Huntsville, started last year and have 3 rental properties currently (2 were remodeled, 1 was just move in ready). Responses below for each of your questions:
1)DM me if you need realtor recommendations, but i think that would be on your list of questions when interviewing realtors, they should have experience that deal with OOS investor and have experience with GCs/Handymans that can help you get connected.
2) Rehab budget would highly depends on type of property you purchase, condition of it, etc.
3) I use rentometer, but found that asking my property manager to pull rental comps to be more accurate. They also can give me insights as to how long it took them to rent something similar out, as they usually have a nearby property they are managing as well as a rental.
4) Read alot before getting started, join meetups (especially if you can find ones where there are investors that are looking to invest or are investing in the same market), listen to a lot of podcasts..at least thats how i got started :)
I did not do a rehab as I wanted to purchase my property similar to turnkey as much as possible. I went with a local realtor after my tour with a turnkey provider did not pan out as well as expected considering they have rave reviews. But you can contact Jason Grey at ProData Real Estate. He knows the area well and knows contractors that you can get in touch with. As far as reasonable rental expectation, getting comps from the MLS from the realtor would be the most accurate. That's how I priced my rental after I purchased mine in Madison AL.
Pointers: I STRONGLY recommend to go to the city and take a look for yourself. All the data online and pictures can only tell you so much. After I came back from visiting there, I had more confidence of the homes I wanted to put an offer in because I was at least familiar with the areas. Make sure the agent you are working with takes the time to know you as in investor and your goals. Jason took the time to show me all around Huntsville to see my reaction to certain types of properties and to see what my expectations were so he just did not put me on a list and expect me to sift through it knowing that it would waste me time.
Rental Property Investor · Huntsville, AL · Member since 2018 · 14 posts · 9 votes
6y
@Harra Guni
When we arrived here to Huntsville, we met an investor friendly realtor who assisted us with finding our family home. Through discussion, we mentioned we wanted to get into fix and flips (rehabs) as an investors. DM and I can provide you the contacts.
I am a local Huntsville investor I would highly recommend working with your property manager as they should have knowledge of off market deals, they should have in house contractors or have good a good relationship with several vendors, and they should be able to find decent rent comps.
As for estimates on rentals look at zillow, facebook marketplace, rentometer. Rehab budgets can be a little tricky as it heavily depends on the type of materials you put into the units.
Rental Property Investor · San Diego CA · Member since 2019 · 68 posts · 51 votes
6y
Hi @Harsha G., I'm an OOS investor from San Diego and invest in Huntsville, started last year and have 3 rental properties currently (2 were remodeled, 1 was just move in ready). Responses below for each of your questions:
1)DM me if you need realtor recommendations, but i think that would be on your list of questions when interviewing realtors, they should have experience that deal with OOS investor and have experience with GCs/Handymans that can help you get connected.
2) Rehab budget would highly depends on type of property you purchase, condition of it, etc.
3) I use rentometer, but found that asking my property manager to pull rental comps to be more accurate. They also can give me insights as to how long it took them to rent something similar out, as they usually have a nearby property they are managing as well as a rental.
4) Read alot before getting started, join meetups (especially if you can find ones where there are investors that are looking to invest or are investing in the same market), listen to a lot of podcasts..at least thats how i got started :)