Video Game Producer · San Francisco, CA · Member since 2016 · 25 posts · 3 votes
I'm considering investing in the Birmingham AL area where I'm originally from. I came across Spartan from reading forum posts here on BB. Just curious if anyone has worked with them and wouldn't mind sharing their experience?
Hi @Chris Thomas! I have purchased (and still own) multiple properties from Spartan Invest. I can't possibly say enough good things about Clayton and his amazing team. I came into the real estate investing world fairly uneducated - and not only did they help me learn a lot of very valuable information and knowledge that was necessary to make a decision - but once I did go to down and meet the team and view the properties, they confirmed my thoughts and gut feelings. Clayton gave me a wonderful tour of the Birmingham area, explaining the various neighborhoods to me, as well as how they decide what homes will be a good purchase and what homes aren't.
I can tell you that in the 2+ years that I have been working with Spartan, my vacancy has been VERY minimal. I also have properties in Sioux Falls, South Dakota which I manage myself - and I'm currently running numbers to sell one or 2 of them and investing more down in Birmingham. They make it so easy but still very profitable.
If you have any specific questions, I would be more than happy to answer anything you may be wondering. The numbers that were presented to me for each of the properties I purchased have been accurate, if not on the low end (for maintenance costs) and the high end (for cash flow). It has definitely been a best-case scenario with the Spartan team
It is supposed to be a good location because it is close to interstate 59 and also near the Bessemer industrial area. It is also located in a good school district. That's according to Spartan.
@Alex Baldric I thought I was the only one with this problem. My house has more than 80 days in the market and have not yet found a tenant, and the house is located in what Spartan call the core business area.
I also started thinking about using the repurchase agreement that they offered me.
I got info and experience from other investors since my last intervention on this website and I have decided to keep the house i purchased last year. Yes it took a while to find a tenant but the 24-month rental contract compensates for the time lost. In addition I find their customer service excellent with transparent and honest communication. No investment is perfect, and I think i am lucky I found a turnkey company that seems to do its job seriously and has a good track record. I hope they find a tenant for you very soon.
I recently purchased a property with Spartan and I was a bit disappointed. A few days after i purchased the home, Spartan told me they had to lower the rent to attract more attention. Despite that it took them more than 90 days to find a tenant. I am currently under the one year repurchase agreement and I am hesitating to let go of the house. At this point, I can only rely on what Spartan tells me. They emailed me that it usually takes them 30 days to find a tenant and the home i bought is great and that it came on the market in september-october which isnt the best period to find a tenant. They want me to keep the house because according to them it is on a great location. But I am not convinced. Is 90 days acceptable? I do not have enough experience to really have an opinion on the matter.
Sometimes that does happen, but I would do some research on the area. Take a look to see what the ratio is of rentals and owner-occupants.
I have been in contact with @Clayton Mobley the owner of Spartan Invest and We have decided to reduce the rental price and see what happen. I hope soon we could find a tenant.
thanks so much for keeping this thread going. I haven't invested with them but really liked their podcast on the real wealth network- please keep us all updated.
I'm noticing on several posts that the communication with Spartan is on the light side. I do not own any properties with them but I was considering it. I tried setting up a phone conversation and it took them several days to get back to me. Once they did, they said that I had to wait 3 weeks to get on the phone with them. I was surprised and that was the end of it.