I'm hoping some of the major players will share some wisdom. I started my buy and hold portfolio about 6 years ago and have found some diamonds in the rough in the Huntsville/Decatur market. I grew up in that area and know it very well.
About three years ago I moved to Birmingham for work and haven't jumped in the local game yet and it is killing me. I live in Crestwood (and love it) but this area is a little too expensive for me to get into buy and holds.
Can any of you local guys tell me where you are getting houses and what a typical deal looks like? I see some good price to rent ratios from my initial research in the East Lake area but unsure if that is a "safe" neighborhood. I don't mind the places where I can get robbed but would like to stay away from the places where a robbery could turn to a murder pretty quick.
Any guidance would be appreciated. I would be more than willing to buy someone lunch, coffee or a round of golf to pick their brain.
From what I have observed and started out in the area are Center Point, Roebuck, Forestdale and Fultondale areas. These areas tend to be healthy rentals that can be in the $800-1200 range where property can be picked up at 50% of their value in some cases and still avoid the stigma of war zones. I'm a relative newbie and I'm sure the veterans can add their insights as well.
I'm from Montgomery so I'm not too familiar with the Birmingham market but what about the area between UAB and Vestavia Hills. There seems to be a lot of small apartments complexes there, it seems like a good area for appreciation and cash flow. Some of the properties have a lot of deferred maintenance and appear to be mismanaged.
I'd love to get in on those Billy, but that location commands quite the premium. I can't make enough of a return on the ones I have seen come up so far.
Just took a look at your profile. Great job! Good luck to you.
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