All Forum Posts by: Helen Kirk

Hi Jon,

I currently live in Auburn and am a newbie also.  Regarding mobile homes, I have seen the beginnings of students trying to sell them.  I saw one just this past week where the asking price was $2400.00 although there was a requirement that the trailer had to be moved.  If you wanted to go this low with trailers (which don't appreciate in value, but could be rented for a positive cash flow), just let me know and I'll keep an eye out for you.

I'm currently looking at a 3br, 2 ba brick home that is being offered through a short sale. The bank wants 41K, but I only have 31K cash to invest.  There will have to be some minor rehab of the property, but the agent told me that it had rented in the past for $750 per month.  This will be my first investment, and I'm having to educate myself also before just jumping into the pond.

There is also a REI investor's meeting in Montgomery every month. You can find it on facebook at www.facebook.com/groups/MontgomeryREIC/. Mark Jennings is the organizer and you can also send him an email at [email protected].  I went last month, and it was really great to network with all these experienced investors.

@Kevin Yoo

Thanks for your reply.  I have been trying to educate myself on rehabs and rentals, and I now see that this home may need a lot more repairs than would be feasible for my first rehab.  The owners must have other plans for it as well, since they seem to be making repairs to it themselves.  I will monitor it however, because it has captured my interest.

In the meantime, I continue to look for other properties, and have found another one which is in being offered as a short sale.  I've walked through this one, and most of the rehab appears to be cosmetic with the possible exception of a leak in the roof.  I'll have to get an appraisal before going forward on it, but the bank wants 41K for it in an area where the comps average 85K.  It is a 3br, 1 ba brick home in a neighborhood of mainly rental properties.   I could finance the majority of this property, but would need to take out a loan for the rehab portion.

There are a few other homes in the area that may be good values that I'm also checking out that have a higher value than what I would be able to finance with cash.

I'd be interested in knowing this too.  I've been looking at unpaid property tax lists in my area of Alabama, and locating them on the map.  A lot of them turned out to be a sliver or tiny piece of another property which wouldn't do me or anyone any good.  I'm not sure how they got to be so small and piecemeal, but there has to be a reason.

I drive by various neighborhoods and check out properties that look abandoned or distressed in better neighborhoods.  I found a good one recently, looked it up to see if the property taxes were paid, which they were, but contacted the owner anyway just to see if they'd be interested in selling.  They are.  All I did was call them and tell them I was interested in the property and asked them if they had any plans for it.  This will be my first rehab and flip if I get it.  I'm also going to the county property tax sale this week to check it out.  They only have one per year in this county, but you've got to start your education somewhere right?

Hi Mr. Yoo,

I am very interested in finding and rehabbing properties, and would like to discuss a partnership with you.   I have been searching for properties in the central eastern Alabama area which are distressed, foreclosed, or up for a tax sale.  In fact, I have already found a wonderful property which lies in a historic district close to my location which is just begging to be rehabbed.  I have contacted the owners and they were actually thinking about putting this property up for sale.  The property is vacant and appears to need a major rehab, but would be an absolutely gorgeous two story antebellum style home if fixed up properly.

I will admit to being new at all of this, but am excited about the prospect, and am willing to do what it takes to make a go of this.  Please let me know if you are interested.  I would rather do my initial rehab with a partner rather than on my own.

Excellent Post Makenzie Kelly.  I did Dave Ramsey's total money makeover, and it felt really good getting most of my credit card debt paid off.  This coming month I'll have all of it behind me, then I'll be debt free except for my mortgage.  Mr. Harris, If Makenzie doesn't send you Dave's book, I still have my copy plus all the things like the envelope system and DVDs that came with it that I'd send to you.  Just let me know.  I'm not sure I'd think about spending that 25K that you have before getting your debts under control.  I have about 35K in a mutual fund that I'm considering using for a flip or a rental, but I would rather not liquidate it just yet.  Its like stepping off a ledge into the unknown for me because, like Mackenzie said... life happens, and you need a good cushion to soften the fall if needed.

Welcome!  I'm a newbie investor in the Auburn, Alabama area, not terribly far from you. This place has tons of good information.

I checked with the bank, but will have to submit much more information to get pre-approval.  This may not be doable on my meager salary.  However, I do have a couple of mutual funds that I will be cashing in, so maybe a flip or going in with a partner will be better for getting my feet wet.  I'm also open to owner financing, if I could manage it.

I'd like to see how this turns out....

Hi Amber... I feel your pain!  I looked at a fixer upper house and was prepared to make an offer.  I already had the contractor tagged to go through it with me, and had spoken with a banker about a loan based on the after repair value.  Bang!  After 3 years on the market with hardly any nibbles, this house got sold just as I was preparing to make the deal.  

This would have been my first investment in a flip or repair and hold since 1989, so I'm really counting it as my first.  I'm also looking into some duplexes, but since I already own a home and a mortgage, financing is going to be tight.

Thanks Frank Cain.  I am planning on going to that investor's meeting.  I've emailed Mark Jennings for confirmation of the meeting, but haven't gotten that confirmation yet.  Since you've posted this information, I'm assuming that the meeting is on!

Looking forward to meeting you there!

Helen