Merrick, NY · Member since 2014 · 5 posts · 6 votes
I am a looking to purchase my first investment property, and I am giving serious consideration to turn key rentals in Birmingham Alabama. Being from NY, I have little to no knowledge of the areas in Birmingham. I am just scratching the surface of my research of the area, and wanted to get a feel for what any of you who have experience in this market think. Any areas to stay away from, etc?? The company I am thinking of working with is Birmingham Income Properties. Anyone have any experience working with them?
@Bryan Miles Thanks for the plug on what I believe was my post on some of the best Alabama Class B Property zip codes.
I know that there are a lot of good places for rental investment capital out there, but I think Birmingham deserves some credit for some recent success in business and real estate development. I should mention that I live and operate a turnkey and property management business in Birmingham, so I definitely have a bias, but I think there are quite a few tangible mentions about Birmingham and Alabama that a lot of people aren't aware of. Here are just a few:
The automotive business is booming in Birmingham with several expansions being announced for the auto manufacturers in our State. Currently we have Honda, Hyundai, Toyota, and Mercedes-Benz. Job creation for these companies has grown steadily over the last several years: 2011-9,800 workers, 2012-10,900, 2013-11,400, 2014-12,500, 2015-12,800. Also, the average annual wage for one of these jobs was $79,000 in 2014. Also a $600M expansion was recently completed to begin manufacturing the C-Class vehicle in addition to the current M-Class production.
31% of Birmingham of the Birmingham population has lived or resided at their current homes for more than 5 years. This stat gets overlooked a lot but plays a high determination on long term stability that many people should look closely at if you are considering a buy and hold strategy.
CNN Money ranked Birmingham one of the Top 10 housing markets due to it's previous growth in median home prices, and the publication's projected growth for the upcoming year.
This year in Lausanne, Switzerland, Birmingham was selected to be the host city for the 2021 World Games. The economic impact of this is estimated to be $256 Million.
In 2014, the Birmingham Metropolitan Statistical Area in all three of the following areas: Average Annual Labor Force, Real Gross Domestic Product, Annual Average Employment. Also over the last 3 years, we've seen positive population growth. This is definitely not a fantastic track record, but it's definitely made a positive turn after the previous near 10 years of population decline.
This year ground was broken on a $3.2 Billion interstate extension that will connect and complete a northern loop around Birmingham City and connect all of its popular northeastern, northern, and northwestern suburban areas.
Birmingham was rated America's Most Affordable City in 2015 by Forbes magazine.
This affordability and the proximity of multiple higher learning institutions has led to tremendous millennial growth in the area. Birmingham was ranked #2 in the Nation for Millennial Homebuyer Growth by Builder magazine. The young professional growth was 58% in the City of Birmingham between the years 2010 and 2013.
This year Zagat ranked Birmingham #1 for America's Next Hot Food Cities. Not Atlanta or Nashville, but Birmingham. Okay, so I went a little off topic with this one, but I'm a foodie, and it's part of the reason I decided to settle down here.
Again, I understand that I am bias because I am really in love with the city, and it is part of my job to sell the City of Birmingham. BUT I can think of a lot harder sells.
Hope this helps! Feel free to PM me if you want any other information. ALSO, if you want information on Birmingham, the Birmingham Business Alliance is a great resource for current economic data in the area. You can access the BBA website http://birminghambusinessalliance.com/
I hope I am okay to post that web address on here. The Regional Economic Growth Report that they publish really is a good resource for data of the area.
Charlie Palmeri
Good morning, I am not familiar with the company you mention but we work with a lot of out-of-state companies that use our turnkey service to acquire properties for their clients. Are they local to Birmingham?
Second and most importantly, you want to make sure you work with a local Birmingham turnkey provide with the infrastructure to support you.
**Full disclosure, I own and operate a turnkey investment company and property management company in Birmingham, AL** We have had loads of success with helping hundreds of individuals find a great investment in Birmingham and are always looking for new partners; however, I do not want to solicit to you via a post thread.
There are two other companies in the area that provide good quality and service that I would go out on a limb to recommend. Decas Group and Alliance Wealth Builders are both good companies to partner with. They both have owners that have been around for a while and have good knowledge of the area. I would encourage you to have conversations with several companies in the area before you make the plunge into Birmingham.
I am a looking to purchase my first investment property, and I am giving serious consideration to turn key rentals in Birmingham Alabama. Being from NY, I have little to no knowledge of the areas in Birmingham. I am just scratching the surface of my research of the area, and wanted to get a feel for what any of you who have experience in this market think. Any areas to stay away from, etc?? The company I am thinking of working with is Birmingham Income Properties. Anyone have any experience working with them?
Any input is appreciated!!
Hi Charlie, I am familiar with a few turnkey companies in Birmingham. I'm actually currently in the process of buying a properties there. Feel free to DM me if you would like to hear more about Birmingham Income Properties and/or the other providers that I would recommend.
