All Forum Posts by: Gorden Lopes

Congratulations @Jackson Horn! 

That looks like a scorching deal! I wish I had knew about house hacking early on in my life! House hacked my residence that helped me buy more rental properties OOS.

Congratulations @Jordan Baker!

Can't go wrong with Buckhorn high! This can rent for 1300-1500, pretty good deal!

Cheers!

@Scott Vantre @David Chappell

I am an out of state investor and can recommend a PM that I am using to manage my properties. Feel free to message me and I can share the contact.

@Caleb Bryant

Thanks brother! 

@Michael Plante

I have the contract with the wholesaler and in our memorandum we have highlighted both the contracts. I have involved my attorney but just wanted to get info from other folks who might have had similar experience. 

Hey Guys!

Just wanted to get your thoughts on this. There are bunch of other discussions around this issue but wanted to get Alabama specific info.

I got into a contract on a house through a wholesaler couple of weeks back for a property near Huntsville and we sent all our paperwork to the closing attorney for preparation of closing. I verified that the wholesaler had the signed contract on the house with the buyer. But then after couple of days the owner went MIA and did not answer the wholesalers phone calls. We then went ahead and filled a memorandum of contract through our title company. Through the HOA office we ended up finding that the owner has another title company working on a contract with another buyer and the other title company did find our memorandum of contract when they did their title search. I know crazy times!

So here is my understanding based on what my escrow company has said. We were scheduled to close on 12th of this month, if the seller (owner) cannot perform on this contract then we can pursue legal action agains the owner. 

But I have few questions to understand this little better

1. Can the other title company still go ahead and close the transaction with buyer 2 even when the title is clouded? Or do they need to make sure that the title is clear? Trying to understand who has the leverage here.

2. Since we know that this other title company is working with the owner, can my attorney preemptively talk to them about this?

Has anyone else faced this issue before and what was the outcome? 

I was trying to make sense of that population decrease data point as well and thats what kept me away from Decatur for couple of years. But I am really happy with the way my quad there has performed. I have not had any issues with long vacancies at my properties in decatur. Most of the vacancies have been filled within couple of weeks.

One follow up question to that population decrease data point is that where is the population moving? If its moving the HSV and surrounding areas then is that really a concern. 

But overall Decatur is not Huntsville for sure, so you might have to price that factor in when you put the offers. 

Yes for me. But depends what area. There are more "Not so good" areas in Decatur as compared to Huntsville. But overall, I don't see a strong reason to completely ignore Decatur. 

Hi @Jeff O.!

Yes! :) 

I had bought my first SFR and as of now it is renting at 1200 and last appraised at 149K 8 months back. And I am very happy with this investment.

Hey @Mallie M.!

Congrats on your success in Chattanooga and N Georgia! I am a OOS investor in Huntsville with few properties. Although Huntsville is hot right now there are still great deals to be found in the 150k-250K range for SFRs if you have a strong marketing setup. Some of the suburbs of Huntsville like Athens,Toney, Harvest are seeing great growth in terms of population and the schools are great too which is why many people are staying in these suburbs and the commute is hardly 15-25 minutes to Huntsville. Decatur is also another suburb which is not discussed a lot but I recently purchased a quad there and I am really very happy with the numbers on it.

Hope that helps! Happy to answer any other question that you might have.

Cheers!