All Forum Posts by: Account Closed

My loans all conventional 30 year fixed 25% down, two in Alabama and two in Georgia.

interest rates on those loans (4.25%, 4.37% Alabama Properties) (4.25%, 3.75% Georgia Properties)

credit score 805

I live in Texas.

All my properties are not local and I've never seen them in person. 

With today's technology and good competent property managers as well, I'm allowed to do this. 

Yes there are pros and cons to every situation and no ones situation is the same, but for me it has worked out very well with a nice balance of cash flow and appreciation.

4 Properties

Fultondale, Alabama $990 

Pinson, Alabama $905 

East Point, Georgia $1,470 

Dallas, Georgia $1,320

100% Paid in full (two of the properties have tenants in the medical field, one property has a tenant in banking, and one property has a tenant in construction)

I’m refi on a property I have in East Point, Georgia that is currently 4.875% down to 3.75%

Easier to negotiate when you try to leave one PM for another PM with better rates. 

They really wanted to keep my business so they were willing to match the other PM and came down from 10 to 8% and also came down on the lease and renewal fees.

I went to the markets in Alabama, Georgia, and Ohio for the low property taxes and better cash flow. Currently getting out of the Ohio (Cleveland) market due to high turn over, city regulations, increase in city service costs and insurance. 

About 6% or about $10k for reserves, you’re going to need it. 

In Pinson and Fultondale, Alabama

Fellow Texan here and I have a rental in the Cleveland market since 2016 and in my experience the turnover has been a killer, as I have never had a tenant stay more than 12 months.

Also the city regulations and they love to send in inspectors to find violations in your property that you will need to fix. The city also charges landlords annual fees just having a property and occupancy of a tenant.

Insurance and city services continue to rise in cost as well.

Placing my property on the market within the month as I’m out.

Stay in the South! My Georgia and Alabama properties don’t have these headaches.