Updated 3 months ago on . Most recent reply
Alabama investors.... help appreciated!!!!
My wife and I are about to be in a position where we have to move. We currently live in a small town near Dothan, AL and own a farm with a few acres there. My wife is in medical school and I am high income W2. She is about to enter year 3 and 4 of medical school where she does clinical rotations and this is the reason that we may be moving. The options that we have to choose from and rank are in a preference order are: Alexander City, Anniston, Gadsen, Boaz, Guntersville, Montgomery, and Sylacauga.
I am looking to get local advice of strategies that work in these areas. I have experience in RE investing as I own both LTR and STR. I would like to buy a property for us to live in for 2 years for years 3/4 medical school. My preference would be a STR if able as I can offset my W2 income massively, however I would be open to a good LTR as well. The problem is with LTRs is we have to want to live in the home for two years... I am sure many urban homes would fit the criteria, but my wife and I really enjoy life out in the countryside much more. She is willing to drive up to about 45 minutes from these cities.
From the research I have done the only potential STR markets that I can sort of see is Lake Martin and Lake Wedowee. Based upon airdna data the revenue potential looks okay on Martin, but not great. The purchase price of homes on Martin is elevated and honestly too high for what the revenue these homes bring in is. Lake Wedowee the purchase price is lower but the revenue is much lower than Martin.... basically I am not getting too excited about either of these markets.
We could search for a place on some land out in the country... but then I am not sure what our exit strategy would be after two years.
I have thought about other strategies such as buying a house with land on it and subdividing into other lots or even adding ADUs to do a glamping style STR.
I am not sure... we are kind of at the mercy of where medical school says we have to live for 2 years and I am trying to make the smartest investing decision as possible with it.