All Forum Posts by: Adam Mykel Cox

Hi Chris,

Piggybacking on what @Tal Simpson said... Find you someone with boots on the ground that works in these communities, it is different from block to block. With regards to the upward swing in rent, I'm believe so with some of the economic growth we're seeing entering into the market within the next few years and the current market stats. Birmingham and Huntsville both have acquired some pretty interesting contracts for companies moving / expanding into the region. 

As far as value appreciation,  it's going to be very "hyper-local," speaking from Birmingham. While our city isn't massive, it is spread out and appreciation is going to depend on the township you're in. A Broker report just released for our market as a whole from our Association of Realtors shows sales down 2%, median and average price range up 7% and inventory decreased by 14%. This was comparing June 2017 vs June 2018. Our sales are suffering, mostly due to lack of inventory. However, our prices are going to continue to rise.

With those stats and our current market, depending on the class of property you're interested in, I do expect rental rates to continue to rise. I know far too many people that are selling their primary residences and pushed into rentals just for the fact they can't find anything.

Hope some of this helped some... Good luck!

Hi Matthew. If you’re interest in the Southeast, Birmingham might be an area to check out. I’ve got investors here getting 17-20% returns on their investment. I’m “one of those agents” on the other side who gets tons of calls from out of state purchaser’s. Yes, I’d say 5% or less that I talk to end up buying. So even if it’s not in Birmingham, stay in contact with that agent either by phone, email or text to show them how serious you are. Don’t be afraid to ask questions either, be sure you trust them and make sure they’re knowledgeable. My out of state investors I currently work with, our first few introductory calls we spoke about 20-30 minutes each, just educating them on our market - areas, traditions with PM, etc. If I can ever be of any assistance or a sounding board, don’t hesitate to reach out.

Hi Lynn,

When I take on new properties, I typically mail a letter to their home explaining the situation and ask for them to reach out by a certain date. If I do not hear from them I post it on the door with some sort of DEMAND OF ACTION for them to reach out. I've had a time or two that it has took me to post an eviction notice on their door that they'll finally reach out. I really just want to get them to call me so I can chat with them. Most of mine are with rental properties I take over, so they have leases already that I'm assuming. If they decide to stay, I have them fill out application just so I have their contact info.

However, the guys before are correct, if they have a current active lease you have to abide by it. Refer to Landlord Tenant Law. Also, align yourself with a local attorney who handles evictions. I'm in the process of locating a new eviction attorney myself, as mine decide to practice in another area of law.

Good luck and let me know if I can ever be a sounding board!

With the size of your portfolio, I'd recommend aligning yourself with a residentail broker that works with a lot of investors - or find a local property manager that might have other investors in their pocket to sell to. Rely on your market expert to help you decide whether to take income or sales comps approach into your pricing. In my market, Class C portfolios sell quicker than Class B - just more demand and higher ROI. I've closed three portfolios this year between 6-10 units, two groups of which I've represented both parties in transaction - the worst thing about it from a Broker's POV is due diligence period - coordinating inspections with tenants and repairs, if any were requested by purchaser. Lastly, be sure you're working with a good Closing Agent that's familiar with investment sales - sometimes the due diligence period will run it's course (maybe more) and you've got to have someone who knows what they're doing, ordering city/municipal letters and building the closing packages on the fly.

@Account Closed I'll definitely keep you in mind. You're correct, the market has slowed down a little over the summer. I working with a few other investors trying to roll out a new market program to identify properties. Hoping it'll turn up some results.

***NEW MEMBER ALERT***

Birmingham, AL native. Broker specializing in investment sales and property management. I've been licensed since 2011 selling all over the Birmingham Metro area. Took a partial hiatus from full-time sales in 2015-2017 for an internship with a fellow Broker in town who managed about 200 units, 40 of which were their personal - wanted to get my feet wet. December 2017, I started my own brokerage. YTD acquired nearly 40 units to manage. Hoping to scale to about 60 by years end as I feel that's all I can handle on my own and keep up with sales too. 

I was referred to BiggerPockets by one of my investors a few months ago. I've just been so busy to have time to stop and dig in on here. Looking forward to getting to know some of you and learn from others. So far, looks like you guys are pretty innovative! Thanks for having me!

I have a friend that has her Broker's license in 8 states, one of which is NC. I'll see if she'd be interested in speaking with you. I know our local RE Commission will allow you to purchase lists of Agents / Brokers to email blasts... Check with your commission to see if they do that, maybe you could blast out some emails to those who hold Broker licenses.