All Forum Posts by: Greg Parker
Greg Parker has started 2 posts and replied 601 times.
Post: Developing and Starting Small
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Agree with the others. Starting from scratch with power poles, septic tanks, roads, drives, etc. It would take years to start making any money. I know all about Clanton, and trailer parks. I grew up there for 18 years.
Post: Daphne, AL - Investor Networking Meetup #3 - Eastern Shore Real Estate Investors
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Eastern Shore of the Mobile Bay. In Alabama.
Post: Looking to invest in my first property ,What states/markets have good cash flow
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
From Wikipedia, Alabama has the second lowest property taxes behind Hawaii.
2. Alabama
- Effective Property Tax Rate (2019): 0.37%4
- Typical Home Value (2022): $189,9766
- Annual Taxes on Home Priced at State Typical Value: $702.9
The current metro area population of Montgomery in 2023 is 374,000, a 1.91% increase from 2022. The metro area population of Montgomery in 2022 was 367,000, a 1.94% increase from 2021.
In a number crunch of 300 cities using 10 metrics ranging from home prices to tax rates to vacancy levels, WalletHub determined that Montgomery, Alabama, was the nation’s most affordable city for homebuyers. Rounding out the top 10 of affordable homeownership cities were Flint, Michigan; Toledo, Ohio; Detroit; Akron, Ohio; Warren, Michigan; Pittsburgh; Yuma, Arizona; Springfield, Illinois; and Palm Bay, Florida.
Post: New to REI from SF Bay Area (Fairfield)
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Real Estate Wholesaling Bible, thats a good one for sure. Thats up there with Rich Dad.
Post: Newly married planning for the future
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Definetaly use the construction skills to get started. You can cut out the middle man on renovations and have some instant equity.
Post: Newbie, haven’t even started yet
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Consider a little diversity. Start with a lower income area LTR for some good cash flow. Then get a nicer LTR that may only break even on the monthly numbers, but will appreciate. Then get a STR. See which one you like the best. I have a 50k house I rent for 650(great cash flow). A couple of 120k houses that rent for 1,200(paying the bills and appreciating), and a STR on Dauphin Island, Alabama that brings in about 50k yearly(doing great, until the next hurricane...lol).
Post: Propstream for finding deals
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Volume will be the key with the postcards. A local wholesaler here in Montgomery spends $30,000 monthly on postcard mailouts. But, it works!
Post: Real Estate Attorney recommendations in Alabama
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
I have used Gary Mcannally for 300 closings. They can also help with other RE legal questions.
Post: Is this a good deal?
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
I just signed a deal on one 30 minutes ago in 36109 B area. Purchase 109k, light rehab 5k.
Will rent for $1,100 -1,150. ARV is 135,000.
Post: Is this a good deal?
- Realtor, Contractor, Property Manager
- Montgomery AL and Dauphin Island, AL
- Posts 653
- Votes 530
Not that much. Most of the deals I see will have about 20k equity. Average deal right now in a good B area is, purchase for 110k, renovate 10k, rent for $1,200. ARV 140k.
Some better, some worse. But that is the sweet spot. When you get up around the 200k houses, the rent rate backs way off from the 1% rule.