Anyone buying in Birmingham, AL? (1% rule)
A friend of mine is wanting to sell their rental and I figured that I'd check in to see if anyone is buying. The home has been remodeled and is ready to rent.
Asking price $115,000
Rent they were receiving was $1,150
3 / 2 / 1,440 sq ftLet me know and I can make a connection.
We've got the realtor handled - just wondering if this is the type of deal that anyone is looking for.
Most Popular Reply
Birmingham, like every other market has softened unfortunately. You may want to prepare your friend for the reality. None of my clients will look at property at 1% anymore. Too much supply on the market now where they can buy & essentially pull all their money back out on a refi. That is the buy/sell market. The house I rented yesterday from my PM company forced me to offer a month free & lower the rent from $1,100 to $1,050 to get interest & rented. The owner purchased it for $60k from the MLS in December, $10k rehab, & refi'd at $110k.
I truly hope your friend gets to sell for asking price but thought you should be aware of the current market in Birmingham.