FNG from Birmingham AL Alabama

17 Replies

Hello! I am Brandon Nelson. I have no experience in real estate, but am a big fan of the BiggerPockets podcast. My day job (hopefully not forever) is a CDL propane delivery driver in Birmingham, Alabama. I also paint and pressure wash on the weekends. Financial freedom is very serious to me, because my daughter is my world. I would love to spend as much time with her as possible before I die. Real estate is the best way to accomplish that. My ultimate goal is to be cash flowing $80,000 a year in rental properties. I believe that is a reasonable and attainable goal for my needs. I am currently searching for my first deal in Birmingham and Huntsville Alabama areas. A friend that I regularly discuss investments, entrepreneurship, and all things money with, turned me on to the BiggerPockets podcast and I have not looked back. I am very happy to have found this amazing community of like minded individuals. I am both terrified and ecstatic to meet everyone and lock in this first deal.

@David Nelson

Welcome! Happy to have you rocking it out here with us. Sounds like you have a nice edge for getting paid to drive for dollars. 

What part of town are you looking in, interested in more of a turnkey or something that needs a little love.

@Rob Drum , You need to check this guy out, he is the real deal, a local agent that knows his numbers, check out his blog. http://robdrum.us/ loads of data about Birmingham I start every Friday with it. 

Hit me up and I'd love to take you to lunch, hopefully, answer some questions! 

Happy Investing! 

Welcome! This place is definitely a great resource and there a quite a few helpful people. Best of luck and always feel free to reach out.

@Josh Anderson

Thank you very much for the welcome. You are right. Driving for dollars has been a blessing. I have learned so much listening to podcasts and audio books.

Ideally I would like to find a multi-family in a decent area to move my family in for a year. I am eligible for a zero down VA loan and would like to take advantage of that. Although I have some capital saved, it isn't much, so I would like something more of a turnkey for my first deal. However, I am open to anything that gets me going in the right direction.

I will defiantly be adding @Rob Drum to my reading list.

I am very humbled to get a lunch offer so soon. I would absolutely love to take you up on that. 

Thank you!

@Rob Drum

http://robdrum.us/overcoming-fears-in-real-estate/

Wow man, this post really hit home. Especially when you said "Recently, I’ve started identifying my fear’s as opportunities. Whenever I feel fear about something, I know I have to do it." That is exactly where I am at. All of this is very uncomfortable to me, but I know it has to be done.  

I just turned 30 on 6/1 and I know what you are talking about when you said as you get older you take more risks. Risk is just a synonym for opportunity now days for me. Always finding the good with the bad. 

@David Nelson Thanks for reading! That was a big post for me. I struggle with fears and I know a lot of other new investors do too.

I'm actually helping someone house hack a quadplex with a VA loan right now. They aren't easy to find, but it can be done. It's gonna be such a huge success story for them! Will definitely be a post about it once we close.

@David Nelson wow, man. Rare is it to see someone set up for success so well. You've got two excellent people on here willing to help you out, both have helped me and I strongly urge you to follow up with them. And you've got a VA loan to boot. And you live in an excellent market for investing.

I'm jealous. Wish I had started like that. 

If I had to do it again I would start by house hacking. It's a no brainer to me. 

I'd find something that needs work, sounds like you may have some skills in that department as well. Value add is where it's at. Fix up your unit while you live in it while letting the other units pay your mortgage. Once that unit's done, rent it out for higher rent and move into another unit and repeat.

Just my free advice for you. Best of luck whatever you do. 

@Jason Carter

Thank you for that little confidence booster!

I appreciate the  reply.

I know people in the area with a variety of construction skills.

Whatever I cant do, I am sure i know someone who can.

I am pretty lucky to already be pretty well connected in that aspect.

Be gentle about living next door to people that are paying you. Every investor wants space from their tenants because it causes unintended headaches & potential lawsuits. Imagine you fix something & it's not to their satisfaction. Imagine a tenant stops paying & it becomes a tense situation next door. Your family will pass the situation every day. 

I would advise you buy & rent a house 1st. One structure, one tenant, one potential issue starting out. 

Multi unit could very well overwhelm you starting out. 

@Jason Cory

Thank you for the advice!

A single family rental would defiantly be in my comfort zone. It may very well be what I do first. I even thought of buying a house, living in it for a year while doing upgrades, and renting it out at the end of the year. That would be a conservative baby step.

The main reason I am wanting to house hack is the zero down VA loan. I do not have a ton of capital right now.

I am also here to step outside of my comfort zone. I don't want to shy away from an awesome opportunity just because its a little risky and makes me uncomfortable

Thank you for the reply!

Originally posted by @Jason Cory :

Be gentle about living next door to people that are paying you. Every investor wants space from their tenants because it causes unintended headaches & potential lawsuits. Imagine you fix something & it's not to their satisfaction. Imagine a tenant stops paying & it becomes a tense situation next door. Your family will pass the situation every day. 

I would advise you buy & rent a house 1st. One structure, one tenant, one potential issue starting out. 

Multi unit could very well overwhelm you starting out. 

 one thing to keep in mind if you owner occ a duplex 4 plex.. you do not have to adhere to fair housing laws and you can choose your tenants very carefully.. unless city ordinance trumps the federal rules.  in the areas were there are no city rules over riding this federal law.. its a nice way to pick your neighbors

Originally posted by @Jay Hinrichs :
Originally posted by @Jason Cory:

Be gentle about living next door to people that are paying you. Every investor wants space from their tenants because it causes unintended headaches & potential lawsuits. Imagine you fix something & it's not to their satisfaction. Imagine a tenant stops paying & it becomes a tense situation next door. Your family will pass the situation every day. 

I would advise you buy & rent a house 1st. One structure, one tenant, one potential issue starting out. 

Multi unit could very well overwhelm you starting out. 

 one thing to keep in mind if you owner occ a duplex 4 plex.. you do not have to adhere to fair housing laws and you can choose your tenants very carefully.. unless city ordinance trumps the federal rules.  in the areas were there are no city rules over riding this federal law.. its a nice way to pick your neighbors

 Unfortunately Birmingham is the epicenter of the Civil Rights Movement. Needless to say you will have to abide by the local codes that has a zero-tolerance with discrimination

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