Please make sure you do your due diligence. There have recently been a number of post on BP about turn key providers in the Birmingham area. Recently, one of Birmingham's turn key providers posted about the zip codes where a number of investment properties are purchased. It was a very good article.
Do not hesitate to write or call if I can answer any questions for you.
If you're investing from out of state, Birmingham should not be your first choice... The midwest has way better cashflow. Like, Ohio.
I'm not sure that I would agree that the cash flow is way better, but there are Midwest markets (Indianapolis and Kansas City for instance) which have much better economic and demographic fundamentals.
Reminds me of the college football playoff debate. I am sure Ohio and Alabama (not a fan of either team) both have their pluses and minuses. Yes, make sure you complete your due diligence on all vendors, including property management companies.
I represent a lot of the property management in Birmingham and yes, we do have a lot of very good property management companies/turn key companies. I dont however work with Birmingham Income Properties -- I suggest you meet with them in person before using them and probably also get some references -- investors who they currently work with.
@Bryan Miles Thanks for the plug on what I believe was my post on some of the best Alabama Class B Property zip codes.
I know that there are a lot of good places for rental investment capital out there, but I think Birmingham deserves some credit for some recent success in business and real estate development. I should mention that I live and operate a turnkey and property management business in Birmingham, so I definitely have a bias, but I think there are quite a few tangible mentions about Birmingham and Alabama that a lot of people aren't aware of. Here are just a few:
The automotive business is booming in Birmingham with several expansions being announced for the auto manufacturers in our State. Currently we have Honda, Hyundai, Toyota, and Mercedes-Benz. Job creation for these companies has grown steadily over the last several years: 2011-9,800 workers, 2012-10,900, 2013-11,400, 2014-12,500, 2015-12,800. Also, the average annual wage for one of these jobs was $79,000 in 2014. Also a $600M expansion was recently completed to begin manufacturing the C-Class vehicle in addition to the current M-Class production.
31% of Birmingham of the Birmingham population has lived or resided at their current homes for more than 5 years. This stat gets overlooked a lot but plays a high determination on long term stability that many people should look closely at if you are considering a buy and hold strategy.
CNN Money ranked Birmingham one of the Top 10 housing markets due to it's previous growth in median home prices, and the publication's projected growth for the upcoming year.
This year in Lausanne, Switzerland, Birmingham was selected to be the host city for the 2021 World Games. The economic impact of this is estimated to be $256 Million.
In 2014, the Birmingham Metropolitan Statistical Area in all three of the following areas: Average Annual Labor Force, Real Gross Domestic Product, Annual Average Employment. Also over the last 3 years, we've seen positive population growth. This is definitely not a fantastic track record, but it's definitely made a positive turn after the previous near 10 years of population decline.
This year ground was broken on a $3.2 Billion interstate extension that will connect and complete a northern loop around Birmingham City and connect all of its popular northeastern, northern, and northwestern suburban areas.
Birmingham was rated America's Most Affordable City in 2015 by Forbes magazine.
This affordability and the proximity of multiple higher learning institutions has led to tremendous millennial growth in the area. Birmingham was ranked #2 in the Nation for Millennial Homebuyer Growth by Builder magazine. The young professional growth was 58% in the City of Birmingham between the years 2010 and 2013.
This year Zagat ranked Birmingham #1 for America's Next Hot Food Cities. Not Atlanta or Nashville, but Birmingham. Okay, so I went a little off topic with this one, but I'm a foodie, and it's part of the reason I decided to settle down here.
Again, I understand that I am bias because I am really in love with the city, and it is part of my job to sell the City of Birmingham. BUT I can think of a lot harder sells.
Hope this helps! Feel free to PM me if you want any other information. ALSO, if you want information on Birmingham, the Birmingham Business Alliance is a great resource for current economic data in the area. You can access the BBA website http://birminghambusinessalliance.com/
I hope I am okay to post that web address on here. The Regional Economic Growth Report that they publish really is a good resource for data of the area.
@Charlie Palmeri - being that your post was from February - what did you wind up doing? If you are going to invest in Birmingham, I would suggest NOT going with any house in the City of Birmingham school district. Would not recommend the City of Tarrant either.
Stick with the higher priced/better houses in Birmingham.
@Charlie Palmeri, I realize this is many years after the fact, but did you end up investing in Birmingham? I am just starting my REI journey and would love to hear any feedback you have on this front if you ended up pulling the trigger. Danke!
@Charlie Palmeri, I realize this is many years after the fact, but did you end up investing in Birmingham? I am just starting my REI journey and would love to hear any feedback you have on this front if you ended up pulling the trigger. Danke!
I'm also curious about that market. I heard it has taken off a lot over the last few years. Which explains why more investors are looking into the Midwest now.
I chose to go another direction from Birmingham and bought a property in Indianapolis. The numbers worked out better for me there, or I guess should say will work out better there as I just closed on the 27th. I went with Rent To Retirement and was very pleased with the whole process.
@Paul Keddell oh gotcha! I'm assuming that's a full turnkey operation? Feel free to share how the numbers turned out if the Corona lockdown leaves you with any extra time.