All Forum Posts by: John Patton

You think that you can get 12-1300 month rent in Grayson Valley ? I would really check those comps again. Good luck JP

I have a tenant that is 30 days late on rent and he has been served with 7 days notice to quite. He lost his job due to health reasons and has been receiving treatment from the VA with him being a Vet. I get a call today from a program called the " Partnership Vets" about helping him to pay rent. Has anyone had any experience with this program.

I believe this is only a band aide to the problem and is not a long term solution. I have my expenses also. Any thoughts. 

Thanks. PS- I am also a Vet.

The 120% increase was probably due to loss of homestead on property  

According to a couple of guys I have talked to say it’s a game they play locally every 2-4 years. I had to do this in 2012. Your are going to have to get your real estate guy to put some comps together to compare recent sales. It will cost you about $100-$150 per house to contest. You won’t get what you want but more than likely it will get reduced for the next 2-3 years. You will probably break even the first year and glad you did it the next 2-4 years after. They are going to raise it to what they want. You can’t use foreclosure comps. That’s my game plan  good luck  jp

I am all ears. I don’t have an answer yet but some of these inflated prices of TK sales really don’t help the comps in the area. A property in Hueytown is up 22% wow 😯. 

JP

I personally would not buy in 35204. I would not buy anywhere in southwest or west Birmingham. I grew up in the area. I drove thru the areas 2-3 times within the last 18 months. It seemed that every 2-3 blocks a house or houses were either burned out or boarded up. I call these areas B&B areas. Also check the crime reports about shooting and stealing. Sure you can get in cheap but at what other price do you pay down the road. Good luck. Jp

Another suggestion. If you don’t know the area then ride around the area looking for postman and utility workers. Talk to  them. They work those streets every day. 

Good luck. 

I would not buy a house there. About 10 years back I looked at a house there and asked my cousin about it since he was a lieutenant at the fire department there in Tarrant city. When I told him the address his reply was “ oh they just steal around there. Two blocks over they shoot at you. That’s when I ladled tarrant as an S&S area which stands for shooting and stealing and I want no part of it. Good luck. Jp

What street is it on. JP

I bought my first sh house in 2007 right before it crashed with 20% DP with lite rehab of paint and cleaning and come out with 11 % ROI and 225 gRoss monthly profits. Best thing I ever did because of the learning experience. I also got a second of line of credit on my primary residence. When the recession hit in 08 and 09 I was ready with my knowledge and my money from the line of credit at 4.5 % rate to pick up 2 more at 1/2 the price.

Knowledge and access to money when everyone doesn’t is a great opportunity. 

Good luck. Jp