All Forum Posts by: Gorden Lopes

Has any investor in Huntsville opened a HELOC on their rental properties? I am looking for references on banks who can help me with a equity line of credit on my rentals.

Appreciate your help!

@JD Martin

lol! I thought the same and was Shocked to say the least! 😃😃

@Richie Thomas

Congrats on your first offer. The PM and lender is probably right but you can always try to use that (work without permit) in your negotiation. If you plan to do some work on the room in the future then you might have to bring it up to the latest code and would have to pull the permit.

A SFR I purchased sometime back also had a bonus room without permits and I did not face any issues.

I know "**** happens" but I would expect Spartan Invest (given their scale) to definitely have processes/checklists around "**** Happens" scenario! And one of the point in that check list should be to "Be transparent and communicate effectively" with the OOS investor given the trust that RE investor has put into them!

And they should definitely take this post as a learning experience and be transparent about their failings. And that is a mark of a resilient organization.

I have no skin in the game here! I just read this post and saw some comments which said "**** happens" just man up which comes off as there is NO fault of Spartan Invest! Which is definitely not the case!

@Abhijit Trivedi

Thanks for sharing your experience with Spartan Invest. Really shocking that they will go ahead with a 2800$ repair/turnover cost (whatever you call it) without even informing you guys! Really unprofessional on their part to do this! No PM company who call themselves ethical can follow such practices!

Hope the Spartan folks who are on BP respond to your post!

@Michael S.

Thanks! Yeah, found it on Facebook and luckily was the first guy in the morning who  saw the post and called the seller! 😊

@Samuel Garrett

Thanks brother for your pep talk! I just found a off market deal for 3/2 1200 Sq Ft 2008 built house in 35811 zoned for Buckhorn high/Mt. Carmel Elementary, buying it for 90K, estimated repair around 10k, ARV 141K and rents around 1100-1200.

Might be a good BRRRR, will post more about this as I make more progress!

Cheers!

@Samuel Garrett

Thanks for that positive pep talk and congrats on your 17 unit deal! Your message is just what I need to start my morning on a positive note! :D

Agree with all what you said, even if the deals are hard to come by, key is to keep on following the process.

Cheers!

Hey @Tyler Forsythe!

I am a fellow OOS investor and been investing in Huntsville for the last 3 years. I agree with you that there are not many great cash flowing deals and it has truly become appreciation play right now.

I am also waiting on the side lines for few months to see how things pan out macro economy wise. Micro economy wise, Huntsville has had great momentum and the population and job growth has been just amazing.

I have purchased a quad in Decatur recently and you might get cash flowing deals there but again I don't expect decatur to have much appreciation.

@Jason Malabute

Thanks for sharing the info! and glad that it worked out for you!