Multifamily Units in Birmingham?

Question

I've been looking through Loopnet and other places online for multifamily properties for sale in Birmingham, AL. I'm not ready to jump in yet, but I am just curious if those are common around here. I am reading more into living in one unit and renting out the others. Has anyone had experience with those in the area? I think this avenue could be a good way to get into real estate (depending on the tenants, financing, etc.). The more I read, the more I realize I don't know!

Cooper B. · Answer

Tyler,

Are you looking for 2-4 unit properties, or something larger than that?  If you are looking for a duplex/triplex/4plex to live in and rent out the other units (which I think is a great idea), then Loopnet is probably not where you should be looking.  I wouldn't say these properties are as "common" in Birmingham as in some other places, but they are out there.  Southside especially has a ton of old homes that have been converted.  Many of those properties would be listed on MLS; just select multi-family properties on your search.

Another idea in a similar vein is to look for single family homes that have either a mother-in-law suite or a garage apartment or carriage house.  My home has a carriage house which I lived in for a couple of years while I rented the main house; when I got ready for more space I switched and rented out the small house.  Try searching MLS or realtor.com for single family houses with keywords like "mother in law" or "studio", etc.  By the way if that idea appeals to you and you have any interest in Crestwood, I know of a property like that that has been for sale for a long while that I could point out.  If so just PM me (I have no interest or affiliation with that property).